Central Banking
Speech by Eva Srejber of Sveriges Riksbank, 9 July
SPEECH - In the speech titled 'Inflation targeting and bubbles' Srejber said "there are many indications that the real economy effects of the severe stock market fall will be limited". But cautioned that, "it is not possible to write off the risk of…
BIS Press Release
PRESS RELEASE - Basel Committee reaches agreement on New Capital Accord issues, 10 July.
OECS undertakes economic restructuring programme
EASTERN CARIBBEAN - The governor of the Eastern Caribbean Central Bank (ECCB), Sir Dwight Venner, says several activities are underway in the Eastern Caribbean to help the sub-region address serious economic difficulties.
Yugoslavia to issue €4.1bn of bonds
YUGOSLAVIA - Yugoslavia is set to issue €4.1bn worth of bonds in early August as part of its domestic debt settlement, which could pave the way for the creation of a liquid debt market, a Yugoslav central bank official said.
Polish c bank's new duties may be unconstitutional
POLAND - The Constitutional Tribunal is likely to judge the planned amendments to the legislation regulating the duties of Poland's central bank unconstitutional, claims Mieczyslaw Czarniawski, head of the parliamentary Public Finance Committee.
UAE central bank reports surge in national staff
UAE - The UAE's central bank reported a surge in the number of its national workers as it presses ahead with a job nationalisation drive to ease reliance on foreigners.
Trichet backed as Duisenberg's successor at ECB
GERMANY - Edmund Stoiber, currently leading to race to become German chancellor, issued strong backing for Bank of France governor Jean Claude Trichet as the best successor to Wim Duisenberg as European Central Bank president. Paris prosecutors recently…
Poland's central bank chief 'in the line of fire'
POLAND - The Polish owner of a shooting range has found himself in trouble over images of the central bank governor's face which have been used as targets.
Eurosystem currency reserves unchanged this week
GERMANY - The European Central Bank said eurosystem net foreign currency reserves were virtually unchanged at 232.6 mln euro in the week ending 5 July.
IMF and World Bank collaborate closely
LETTER - Letter published in the Financial Times on Wednesday from a former Deputy Managing Director of the IMF. P.R. Narvekar describes Joseph Stiglitz criticism of the IMF as "baseless and vicious".
MPs will quiz Brown on euro entry tests in autumn
UK - Gordon Brown is to face a Commons inquiry into the Treasury's five economic tests for euro entry after a hard-fought battle by opposition MPs to get the issue on the agenda.
ECB Press Release
PRESS RELEASE - Allotment amount of the longer-term refinancing operations in the second half of 2002, 10 July.
Speech by H Kohler, Managing Director, IMF, 4 July
SPEECH - In evidence before the UK Parliament's Treasury Select Committtee titled 'The IMF in the Process of Change' Kohler said "we have seen a near revolution in the transparency of the IMF, and in the release of economic and financial data by our…
Speech by Fed Reserve Governor Mark Olson, 8 July
SPEECH - In the speech 'Financial Markets Regulation in the United States' Olson said the risk to U.S. banks from the accounting scandals was "very isolated" but added the Fed would ask some banks for restatements due to asset risk.
IMF Working Paper No. 02/ 102
WORKING PAPER - Establishing Initial Conditions in Support of Inflation Targeting, Author/Editor: Alina Carare, Andrea Schaechter, Mark R Stone, Mark D Zelmer, Monetary and Exchange Affairs Department, June 2002.
Crocked?
ARTICLE - Tuesday's Financial Times catches the mood of speculation on who is favourite to succeed Sir Edward George as the governor of the Bank of England with the suggestion that betting odds and horse racing may have something to do with it.
Flying blind
ARTICLE - If you had asked a group of central bankers to draw up a wish-list a decade ago, near the top would have come low and stable expectations for inflation; a financial system that was more resistant to shocks; and emerging markets less prone to…
Top regulators disclose finances
US - The value of Federal Reserve Board Chairman Alan Greenspan's reported assets sagged last year, to between $3 million and $6.15 million from $4.2 million to $12.1 million, according to his 2001 financial disclosure report, released Monday, reports…
Labour adopts new line on NZ inflation
NEW ZEALAND - New Zealand's Labour party intends to rewrite a policy agreement with the Reserve Bank to make it adopt a more flexible approach to controlling inflation. Releasing details of his party's election manifesto yesterday, Michael Cullen,…
IMF mission to Argentina seeks account access bar
ARGENTINA - The IMF will hold up disbursement of 9.5 bln usd in aid unless the government denies bank depositors any access to their accounts, government officials said after a federal judge found the ban unconstitutional.
Basle accord set to change banking landscape
SWITZERLAND - The small Swiss town of Basle will this week play host to what could go down in financial history as a momentous event: agreement in principle on new banking regulations.
Bank Negara reserves reach 2-year high
MALAYSIA - Bank Negara Malaysia's international reserves reached their highest level in two years to RM127.7 billion when they jumped RM3.6 billion at the end of June.
Chicago Fed Executive Update
REPORT - The Federal Reserve Bank of Chicago has published its Second Quarter 2002 Executive Update, released 9 July.
Indian banks woo credit card users
INDIA - India's largest commercial bank plans a credit card revolution that it hopes will increase its share of the retail banking market by 47%.