Central Banking
Bank of England raises interest rates by 0.25%
The Bank of England raised interest rates by 0.25 percentage points to 3.75% on 6 November saying the global economic recovery appears to be gathering momentum but with inflationary pressures likely to build a "modest" increase was required.
Destructive Ambiguity
The Hong Kong dollar was pegged twenty years ago in October 1983. HKMA Chief Joseph Yam said he was going to "hit them where it hurts", earning himself a short-term action-man nickname of "Yambo". This article from webb-site.com takes aim at what it…
Bank Negara hosts BIS meeting on monetary policy
Bank Negara Malaysia will host the sixth meeting of the Bank for International Settlements monetary policy working party beginning 5 November, the Edge Daily reported. Bank Negara said the meeting was being chaired by BIS economic adviser William White,…
Trichet rings in new era at ECB with rates on hold
The ECB left its main refinancing rate steady at 2 percent at its 6 November meeting with Jean-Claude Trichet attending his first meeting as president of the euro-zone central bank, AFP reported.
Fed's Pianalto says US jobs lag unusual
Speaking Wednesday 5 November Federal Reserve Bank of Cleveland president Sandra Pianalto said normally it would be expected to take only around two years for the US to recover the number of jobs lost in recession, Reuters reported.
ECB: No forced redundancies with IT restructuring
The ECB has responded to claims by the Union of the Staff of the European Central Bank that 40 or more staff could be made redundant by restructuring measures in the IT department. The Bank said in a statement, AFX reported, "If some functions are…
Sacked union leaders return to BB premises
Union leaders returned to Bangladesh Bank for the first time in a week on Wednesday 5 November. Witnesses said the ruling BNP-backed former CBA leaders stayed at the CBA office at the main building of the bank for 15 minutes at midday, the Daily Star…
Fukui-Further enhancing Japan's financial services
In the speech 'Toward the Further Enhancement of Financial Services in Japan' given on 4 November Toshihiko Fukui of the Bank of Japan concluded by saying that, as Japan's efforts to enhance financial services bear fruit, I am confident that there will…
Norges Bank Inflation Report, October 2003
Norway's central bank, Norges Bank, has published its latest Inflation Report for October 2003. The report contains a review of developments in the Norwegian economy and other factors that influence the inflation outlook.
Chicago Fed's Moskow on U.S. Economic Outlook
In the speech 'U.S. Economic Outlook' given on 3 November Michael Moskow of the Federal Reserve Bank of Chicago said the most recent recession proved the adage that there is no such thing as a "typical recession." Despite some periods of slowing, light…
Restructuring of the ECB's IT function
The European Central Bank has provided further datails on the restructuring of its information technology function, 5 November 2003.
Gono accepts appointment as RBZ Governor
Gideon Gono has been appointed governor of the Reserve Bank of Zimbabwe with effect from 1 December, The Harare Herald reported. Gono, a prominent banker, was appointed by President Mugabe and follows last weeks announcement of a planned restructure and…
Bangladesh Bank appoints 3 directors
Three new governors have been appointed to the board of directors of Bangladesh Bank, the New Nation reported. The appointments have been made with "immediate effect" the report said.
Australia's interest rates rise 0.25%
The Reserve Bank of Australia increased interest rates to 5 percent on Wednesday. It was the first time the RBA changed the official cash rate since June 2002, The Age said.
US Treasury's Snow denies weak-dollar policy
US Treasury Secretary John Snow has rejected speculation that Washington is pursuing a weak dollar policy, according to the Japan Times, by encouraging other countries to adopt flexible exchange rate policies.
PBoC approves 4 bank representative offices
The People's Bank of China's vice-governor Liu Tinghuan has said the central bank has approved the applications of four mainland banks to set up representative offices in Taiwan, Xinhua News reported.
SAMA: Saudi economy must pursue reforms
The governor of the Saudi Arabian Monetary Agency has warned that the country should develop mechanisms to reduce public debt, MENAFN said, which is estimated at more than $173 billion.
Bonello gets another term
Michael Bonello has been re-appointed for a five year term as Governor of the Central Bank of Malta, the Bank said on Friday. Bonello studied languages and economics at the University of Malta and was a senior official at the United Nations Conference on…
Student threatens to blow up central bank
A Hungarian student has threatened to blow up the National Bank of Hungary, the Courier Mail reported. The threats also included crashing a plane into the parliament building. The unnamed student said the threats were a 'joke' when arrested.
'Lucky' people are those who knew Milton Friedman
Alan Greenspan spoke at last weeks Dallas Fed conference honouring Milton Friedman. The Fed Chairman spoke of 91 year old Friedman and his wife, as Reuters reported it, saying: "If I believed in luck, I would argue that the most lucky people are those of…
Brash reaches National Party summit
Just 15 months after leaving the Reserve Bank of New Zealand, ex-governor Don Brash has just been appointed head of the NZ opposition. Bill English got the boot in a secret ballot after two failed election attempts to oust Helen Clark's Labour Party from…
Chaos as staff go on rampage in Bangladesh
Bangladesh Bank (BB) was in chaos last week after angry staff confronted Governor Fakhruddin Ahmed. The central bank chief was confined to his office for an hour, The Daily Star reported, before employees forcibly entered the governor's office to voice…
PNG central bank goes public on deputy's departure
After a 20 year career with the Bank of Papua New Guinea, Deputy Governor Flora Carruthers suddenly left the bank earlier this month a report has said. After much speculation on the sudden departure, central bank Governor Wilson Kamit took the bold step…
Interview with Sultan Nasser al-Suwaidi of the UAE
Here we present extracts from an interview with Sultan Nasser al-Suwaidi, governor of the Central Bank of the United Arab Emirates. Educated in the United States as an economist, he is highly regarded among global financial figures. The following…