Central Banking
Japan's Fukui on global exchanges
In a speech on 'Global imbalances and exchanges' given on 13 October, Toshihiko Fukui of the Bank of Japan said central banks operate in the markets to achieve their policy goals. As a result, the effectiveness of monetary policy depends on the sound…
ECB chief sees uncertainties for eurozone outlook
In an interview on Friday 15 October, European Central Bank president Jean-Claude Trichet said that high oil prices were increasing uncertainties about the economic outlook for the eurozone, although the bank still expects the recovery to continue.
The fight over Venezuela's central bank profits
Last weekend Venezuela's President Chavez once again attacked the central bank over the amount of "foreign exchange profits" it should turn over to the government. With Chavez threatening to go to the Supreme Court on the issue, this article suggests the…
Thai cb chief rejects reform criticism
Bank of Thailand Governor Pridiyathorn Devalkula said on Friday 15 October that under his leadership the central bank had carried out more reforms than other state agencies.
Philippine cb denies bid to cap peso slide
The Philippines central bank said that it is not selling dollars in the currency market to support the peso, currently at a record low of 56.45 to the US dollar.
Pensioners to sue Bank of Canada
Canadian pensioners look set to go to court in a bid to wring up to $42 million out of the Bank of Canada, Canadian Press reported. It is alleged the bank misused their pension trust fund since at least 1993.
Greenspan not worried over oil price
In a speech titled 'Oil' given on 15 October Fed chairman Alan Greenspan said the current surge in energy prices is likely to have far less of an impact on the economy than the oil shocks of the 1970s.
Bank of Canada unveils new $50 banknote
The Bank of Canada on Wednesday 13 October unveiled Canada's new $50 banknote, the theme of which is Nation Building: shaping the political, legal, and social structures for democracy and equality.
Canada's Dodge on nation building
In a speech on 'Nation building' given on 13 October, David Dodge of the Bank of Canada said this has been an exciting day for the Bank of Canada. This morning, we unveiled a new $50 note that celebrates nation building: shaping the political, legal, and…
ECB Monthly Bulletin, October 2004
The European Central Bank published its October 2004 Monthly Bulletin on Thursday 14 October, saying that record oil prices are threatening to slow the pace of the economic recovery in the dozen nations sharing the euro.
Riksbank leaves repo rate unchanged at 2 per cent
At its meeting on 13 October, the Executive Board of the Sveriges Riksbank decided to leave the repo rate unchanged at 2 per cent.
Norges Bank, Economic Bulletin, October 2004
Norges Bank, the central bank of Norway, published its October 2004 Economic Bulletin on Thursday 7 October. The Bulletin includes the article "Inflation targeting - some theory with main focus on practice" by the Governor of Norges Bank, Svein Gjedrem…
BOK expects first loss in decade
Governor of the Bank of Korea Park Seung told parliament on Tuesday 12 October that the central bank predicted it would suffer a loss of about 300 billion won ($261.8 million) this year.
Fed's Bernanke says floating exchange rates best
In a speech to the Cato Institute 22nd Annual Monetary Conference on Thursday 14 October Ben Bernanke said that the best course is generally to let exchange rates float freely and to make low and stable inflation a principal focus of monetary policy,…
Central banks 'must cede powers for GCC currency'
On Wednesday 13 October, Kuwait urged GCC states to be ready to cede some of the powers of their central banks to a unified institution to ensure the success of a planned common currency for the region.
Russia discusses single currency idea with Ukraine
Russia and Ukraine are ready to discuss currency integration and the introduction of a single currency, Russian Ambassador in Kiev Viktor Chernomyrdin said in opening remarks to a round table meeting "Russia and Ukraine: Prospects of Cooperation in the…
Mendis on a common currency in the SAARC region
In the speech 'Is it time for a common currency in the SAARC region?' given on 20 August, Sunil Mendis of the Central Bank of Sri Lanka said as conservative central banks, our involvement in the forex markets is limited to strategic investments and…
Reserve Bank of New Zealand - Annual Report 2004
The Reserve Bank of New Zealand has published its Annual Report for 2004. In the Governor's Statement Alan Bollard said by the end of 2003 it became clear that, contrary to most economists' forecasts, New Zealand's strong economic growth was not slowing…
SARB Financial Stability Review, September 2004
The South African Reserve Bank has published the September 2004 edition of its Financial Stability Review. In its latest bi-annual report the Reserve Bank says house price growth has been driven by "improved economic fundamentals".
St Louis Fed's Poole on FOMC transparency
In a speech on 'FOMC transparency' given on 6 October, William Poole of the Federal Reserve Bank of St. Louis said that statements from the Fed were not "iron clad" and it is important the market not interpret this statement as a commitment.
High oil price threaten growth: Belgium's Quaden
Belgian National Bank governor Guy Quaden said in an interview that high oil prices pose a risk to inflation and growth, and the European Central Bank must prevent high fuel costs spilling over into general price rises and causing an "inflation spiral".
Trichet rules out 'corrective arm' on pact
In a speech on Tuesday 12 october, ECB president Jean-Claude Trichet, addressing a conference on the euro, voiced renewed opposition to any moves that might make it easier for eurozone members to breach their 1997 Stability and Growth Pact.
BoE's King: UK economy may be in 'soft patch'
Bank of England Governor Mervyn King said that five interest rate rises since November are slowing consumer spending, suggesting rates may not need to rise much further. His comments came in an interview after a speech in which he said the current…
Italy's Fazio: planned tax cuts must be financed
In testimony to parliament Bank of Italy Governor Antonio Fazio called on Prime Minister Silvio Berlusconi to guarantee that promised tax cuts can be funded, after government spending outpaced revenue in the first half of the year.