Central Banking
RBNZ mulls ANZ takeover
ANZ Banking Group has until Christmas to convince New Zealand's reserve bank about its plans for taking over the National Bank. Following the passage of a new Reserve Bank Act in August, the RBNZ must approve large-bank mergers in New Zealand.
Limit foreign takeovers, says Korean central bank
The Bank of Korea expressed its concern over growth in foreign ownership in the country's financial system on 21 December and called on the government to delay the privatisation of banks so that domestic buyers could be found.
ECB release forex rules for acceding central banks
The European Central Bank has released a paper which spells out how accession country central banks must manage their currencies in the run up to joining the euro.
High inflation hurting Irish competitiveness
High inflation in recent years has led to lasting damage to Irish competitiveness, the Central Bank said in its winter bulletin. The bank says the country has not only lost its competitive edge but in absolute terms the price level in Ireland is now 12%…
India's foreign exchange reserves top $100 bn
India's foreign exchange reserves broke through the $100 billion mark for the first time, on the back of investment and trade flows and the dollar's weakness against other currencies.
Malta's Deputy Governor re-appointed
David Pullicino has been re-appointed as deputy governor of the Central Bank of Malta for a five year term. Pullicino has been closely associated with the bank's development over the years and is involved in the strategy of eventual integration into the…
Finland's Matti Vanhala on sick leave
Governor of the Bank of Finland Matti Vanhala had some bad luck while staying at his holiday home in the archipelago recently. Vanhala broke his thigh and needed an operation which, the bank said, will keep him at home until after Christmas.
Chile's Senate approves new board member
Economist Manuel Marfan has been approved by Chile's Senate as a new member of the central bank's board. Marfan has an economics PhD from Yale University and currently works for the UN.
RBA appoints new Deputy Governor
The Reserve Bank of Australia has appointed Dr Philip Lowe as Assistant Governor, Financial System. Lowe joined the RBA 1980 after completing a PhD in economics at MIT. He will take up the position in early 2004.
NZ's Bollard's good cheer Christmas cards
Following on from his Goldilocks Christmas card last year, Alan Bollard has continued his seasonal cheer this time around with a card showing Santa's sleigh flying over the Reserve Bank spilling money and with a large percentage sign symbolising the OCR,…
Paul Acquah elected chairman of WAMZ
Paul Acquah, Governor of the Bank of Ghana, was unanimously endorsed as the new chairman of the Committee of Governors of Central Banks of the West African Monetary Zone (WAMZ) at its 10th meeting last Tuesday.
Chicago Fed National Activity Index, November 2003
The Chicago Fed National Activity Index (CFNAI) November 2003 was published on 18 December. The November CFNAI points to solid gains in economic activity and reached its highest value since March 2000 at +0.55. Three of the four broad categories of…
Philadelphia Fed Business Outlook Survey, Dec 2003
Activity in the region's manufacturing sector continued to expand, according to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2003. Noteworthy increases were recorded for key indicators shipments, new orders, and…
Bank of England Quarterly Bulletin, Winter 2003
The Bank of England released its Quarterly Bulletin, Winter 2003, on 19 December. Among articles included in the Bulletin are "The distribution of unsecured debt in the United Kingdom: survey evidence," "The macroeconomic impact of revitalising the…
IMF says rate rises needed in the UK
The IMF said in its annual review of the UK economy, released on Thursday 18 December, that there was a need for more interest rate increases in the UK, warning of the dangers posed by a possible housing market crash. It called for "a gradual but early…
BOJ opens branch office in Beijing
The Bank of Japan opened its Beijing office on Thursday18 December It will be headed by Yosuke Tsuyuguchi and is designed to strengthen relations between the BoJ and the People's Bank of China.
Irish central bank upgrades 2004 growth forecast
The central bank of Ireland has upgraded its forecast for economic growth but said the euro's strength would reduce exporters competitiveness. In its quarterly bulletin, published on Thursday 18 December, it said the Irish economy has shown flexibility…
Ghana pledges commitment to Monetary Zone targets
Ghana's president John Agyekum Kufuor said on Friday 19 December that the country would target a single digit level of inflation by the end of 2004, in readiness for the second monetary zone in West Africa. President Kufuor said the monetary zone would…
Waring appointed to RBNZ Board
New Zealand's finance minister Michael Cullen said on Thursday 18 December that Dr Marilyn Waring has been appointed to the Reserve Bank Board to replace Ruth Richardson whose term expires on 3 February. Waring is currently a Professor of Public Policy…
Philadelphia Fed index rises dramatically
The Philadelphia Fed's general economic index this month registered 32.1 compared with 25.9 in November. It represents the highest level in a decade with more factories hiring workers than at any time since April 1973, the report said.
Ukraine to keep currency policy tied to dollar
Serhiy Tihipko, chairman of the National Bank of Ukraine, has said that Ukraine will continue to tie its currency to the dollar despite its weakness against the euro. He said the central bank might review the policy if the share of euros in foreign…
Sweden's Srejber on saving and inflation
In a speech on 'Saving and inflation' given on 19 November, Eva Srejber of the Sveriges Riksbank discusses Sweden's stabilisation policy framework and its development, mainly over the past 30 years, but also the potential challenges posed to the current…
Bank of Canada Financial System Review, Dec 2003
The Bank of Canada published its semi-annual Financial System Review on 17 December. An improving economic environment and a stabilization in corporate credit quality have contributed to better results for financial institutions, it said. The risks…
Bank of Japan Monthly Report, December 2003
The Bank of Japan published the English version of its December 2003 Monthly Report of Recent Economic and Financial Developments on 18 December. The BoJ said that it expects the Japanese economy to continue its export-led recovery at a slow pace. "Japan…