Central Banking
Philippines central bank urges further fiscal rest
With an election scheduled for May 2004, Rafael Buenaventura of the Philippine central bank said he is confident that the government would resist the temptation to increase spending in the run up to the polls, Reuters reports. "I don't they will be…
Vepa Kamesam's term at RBI extended by 3 months
Reserve Bank of India deputy governor Vepa Kamesam has been given a second three-month extension to his contract, according to Busines Standard. With this, Kamesam has become the first deputy governor to hold the position beyond the age of 62.
Weak job market poses economic risk-Fed's Broaddus
Speaking to a meeting of the Southern Governors' Association in West Virginia on Tuesday 23 September, reported by Reuters, Richmond Fed president Alfred Broaddus said he believed that consensus forecasts for economic growth at about a 4.5 percent annual…
Zimbabwe begins issuing new 'money'
The Reserve Bank of Zimbabwe launched its new temporary bank notes on Tuesday 23 September, according to Sapa. The so-called "bearer checks" resemble bank notes but will only be valid as legal tender until January 31, the Reserve Bank said.
New Iraqi currency 'will not be fixed to dollar'
The governor of the central bank of Iraq, Sinan al-Shabibi, has said that Iraq is not considering fixing its new dinar to the dollar, according to the Financial Times. But he added, "The question in the market is what is a float. We don't want it to…
Kohler: don't over-interpret market reactions
Horst Kohler has warned against an over-reaction to exchange rate movements following statements released at the G7 Dubai meeting, according to AFX UK. The G7 said more flexibility is needed in exchange rates "to promote smooth and widespread adjustments…
Mervyn's smile
When the Bank of England's top brass was hauled in front of the Treasury Select Committee to explain their August Inflation Report, Mervyn King, the Bank's new governor, stole the show - although the committee did probe the voting habits of some of the…
Marchenko's prize
Grigori Marchenko, the unassuming but hugely competent governor of the National Bank of Kazakhstan, has received recognition for his instrumental role in turning his country into the most prosperous economy in the region by winning Euromoney's 2003…
Tips for Tito?
Following the recent to-do over South African Reserve Bank governor Tito Mboweni's swelling pay package, and the subsequent support he received from his opposite number in the finance ministry, Trevor Manuel, Mboweni might do well to take a leaf out of…
Rick's leadership rewarded at the Solomon Islands
One person it was good to see at the IMF meeting in Dubai was Rick Houenipwela, the universally popular and respected governor of the Central Bank of the Solomon Islands. There's another governor who has been through a lot recently.
New World Bank Chief Economist
Francois Bourguignon has been appointed chief economist at the World Bank, President James D. Wolfensohn announced on Friday 19 September. He succeeds Nicholas Stern, who will leave the Bank Group in October
Europe should do more - Snow
John Snow, the U.S. Treasury Secretary, took aim at European policymakers, urging finance ministers and central bankers to do more to boost economic growth. Mr. Snow demanded "more accommodative" interest rates and budgets. His spokesman, Rob Nichols,…
G7 communique
Statement of G-7 Finance Ministers and Central Bank Governors, Dubai, United Arab Emirates, September 20, 2003
Philadelphia Fed Business Outlook Survey, Sep 2003
Manufacturing firms reported an increase in new orders in September according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2003. New orders and shipments grew again this month, but employment declined, the survey said.
12 August Minutes of Federal Open Market Committee
The Federal Reserve on 18 September released the minutes of its FOMC meeting of 12 August. The members agreed that, although economic activity had shown signs of firming, the risks to the outlook remained about the same as they had indicated in the…
Olson on the need for improved financial literacy
In a speech on 'Increased Availability of Financial Products and the Need for Improved Financial Literacy' given on 22 September Mark Olson of the Federal Reserve said interagency guidance was issued to banks on managing risks relating to subprime and…
Rosenberg-Price stability framework remains intact
Deputy Governor of the Sveriges Riksbank Irma Rosenberg gave a talk on 23 September at a conference organised by SNS Center for Business and Policy Studies and Affarsvarlden business magazine. Her talk touched on monetary policy and developments in the…
Bernanke: Fed can keep rates low
Federal Reserve Governor Ben Bernanke said on Monday 22 September that the U.S. can afford to keep interest rates low, mirroring the FOMC's recent statement, according to Reuters. Even with faster economic growth inflation is unlikely to become a problem…
Bundesbank chief Welteke dashes rate cut hopes
Bundesbank president and ECB council member Ernst Welteke said in an interview that monetary policy is not standing in the way of growth with historically low levels of interest rates, reports AFP. However, he warned that the current low cost of…
Snow says U.S. economic growth on sustainable path
U.S. Treasury Secretary John Snow said on Tuesday 23 September that the US government was committed to cutting the budget deficit in half over the next five years, according to Reuters, and described US economic growth as being on a good and sustainable…
IMF welcomes Serbia-Montenegro's economic policy
An IMF mission led by Emmanuel Zervoudakis, has held talks with a Serbia-Montenegrin delegation, headed by NBS Governor Kori Udovicki. In a statement reported on the Serbian Government's website, the IMF said the National Bank of Serbia has increased…
Euro parliament approves Trichet for ECB
On Tuesday 23 September, according to AFP, the European parliament approved the nomination of French central bank governor Jean-Claude Trichet as the next ECB president, replacing Wim Duisenberg of The Netherlands.
Japan's c bank chief pledges to beat deflation
Speaking at a joint discussion at the World Bank and the International Monetary Fund annual meetings Tuesday Bank of Japan governor Toshihiko Fukui said, according to China View "The BOJ is firmly committed to maintaining its current policy stance, until…
IMF says PMA not a central bank yet
The IMF has said in a press conference that the Palestine Monetary Authority is "not a central bank yet in that their role really is, at the present time, confined to banking supervision and also the holding of required reserves to banks operating in…