Central Banking
Malawi names new central bank governor
President Bingu wa Mutharika of Malawi has decided against renewing the contract of central bank governor Elias Ngalande, which expires at the end of this month, a government official said on Tuesday 1 February. Ngalande will be succeed by Victor Mbewe.
Capitalising central banks: A net worth approach
This IMF Working Paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of "core capital" as the minimum capital needed by a central bank to ensure the credibility of its…
PBOC's Xiaochuan on legal & financial system
In the speech 'Improve legal system and financial ecology' given on 2 December (published 28 Jan) Zhou Xiaochuan of the People's Bank of China told the "Forum of 50 Chinese Economists" that from the perspective of the central bank, he wishes them to work…
Nepal Rastra Bank appoints new governor
After a protracted dispute among the ruling parties, a cabinet meeting on Monday 31 January finally decided to appoint deputy governor Bijaya Nath Bhattarai as the new governor of the Nepal Rastra Bank.
BOT governor brushes off dismissal rumours
Bank of Thailand governor M.R. Pridiyathorn Devakula said this week that he had not been affected by rumours of his possible ousting from the central bank.
SARB to present upgraded banknotes to parliament
The South African Reserve Bank said on Friday 4 February that the upgraded banknotes, which went into circulation at the beginning of February, will be presented to members of Parliament in Cape Town on 7 February, ahead of the opening of Parliament.
New York Fed's Foreign Exchange Operations report
The Federal Reserve Bank of New York said on Thursday 3 February in its quarterly report to the US Congress that the US monetary authorities did not intervene in the foreign exchange markets during the October - December 2004 quarter.
Fed's Greenspan on the current account
In a speech on 'Current account' given on 4 February, Alan Greenspan of the Federal Reserve said the dollar's decline and fiscal restraint by the US government may soon begin to reduce the US current account deficit, which stood at a record in the third…
BoE's King on the International Monetary System
In a speech on 'The International Monetary System' given on 4 February, Mervyn King of the Bank of England urged members of the Group of Seven industrial nations to agree "on the nature of the risk" and collaborate with China and India to rebalance…
Greenspan to testify on Social Security 15 March
Federal Reserve Chairman Alan Greenspan will testify on Social Security on March 15 at 10 a.m. EST (1500 GMT) before the Senate Special Committee on Aging, the panel said on Thursday 3 February.
Tanigaki says G7 statement likely unchanged
Japanese Finance Minister Sadakazu Tanigaki said the tone of the communique to be issued at the Group of Seven meeting of finance ministers and central bank governors will likely be little changed from last year's, Jiji Press reported.
G7 set to discuss yuan exchange rate
A French official said on Friday 4 February the G7 meeting in London will "evidently address" the question of the Chinese yuan's exchange rate.
Deal for Africa seen in jeopardy
Speaking on Friday 4 February US Treasury Under Secretary appeared to reject a plan to create an International Finance Facility to raise $100 billion a year for African nations.
Richmond Fed's Lacker: Technology & labor markets
In a speech on 'Technology and labor markets' given on 18 January, Jeffrey Lacker of the Federal Reserve Bank of Richmond said technology improvements, not trade, have been the driving force behind US wage and job trends in recent years.
Federal Reserve boosts key interest rate to 2.5%
The Federal Open Market Committee decided on Wednesday 2 February to raise its target for the federal funds rate by 25 basis points to 2-1/2 per cent. In a press release the FOMC said the economy is growing "at a moderate pace despite the rise in energy…
ECB press conference with questions and answers
The ECB kept interest rates on hold on Thursday 3 February; Jean-Claude Trichet said that economic conditions are likely to improve.
US Treasury's Snow to miss G7 meeting
US Treasury Secretary John Snow will not attend the meeting of Group of Seven finance ministers in London this weekend, as he has a chest cold.
Sveriges Riksbank Economic Review 4th Quarter 2004
The Sveriges Riksbank published its Economic Review for the 4th Quarter 2004 on Thursday 3 February. The latest issue contains an address by the Riksbank Governor "A decade of inflation targeting".
Yemen holds course on money laundering
The Central Bank of Yemen held a training course on 30 January, on combating money laundering, using electronic banking processes, and investment funds.
China rejects US threat on yuan
A threatened US bill which would give China six months to revalue its exchange rate before facing sanctions was criticised by the Foreign Ministry as the wrong way to handle the situation.
Bank of Mexico sets minimum loan rate
The central bank of Mexico has set a minimum overnight rate to banks for the first time since 1998, suggesting it may adopt an interest-rate targeting system similar to the Fed.
Norges Bank keeps interest rate unchanged at 1.75%
At its monetary policy meeting on 2 February, Norges Bank's Executive Board decided to leave the sight deposit rate unchanged at 1.75 per cent. The Executive Board said it did not see any clear alternatives to leaving the interest rate unchanged.
Basel Committee publish implementation update
The Basel Committee published its newsletter No. 4 on Tuesday 1 February. The purpose of this update is to inform the banking industry, the supervisory community and other interested parties about the work that is under way within the Basel Committee's…
Update on initiatives to combat money laundering
The Joint Forum published an update to "Initiatives by the BCBS, IAIS and IOSCO to combat money laundering and the financing of terrorism" on Tuesday 1 February. Compiled from contributions by each of the three Secretariats, it focuses on recent guidance…