Central Banking
Poole on Fed Transparency: How, Not Whether
In the speech 'Fed Transparency: How, Not Whether' given on 21 August William Poole of the Federal Reserve Bank of St. Louis said transparency is a worthy goal, but improving transparency is hard work. "My thinking is still evolving, but one thing I know…
Parry on prospects for the national, local economy
In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 21 August Robert Parry of the Federal Reserve Bank of San Francisco said downside surprises that could push the inflation rate even lower are a concern…
Interest rates, inflation, exchange rate in Norway
Article by Deputy Governor of Norges Bank, Jarle Bergo, published in Dagsavisen 24 August. Bergo says in "Interest rates, inflation and the exchange rate" that the underlying rise in prices has slowed markedly. In July, the year-on-year rise in consumer…
Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Third Quarter 2003. The U.S.economy will likely expand at a slower pace in 2003 than predicted just three months ago, according to the survey. The pace…
Horst Kohler to visit China, Malaysia, Thailand
IMF Managing Director Horst Kohler will visit China, Malaysia, and Thailand in early September to discuss challenges confronting the region; and reinforce the IMF's continued engagement with Asia.
IMF team reviewing Afghanistan's economy
An IMF team is visiting Afghanistan for the first time in more than ten years, a Reuters report said. The IMF review is aimed at assessing the performance of Afghanistan's economy rather than preparing the ground for new loans.
W African leaders to meet on currency union
A summit of the 15-nation Economic Community of West African States (ECOWAS) will meet Friday in Nigeria to discuss plans to create a single currency for the region, AFP said.
Gold prices higher on central bank rumours
Gold prices rose on Wednesday, the Financial Times reported, on rumours that the terms of the Washington Accord of 1999, where Europe's central banks agreed to restrict sales of gold to 400 tonnes a year, were to be renewed.
Argentine congress approves central bank law
Argentina's Congress approved a law Wednesday night to increase central bank autonomy. Under the law, approved by a vote of 112-41 Bloomberg reported, the central bank will be allowed to temporarily advance the government funds in order to make debt…
UAE central bank signs software deal
The central bank of the United Arab Emirates has signed an agreement with a software giant to install its comprehensive electronic document management, indexing and archiving system, ArabDox, at the central bank, local daily the Khaleej Times reported.
France urges eurozone shake up
Speaking Thursday French Foreign Minister Dominique de Villepin called for a shake-up of EU economic supervision saying the European Union should establish a formal eurozone council with responsibility for coordinating budget policy, Reuters said.
Kennedy on monetary policy during economic shocks
In the speech 'Monetary Policy during Economic Shocks: Lessons Learned' given on 26 August Sheryl Kennedy of the Bank of Canada discussed three periods over the past decade when Canada's economy was hit by major shocks. From her perspective she examines…
Philadelphia Fed Business Outlook Survey, Aug 2003
Activity in the region's manufacturing sector improved in August, according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, August 2003 . Most indicators increased, but the employment index declined.
E-barter V fiat money: will central banks survive?
Bank of England Working Paper by F H Capie, Dimitrios P Tsomocos and Geoffrey E Wood titled "E-barter versus fiat money: will central banks survive?". In the paper the authors argue that the information-economising properties that allowed money to…
HKMA's Yam at the HKIMR Summer Workshop 2003
In his Opening Remarks to the HKIMR Summer Workshop 2003 given on 27 August Joseph Yam of the Hong Kong Monetary Authority said the organisers have put together an interesting programme with three papers dealing with issues that are of current or…
Poland appoints Czekaj to Monetary Policy Council
Poland's Deputy Finance Minister Jan Czekaj was voted onto the National Bank of Poland's Monetary Policy Council on Tuesday. Czekaj, a taxation guru at the ministry, was reported as saying after the Tuesday vote that he would likely take part in the…
Greenspan health rumours disrupt FX markets
Various unsubstantiated stories regarding the health of Alan Greenspan sent the dollar sharply weaker in financial markets Tuesday. Spot gold prices got a lift from the Greenspan rumour and rose to the highs of the day at $364.00, Market News…
Philippine c bank ordered to stabilise fx market
President Gloria Arroyo on Wednesday ordered the Philippine central bank to "crack the whip on speculators" and use feasible monetary tools to stabilize the currency exchange market.
Tension growing over Israel central bank policy
The Bank of Israel cut interest rates this week to 6.5 percent but Benjamin Netanyahu, the finance minister, has called Israel's high interest rate policy a "cement shoe" preventing growth. He proposed appointing an advisory panel composed of banking…
Viktor Gerashchenko nominated to the Russian Duma
Former chairman of the central bank of Russia Viktor Gerashchenko has been nominated to the Duma from the pro-communist "patriotic" bloc. On August 25, he officially announced that he'd join the patriotic coalition of Duma deputies Sergei Glaziev and…
Greek central bank sells 20 tons of gold
The central bank of Greece has sold 20 tonnes of gold reserves. The Bank will invest the proceeds in a bonds portfolio including Greek government and other top-grade bank paper, its deputy governor Nikos Paleokrassas told Agence France-Presse.
Global central bankers to meet at weekend
Alan Greenspan will start the "Monetary Policy and Uncertainty" meeting of top central bankers on Friday with a keynote speech. The Jackson Hole, Wyoming gathering will bring together an audience of about 100 presidents or senior officials from the 12…
CBR to limit ruble strength
The Central Bank of Russia will move to limit the ruble's strength next year to help local producers compete with imports, despite IMF calls for a more flexible exchange rate policy reports the Moscow Times.
Peru inflation on target - new governor
The new governor of Peru's central bank, Javier Silva Ruete, expects inflation of 1.5 to 1.7% for the year, comfortably below the government's target of 2.5%, reports Reuters