News
Kozlov - legal protection would boost confidence
RUSSIA - Russia's Central Bank has come out for greater legal protection of deals involving derivative securities on the national securities market and for introducing Russian depository receipts.
Japan's Koizumi vows 'bold' action on economy
JAPAN - Prime Minister Junichiro Koizumi vowed Friday to take "bold" action to pull Japan's economy out of its slump and stressed the importance of dialogue to resolve concerns over North Korea's nuclear weapons program.
Fed's McTeer says U.S. recovery so far jobless
US - Dallas Federal Reserve President Robert McTeer said on Thursday the U.S. economic recovery had so far been jobless, but the unemployment rate here still has stayed well below Europe's.
Bank of Japan Stock Purchase Guidelines
GUIDELINES - At a regular board meeting held 11 October, the Policy Board of the Bank of Japan approved basic guidelines on the purchase of stocks held by commercial banks.
Bank of Japan Stock Purchase
REPORT - The Outline of the Stock Purchasing Plan, 11 October.
Bank of Japan report on non-performing loans
REPORT - Japan's Non-Performing Loan Problem, 11 October.
Why the euro numbers do not add up
UK - Baffled voters waiting to be persuaded by the economic evidence how they should vote in a referendum on the euro have been left in a state of even deeper confusion this week.
Turkmenistan's head tightens currency regulation
TURKMENISTAN - At a recent meeting with the heads of law-enforcement bodies and military departments, Turkmen President Saparmyrat [Nyyazow] Turkmenbasy signed a resolution on priority measures to tighten currency regulation.
Polish gov't may seek halt to c bank independence
POLAND - The Sejm (lower house of parliament) public finances committee will resume legislative work on changes in the law on the Polish National Bank (NBP) after it has finished work on the 2003 budget, that is in the second half of November, committee…
Former RBI head proposed for slot on board
INDIA - Former Governor of the Reserve Bank of India (RBI), Mr S. Venkitaramanan's name has been proposed for appointment as a director of Reliance Industries Ltd (RIL) at the ensuing annual general meeting (AGM) of the company.
ECB source not aware of Duisenberg G7 rate comment
UK - A European Central Bank (ECB) source told Reuters on Thursday that he was not aware of ECB President Win Duisenberg's having told international financial leaders the central bank was ready to cut interest rates.
EU's Prodi calls deficit reduction accord 'stupid'
FRANCE - European Commission President Romano Prodi called Europe's budget-deficit limits "stupid" and "rigid," sowing fresh divisions over how to save the European economy from recession.
Malta 'will have the euro once conditions are met'
MALTA - The Minister for Economic Services Josef Bonnici said Malta stands to benefit from the adoption of the single European currency, the euro, and that Malta will join the Eurozone once the conditions are met.
Fed member warns on inside analysis
US - Evaluations of public policy should be handled independently of the agency responsible for the policy, a member of the Federal Reserve Board said Wednesday at Western Michigan University.
Greece's Garganas hosts central bankers at club
GREECE - Bank of Greece Governor Nicholas Garganas is chairing a session of the Central Bank Governors' Club - which includes his counterparts of 16 Balkan, Black Sea and Central Asian nations - in the seaside resort of Nafplion on Friday.
Afghan c bank clarifies operations on new currency
AFGHANISTAN - Administrative Vice President of Afghan National Bank, Ghulam Ghouse Hadawi pledged on Wednesday that all old Afghani notes would be exchanged in the end despite mass complains about the slow distribution of the new currency.
Brazil's markets slide as c bank warns of turmoil
BRAZIL - Brazil's battered financial markets fell sharply on Wednesday as the Central Bank warned that the country's imminent government transition would be more turbulent than expected.
Inflation target an option but not now - Hayami
JAPAN - Bank of Japan Governor Masaru Hayami said on Wednesday that the central bank may consider an inflation-targeting policy in the future but not at the moment as Japanese prices continue to fall.
CBN chief speaks on ways to support WAMZ
NIGERIA - As part of plans towards the establishment of a common currency in the Economic Community of West African States (ECOWAS) sub-region under one central bank next year, the director of research at the Central Bank of Nigeria (CBN), Dr. O.J…
GCC seeks EU help in monetary union
SAUDI ARABIA - The GCC states have finally acknowledged difficulties besetting their most ambitious plan to merge their currencies and decided to resort to their main economic partner - the European Union - to guide them through the minefield towards the…
BOT chief downplays concern over weakening of baht
THAILAND - Bank of Thailand's Governor Pridiyathorn Devakula has downplayed mounting concern over the weakening of the baht against the US dollar, saying it would be a temporary phenomenon.
Fed's Stern sees steady growth for near term
US - Gary Stern, president of the Federal Reserve Bank of Minneapolis, sees the economy growing at a relatively firm rate in coming months before growth accelerates in the second half of 2003.
US interest rate level not a problem - Fed's Guynn
US - Atlanta Federal Reserve Bank President Jack Guynn said on Tuesday U.S. interest rate levels were not hindering business or consumer spending, suggesting he sees little need for lower rates.
Fed 'lacks knowledge and tools' to burst bubbles
US - The Federal Reserve lacks the knowledge, foresight or precision tools it would need to pre-empt a stock market bubble, a senior Fed official said yesterday, and any attempt to do so would risk "severe collateral damage to the economy".