News
BOJ buys Y71bn worth of stocks from banks
The Bank of Japan (BOJ) had purchased 71.16 billion yen worth of stocks held by commercial banks as of Tuesday 10 December on a delivery-completed basis, the central bank said in a report released Thursday.
ECB may issue €1 note to help curb price rises
The European Central Bank is to discuss the idea of introducing one euro banknotes as a possible way to curb inflation. However, the high velocity of circulation of low value notes coupled with higher production costs would make this an expensive option.
Brazil appoints new central bank chief
Brazil's President-elect Luiz Inacio Lula da Silva has appointed former FleetBoston executive Henrique Meirelles to head the nation's central bank, ending weeks of intense speculation.
Ukraine parl't fail to sack c banker amid fighting
Ukrainian Supreme Council (parliament) chairman Volodymyr Lytvyn closed the parliamentary sitting on Thursday because of scuffles in the session hall. Members of parliament were due to vote on the president's request to agree to the dismissal of…
Federal Reserve Press Release
PRESS RELEASE - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1-1/4 percent, 10 December.
Federal Reserve leaves interest rates unchanged
As expected the Federal Reserve left interest rates unchanged on Tuesday at the FOMC's last meeting of 2002. The press release said the risks are balanced with respect to the prospects for both goals (price stability and sustainable economic growth) for…
Norges Bank Press Release
PRESS RELEASE - Norges Bank reduces interest rates, 11 December.
Argentina's new central bank chief
Since the announcement on Monday that Alfonso Prat-Gay will take the helm as Argentina's central bank governor, CentralBankNet has found some little known facts about this new central banker.
Bank of England has doubts on eurozone convergence
With the appointment of a widely seen 'eurosceptic' as the new governor of the Bank of England, the current incumbent Sir Edward George has raised doubts about Britain's economic convergence with the eurozone but stressed the comments were based on …
ECB agrees three-speed voting model
The ECB has addressed the problem of how votes will be allocated in an enlarged euro-zone. Their choice of model has been described as the "least worst" option and will limit the number of voting members to 21.
Poland's central bank pushing for euro adoption
Central bank president Leszek Balcerowicz has said that the adoption of the euro by Poland in the years 2006-2007 would be beneficial, but only if the budget deficit is tackled. The European Commission is apparently discouraging the move in a new, still…
Growth fears push Norway to cut interest rates
Norway's central bank surprised economists and cut interest rates on Wednesday as growth concerns outweighed stubborn wage inflation. Business leaders had called for a cut to kickstart the economy. The Bank's accompanying press release appeared to…
Sweden's former central bank chiefs oppose euro
Following Swedish prime minister Goran Persson's decision to set a date last month for Swedes to vote on the euro, two former central bank governors have come out in opposition to membership of the single currency.
Russian Duma approves monetary policy guidelines
The State Duma, Russia's lower house of parliament, approved the 2003 monetary policy guidelines at its plenary session on Wednesday.
Australian credit-card case clears first hurdle
The potential complexity of Visa and MasterCard's landmark legal action against the Reserve Bank of Australia over credit-card reforms was underscored on Wednesday when the parties spent the day resolving how confidential information from 50 third…
ECB Press Release
PRESS RELEASE - Genval seminar on the EU accession process, 6 December.
ECB Press Release
PRESS RELEASE - Review of the quantitative reference value for monetary growth, 5 December.
Snow nominated as new US Treasury secretary
Following Paul O'Neill's forced resignation on Friday the Bush administration signalled that boosting US jobs growth with tax cuts was at the top of its agenda for next year as it nominated John Snow as O'Neill's replacement as Treasury secretary.
ECB wants all euro aspirants to join ERM
The European Central Bank (ECB) has recommended that all countries seeking to join the euro must first spend at least two years in the exchange rate mechanism (ERM). This contrasts with comments from Swedish politicians who recently said they would try…
Argentina names new central bank chief
Argentine President Eduardo Duhalde has selected economist Alfonso Prat Gay, a former adviser to the US bank JP Morgan, to head the country's central bank, according to the presidential chief of staff.
ECB's Issing warns of limits to transparency
There are limits to the degree of transparency that central banks are able to supply, European Central Bank chief economist and executive board member Otmar Issing said on Monday. He also noted that the introduction of the euro had raised peoples…
Sri Lanka finalising scripless settlement system
The Central Bank of Sri Lanka is in the process of finalising the details of a scripless securities settlement system to be implemented next September, a central bank official said Tuesday.
Wall Street veteran tops SEC list as new chief
President Bush has chosen investment banker William H. Donaldson to head the Securities and Exchange Commission, replacing Harvey Pitt who resigned under pressure amid a spate of corporate scandals, Republican officials said Tuesday.
Japan revises growth up but recovery wanes
The Japanese government on Monday marginally revised third-quarter gross domestic product upwards, but a deluge of weak economic indicators released concurrently added to the mounting evidence that Japan's shallow recovery has started to wane.