Central Banking
Bernanke pleased to continue at Fed
Ben Bernanke said he was very pleased to have the opportunity to continue to work with Alan Greenspan and his Federal Reserve colleagues, 9 September.
Reserve Bank of India - Annual Report 2002 - 2003
The Reserve Bank of India has published its Annual Report for the year ended 2002 -2003. The Annual Report released 27 August 2003 said cautious optimism characterised the stance of macroeconomic policies during 2002-03, notwithstanding the continuing…
Argentina defaults on $3 Billion IMF debt
Argentina defaulted on its IMF debt on Tuesday 9 September, according to a Reuters report. The Cabinet Chief's office said "To avoid compromising 25 percent of (central bank) reserves, the government has decided to suspend the payment that was due today".
Wellink: EU 'budget sinners' need sanctions
In an interview to be published, Dutch central bank chief Nout Wellink said sanctions could be imposed against countries whose public deficits exceed agreed limits under the Stability and Growth Pact, according to AFP. "Penalties are part of the system…
Swedish PM says euro vote will be tight
Swedish Prime Minister Goeran Persson has said the race will be tight in the euro referendum vote on Sunday, according to Associated Press. "I think it's going to be somewhere in the 53-47 interval. But which way I don't know," he said.
Ex-banker files case against BSP chief
The former president of the now defunct Urban Bank, Teodoro Borlongan, filed a case against Philippines central bank governor Rafael Buenaventura at the Supreme Court on Wednesday 10 September, according to a report by INQ7 Money. Borlongan said he would…
KC Federal Reserve Bank announces appointments
The Federal Reserve Bank of Kansas City has announced two appointments to represent the 10th Federal Reserve District on the Federal Advisory Council.
Duisenberg testimony to the European Parliament
In testimony before the Committee on Economic and Monetary Affairs of the European Parliament on 10 September, Wim Duisenberg of the European Central Bank resisted calls to lower interest rates and blamed political leaders for weak growth even as the…
Duisenberg eyes recovery, says ECB rates correct
Wim Duisenberg said in testimony on Wednesday 10 September: "Indications of an upturn in economic activity starting in the second half of the year have strengthened" and that the key ECB interest rates are considered "appropriate at present", according…
RBNZ Monetary Policy Statement, September 2003
The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for September 2003. Speaking at the release of the Monetary Policy Statement Reserve Bank Governor Alan Bollard said "New Zealand has enjoyed an extended period of strong…
Bollard issues warning to real estate buyers
Extract from an address to the Property Council of New Zealand on 9 September by Alan Bollard of the Reserve Bank of New Zealand. Bollard repeated his warning that people purchasing real estate in pursuit of capital gains face risks.
Essays on Financial Stability from Bank of Canada
The Bank of Canada has published four "Essays on Financial Stability". The essays provide a useful overview for anyone interested in understanding the issues and policy environment surrounding financial system stability. The first three essays consider…
Riksbank's General Council say 'yes' to the euro
All eleven members of the Riksbank's General Council vote "yes" to Swedish membership of the Eurosystem, 4 September. The Council said "The campaigners advocating a "no" vote claim to safeguard the krona and the Riksbank, but we eleven who appoint,…
Lars Heikensten on the Riksbank and the euro
In the speech 'The Riksbank and the euro' given on 4 September Lars Heikensten of the Sveriges Riksbank said in his opinion, the value of conducting a national interest rate and exchange rate policy is exaggerated in the EMU debate. On the other hand, it…
German inflation rate picks up in August
Final figures for August inflation in Germany showed the rate was unchanged from the July figure of 1.1 percent, AFP reported. The final data were revised downwards slightly from preliminary estimates published at the end of August.
BMA Governor attends launch of Islamic bank unit
Shaikh Ahmed bin Mohammed Al Khalifa, Governor of the Bahrain Monetary Agency (BMA) said Monday "The global Islamic banking industry is witnessing tremendous growth, both in terms of volumes of business and in terms of number of institutions, many of…
Brazil allowed to draw $4.3B from IMF
After reviewing Brazil's economic performance the IMF has given the go ahead to release $4.3 billion, the second-to-last part of its $30 billion loan, the Associated Press said. Talking to reporters in Brasilia, the nation's capital, Finance Minister…
Central Bank of Sri Lanka implements RTGS system
The central bank of Sri Lanka implemented its Real Time Gross Settlement System (RTGS) together with the Automated General Ledger system on Monday, according to Sri Lanka Daily News. The RTGS system will facilitate large value fund transfers and…
Deflation remains a serious threat to Japan - IMF
In its annual Article 1V consultation with Japan, the IMF said the economy 'remains vulnerable to significant downside risks' and argued a 'more comprehensive and integrated policy approach is needed to tackle deflation and to address fiscal imbalances',…
UAE to implement Basel II accord
The UAE central bank announced Monday it would adopt the risk assessment mechanism known as Basel II, which will go into force in 2007. The governor of the central bank said final touches were being added to the system in order to enable banks to…
Japan's yen selling to alleviate pressure: Fukui
Speaking on the sidelines of the regular meeting of central bank governors at the Bank for International Settlements, Bank of Japan governor Toshihiko Fukui said "We are still cautious about the outlook for Japan's economy, but there are certainly some…
Swedes to say 'no' to euro, latest survey says
A Danske Bank survey published on Monday showed 40 percent of Swedes were opposed to swapping their krona for the euro, while 30 percent were in favour, EU Business reported.
Mboweni takes flak...
The admirable Tito Mboweni, governor of the South African Reserve Bank, is under bombardment as fellow countrymen splutter at his recent pay rise. Mboweni has been accused of double standards for accepting a pay rise of 9% this year and 12% last year …
...but aims high
But Mboweni has received political support - which is valuable since, some say, he has his eyes on the presidency when current president Thabo Mbeki's term ends in 2009 (Mboweni's current term ends in 2004).