News
China central bank looks to widen trading band
The governor of the People's Bank of China, Zhou Xiaochuan, has repeated that the yuan's value remains appropriate but that it would be sensible to research a possible widening of the foreign exchange trading band.
China to create bank regulator
China is to create a banking watchdog which will take over the regulatory responsibility for 110 commercial bank from the People's Bank of China.
Treasury: Israel's central bank wages shocking
Israel's treasury department has said that it will investigate the legality of high salaries at the Bank of Israel following the release of a report, according to the Haaretz Daily. But the central bank hit back saying that salaries are determined by…
Nikkei falls below 8000 for first time in 20 years
On Wednesday 12 March the Nikkei index fell below a psychological barrier to hit a 20 year low, according to a Reuters report. Analysts said investors were holding back pending further developments between US/Iraq.
MEPs reject ECB voting reform proposals
MEPs have rejected the ECB's proposal for reform of the voting arrangements of its Governing Council, according to a euobserver report. The idea was labelled "discriminatory" as it would mean smaller states who join the eurozone would face lengthy…
IMF backs Poland's drive to join euro-zone
The IMF has said it supports Poland's quest for early eurozone entry. In a semi-annual report on the country it said that early euro adoption would serve as a focus for reform that will allow higher potential growth for Poland.
Hungary's government, central bank in agreement
Hungarian prime minister Peter Medgyessy has stressed the importance of cooperation between the government and the central bank in guaranteeing that inflation targets are met, according to an Interfax report. Central bank governor Zsigmond Jarai said the…
Incoming BoJ chief to outline policies in Diet
Toshihiko Fukui will next week outline his policies for fighting deflation and stabilising Japan's economic system to the Japanese Diet, according to the Kyodo News Service. The Bank of Japan governor in waiting will be quizzed before the Diet give their…
European Parliament rejects ECB vote rotation idea
ECB and enlargement - 'No' to proposed changes. The Economic and Monetary Affairs Committee of the European Parliament on Monday March 10 rejected the ECB's proposal to reform the current voting system of its Governing Council.
SDR to replace gold franc at the BIS
The Bank for International Settlements (BIS) on Monday announced that the Special Drawing Right (SDR) would replace the gold franc as the Bank's unit of account as from 1 April 2003.
Policy issues for central banks in retail payments
The Committee on Payment and Settlement Systems (CPSS) published the report Policy issues for central banks in retail payments on 10 March. The report was prepared for the CPSS by its Working Group on Retail Payment Systems, which comprises payment…
EC and ECB strengthen co-operation on statistics
The European Commission and the European Central Bank (ECB) signed on 10 March a new Memorandum of Understanding (MoU) on Economic and Financial Statistics.
Philippine central bank head takes one month leave
The governor of the Bangko Sentral ng Pilipinas, Rafael Buenaventura, is to leave his post for a short time and seek medical treatment in the United States, according to a Dow Jones report.
GCC customs union to meet in Riyadh
A meeting of the Gulf Customs Union Committee in Riyadh will review the execution of decisions since the launch of the GCC in January. The meeting will review progress, says Gulf News, and also look at potential problems facing importers and exporters.
Outgoing BOJ's Hayami says only so much we can do
As governor Masaru Hayami prepares to bow out of the Bank of Japan he spoke at his final news conference, reported by Pacific Business News. He said that the central bank could not cure Japan's economic woes on its own and that social and political…
Koehler- Major economies can still ease mon policy
Horst Koehler said in a speech, reported by Channel News Asia, that interest rates still have room to fall further for the world's major economies. He also suggested that fears of a global recession were over-played despite ongoing uncertainty.
Ex-governor Rivlin says Fed is out of ammunition
Ex Federal Reserve governor Alice Rivlin has said that the central bank is out of ammunition and that fiscal policy makers are better placed now to step in, if the US economy declines further, according to a Dow Jones report.
Polish premier - Abolish Monetary Policy Council
Polish Prime Minister Leszek Miller said on Monday 10 March in a radio interview that the central bank's RPP interest rate setting committee should be abolished, according to PAP news agancy. His comments come after sustained criticism of the National…
Japan's Monetary Policy Meeting, 13 & 14 February
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 13 and 14 February 2003, released 10 March. The Bank's policy board discussed possible policy-easing steps, including an increase in purchases of Japanese government bonds or more…
New BoJ governor to be approved by Diet
Toshihiko Fukui's appointment as the new governor of the Bank of Japan will be approved by the Diet on 13-14 March, according to a report by Kyodo News service.
BoJ and Japanese government to boost stock prices
Following further falls in the Nikkei Dow, Kyodo News Service announced that the Japanese government and the Bank of Japan have agreed to take steps to boost stock prices which have suffered further falls with the threat of conflict in the gulf.
Uzbek central bank takes currency reform measures
Uzbekistan's central bank is working with the government on measures to liberalise the domestic currency market in preparation for full convertibility of the som, the Uzbek currency, Narodnoye Slovo announced.
Eduardo Aninat to leave IMF post in June
Eduardo Aninat announced on 7 March that he will step down from his post as deputy managing director of the IMF in June. A report in the Financial Times said that his successor might be Arminio Frago, the former governor of the Brazilian central bank.
Eduardo Aninat leaving IMF
A brief profile of Eduardo Aninat who will leave his post as Deputy Managing Director of the IMF in June