News
Vietnam central bank takes steps to rein in gold
VIETNAM - The central bank will sell more gold to the domestic market in an effort to curb the upward spiralling price of the yellow metal following the events of 11 September in the United States, said deputy central bank governor Duong Thu Huong.
US tightens 'terror cash' laws
US - The US Senate has passed legislation to tighten laws against money-laundering, as financial authorities seek ways to clamp down on terrorists' sources of funding.
IMF upbeat on Russia
RUSSIA - The International Monetary Fund (IMF) has expressed confidence in the Russian economy, which it said is set to weather the downturn in oil prices and global growth.
BOJ should take untraditional measures - Takenaka
JAPAN - Conventional liquidity provisions aren't enough and the Bank of Japan should consider untraditional steps to deal with Japan's economic woes, economy minister Heizo Takenaka said Friday.
Greenspan rejects idea of inflation targets
US - Choosing a specific inflation target for the Federal Reserve to meet would not help the central bank set interest rates, Alan Greenspan, the Fed chairman, said yesterday, 11 October.
Russian central bank to remain independent
RUSSIA - The working group for amendment of the law, "On the Central Bank", advocated retention of the independent status of the Central Bank.
BoJ fund draining casts doubt over prospects
JAPAN - The Bank of Japan has withdrawn much of the extra money that it pumped into the Japanese economy in the wake of the 11 September terrorist attacks, casting further doubts over the country's dismal growth outlook.
Chile central bank sees '01 growth less than 3.7%'
CHILE - Felipe Morande, the Chilean central bank's research director, said in a speech on Wednesday 10 October that the bank sees the country's gross domestic product growing "less than 3.7%" in 2001.
Eurozone interest rates remain unchanged
GERMANY - The European Central Bank (ECB) has left interest rates unchanged, despite growing pressure for a cut to boost the flagging eurozone economy.
ECB Press Conference
PRESS CONFERENCE - Introductory statement by Willem F. Duisenberg, President of the European Central Bank, Christian Noyer, Vice-President of the European Central Bank, Vienna, 11 October.
ECB Press Release
PRESS RELEASE - Monetary policy decisions, 11 October 2001.
Study of asymmetric markets wins economics award
NOBEL PRIZE - Three American economists have been awarded this year's Nobel prize for their work on the advantages enjoyed by sellers over buyers in markets ranging from jobs to crops to second-hand cars.
BoE's Clementi makes no comment on future of rates
UK - Bank of England Deputy Governor David Clementi used a speech on Wednesday 10 October to discuss the international financial system, confounding rumours that he planned to signal the Bank would not cut interest rates again.
Crisis could delay new appointments in Egypt
EGYPT - Some keenly awaited changes in senior positions may have to be deferred in Egypt including the governorship of the Central Bank of Egypt.
NBG to invest half of its international reserves
GEORGIA - In the near future the National Bank of Georgia projects to invest some 50% of the country's international currency reserves in financial instruments /such as treasury obligations/ in two foreign banks, head of the NBG department for currency…
Treasurys O'Neill cancels New York City appearance
US - U.S. Treasury Secretary Paul O'Neill has cancelled a speech he was scheduled to make in New York City today, Thursday 11 October, to attend a cabinet meeting in Washington, a Treasury spokesman said.
Swiss nat bank sells 9 tons gold in last 10-days
SWITZERLAND - The Swiss National Bank sold 8.975 metric tons of gold according to the latest 10-day reporting period ended 30 September, the central bank's statistical report showed Thursday 11 October.
Changes made in NBP management
POLAND - In line with the request made by the chairman of the National Bank of Poland (NBP) Leszek Balcerowicz, president Aleksander Kwasniewski dismissed four management members of the central bank and appointed three new ones.
Fed will have single MICR format in 2005
US - The Federal Reserve announced Wednesday 10 October that it will adopt a single standard for magnetic ink character recognition detail on checks by mid-2005.
Fed best at policy communication? Not necessarily
UK - If you thought the U.S. Federal Reserve was the paradigm of central bank transparency while the European Central Bank struggled to communicate policy, think again. This comes from a recent report entitled "How Do Central Banks Talk?" published by…
Australia RBA Stevens cautious on monetary policy
AUSTRALIA - Reserve Bank of Australia assistant governor Glenn Stevens struck a cautious note on monetary policy in a speech given on Wednesday, indicating that the actual level of interest rates is more important than changes in rates.
London remains dominant financial centre - Report
LONDON - London has retained its dominance as a global financial centre despite the introduction of the euro, according to figures published yesterday by the Bank for International Settlements.
UK accused of being 'money launderers' paradise'
UK - Britain still offers a safe haven for terrorist money and the authorities are doing virtually nothing about it, according to a damning report by a French MP.
Bank of Japan warns on loosening monetary policy
JAPAN - Masaru Hayami, governor of the Bank of Japan, warned yesterday that loosening monetary policy could trigger hyperinflation, highlighting the growing gap between the Bank of Japan's thinking and that of the government and many private sector…