Central Banking
BoE holds UK interest rates steady at 3.5 pct
As most analysts predicted, the Bank of England left interest rates unchanged for the third month running on Thursday 9 October at 3.5 per cent, Reuters reported.
Bulgarian Parliament elects new central bank chief
Ivan Iskrov was elected governor of the National Bank of Bulgaria on Thursday 9 October after Parliament approved the appointment by 140 votes to 50 with 20 abstentions, according to a report by Bulgarian News Network
Swiss National Bank calls for deregulated economy
In his debut speech, reported by the Financial Times, the Swiss National Bank's board member for financial markets, Philipp Hildebrand, called for broad deregulation of the domestic economy to tackle unemployment and protect the country's long-term…
RBA credit card reforms: Visa/Mastercard to appeal
Visa and Mastercard said on Thursday 9 October that they would appeal against last month's Federal Court ruling which upheld credit card reforms by the Reserve Bank of Australia, according to a report by Dow Jones. Visa said that the RBA regulations give…
Uzbek currency to become convertible, 15 Oct
Uzbekistan's government has announced that the currency will become convertible from 15 October, Interfax reports. An IMF mission ascertained that the government and the central bank have fully implemented all measures agreed upon under a joint plan of…
ECB hits out at France and Germany
The European Central Bank called for "complete compliance" with the EU's stability and growth pact in its monthly report released on Thursday 9 October, according to Expatica. The ECB said the pact was vital to success of the single European currency,…
New colourful US $20 bill in circulation
The Federal Reserve's new $20 bill came into circulation on on Thursday 9 Octobe, NBC4 Columbus reports. The new greenback is no longer just green. With the help of blue and peach tones, a new eagle, watermarks, and other safety features, officials hope…
Fed's Ferguson says productivity key in long-term
Fed governor Roger Ferguson said on Wednesday 8 October that productivity growth, while posing a short-run economic challenge, was crucial to long-term U.S. economic health, according to a report by Reuters.
Fundamentals in place for economy upturn says Bies
Federal Reserve governor Susan Bies said on Wednesday 8 october that the building blocks are in place for better growth in the tepid U.S. economy, according to a report by Reuters. "Business investment increased over spring and summer, and the household…
ECB launches web page for forecasters' survey
The European Central Bank launched a web page dedicated to the results of the ECB's Survey of Professional Forecasters (SPF) on 9 October. Since 1999 the ECB has conducted this quarterly survey among forecast experts from both financial and non-financial…
Mboweni reviews the SARB and its activities
In the speech 'Review of the Central Bank and its Activities: 1998 - 2003. A Preliminary Assessment' given on 29 September Tito Mboweni of the South African Reserve Bank said that over the past five years many challenges were faced head-on by the Bank…
Yam at the Australasian Macroeconomics Workshop
In his 'Opening Remarks at the 2003 Australasian Macroeconomics Workshop' given on 22 September, Joseph Yam of the Hong Kong Monetary Authority said the Asia-Pacific region needs more co-operation and exchange of ideas in the monetary and financial…
'The Region' : Minneapolis Fed September 2003
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for September 2003. The issue includes an interview with Allan H. Meltzer, author of A History of the Federal Reserve and architect of the Shadow Open Market…
Improving monetary policy with inflation targets
In the Bank of Canada Working Paper "A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?" the authors evaluate whether an assortment of simple rules could improve how the Bank of Canada implements…
Central bank declares Afghani sole legal tender
From Tuesday October 8, Afghanistan will no longer accept the US dollar and other foreign currencies as legal tender, according to VOA News. Central Bank Governor Anwar ul-Haq Ahady said that new stability has allowed him to make the move, at last, to an…
Bank of England Court to meet in Nottingham
The Court of the Bank of England is to meet in Nottingham at the Council House on 15 October 2003. The meeting is part of a programme of formal meetings of Court outside London.
ECB adopts new regulations on minimum reserves
The Governing Council of the European Central Bank has adopted new regulations on money and banking statistics and the application of minimum reserves, 7 October.
ECB to study one and two euro coin option
The European Central Bank said on Tuesday 7 October that it will consider replacing one and two euro coins with notes following calls from some eurozone countries, according to Associated Press. Bank president Wim Duisenberg has agreed, the ECB said,…
Ex-BoE governor George joins Nestle board
Former governor of the Bank of England Sir Edward George has swapped gold bars for chocolate bars after being appointed to the board of Nestle, the world's largest food and confectionary company, according to the Daily Telegraph. He follows in the wake…
Kansas City Fed's Hoenig sees solid growth ahead
Speaking on Tuesday 7 October, Kansas City Fed chief Thomas Hoenig said that the Federal Reserve's current policy stance was appropriate for an economy that needed to grow faster than its long-run sustainable pace in order to bring down the unemployment…
Australia's reserve bank holds rates steady again
The Reserve Bank of Australia held interest rates unchanged for the sixteenth month in a row on Wednesday 8 October, according to Pacific Business News. The rate remained at 4.75 per cent despite fears of a housing bubble.
HKMA intervenes to defend currency peg
The Hong Kong Monetary Authority, according to Channel News Asia, has spent HK$300 million (US$40 million) defending its currency peg against speculators in the past week. Newly-appointed deputy chief William Ryback said it was comfortable with the…
Syria issues money laundering law
The Syrian President has issued a decree providing the legal framework to combat money laundering in the country, according to a report by AME Info. The law improves the legal framework of the banking system and creates a new authority affiliated to the…
Engle, Granger win Nobel prize for economics
The Nobel prize for economics, established by Sweden's central bank in 1968, was awarded to Robert Engle and Clive Granger on Wednesday 8 October, according to Associated Press, for their work on time series modelling and co-integration, where time…