Central Banking
Speech by Fed governor Susan S. Bies, 10 June
SPEECH - Fed governor Susan S. Bies delivered a speech on 'Lessons to be Re-Learned from Recent Breakdowns in Corporate Accounting' to the Institute of International Bankers in New York on 10 June. She attempted to outline what should be re-learned from…
Speech by Eugenio Domingo Solans, ECB, 11 June
SPEECH - Eugenio Domingo Solans, member of the Governing Council and Executive Board of the ECB, gave a speech titled 'Exchange rate policies in the accession process' to a conference in Tallinn on 'Alternative Exchange Rate Regimes in the Globalised…
Gold in the IMF: A Factsheet
FACTSHEET - The IMF has published a factsheet detailing what its gold holdings are, how it acquired them, what its policy is on gold, and how and when it has used its gold in the past.
IMF Survey, Vol. 31, No. 11, 10 June
SURVEY - The latest fortnightly issue of the IMF Survey includes articles on world military spending, Independent East Timor, the pros and cons of tax incentives, financial development and economic growth, as well as interviews with John Shoven on US…
Preventing country crises and corporate failures
LETTER - The most recent 'Economic Letter' published on the San Francisco Fed's website concerns 'Country Crises and Corporate Failures: Lessons for Prevention and Management?', by Reuven Glick of the Center for Pacific Basin Monetary and Economic…
Fed ends sanctions against Bank of New York
USA - The Federal Reserve has announced it is terminating its sanction against the Bank of New York because the bank has complied with its agreement to correct alleged deficiencies in preventing money laundering.
Breather won by Bank Indonesia on $1.3bn loans
INDONESIA - Bank Indonesia has reached a rescheduling agreement with the London Club of commercial creditors to extend the repayment period of loans worth around $300 million to 17.5 years, while other loans worth $1 billion will be extended for 10…
Reform of Taiwan cb board may improve independence
TAIWAN - Taiwan's cabinet has submitted a reform plan for the board of directors at the Central Bank of China, which focuses on the bank's independent status. Once the amendment is passed by the legislature, the central bank will maintain its supervisory…
BOK considers redenomination of currency
KOREA - The Bank of Korea is studying ways to reform the present currency unit system by issuing new won notes and coins, in a move to re-denominate the won downward and upgrade its value. This will involve shaving one or two zeros off the won's face…
Egypt cb opens new check clearing house
EGYPT - The new electronic Cairo Clearing House at the Central Bank of Egypt (CBE) was inaugurated yesterday. Its services will be available to banks nationwide and its computerized system will be capable of clearing up to 100,000 cheques a day.
UAE cb planning supervisory system for hawala
UAE - The Central Bank of the United Arab Emirates is devising a licencing and supervisory system for hawala and will host a conference next year to follow up recommendations of an international conference held last May.
Private sector consensus on sov debt restructuring
PRESS RELEASE - A joint press release issued by private sector financial industry leaders announces a consensus inspired by market-based principles on crisis management and sovereign debt restructuring, June 11.
Atlanta Fed Working Paper, June 2002
RESEARCH - Working Paper from the Federal Reserve Bank of Atlanta on 'International Money and Common Currencies in Historical Perspective' by Gerald P. Dwyer Jr. and James R. Lothian. They conclude that the euro is likely to be serious competition for…
African Development Bank - Annual Report 2000
ANNUAL REPORT - The African Development Bank Group's Annual Report for 2000 can now be accessed online.
Speech by Omar Kabbaj, president of AFDB, 28 May
SPEECH - Omar Kabbaj, president of the African Development Bank, gave a speech on "Enhancing the Development Effectiveness of the African Development Bank" at the opening session of the annual meetings of the African Development Bank and Fund in Addis…
BIS Working Paper No. 112, June 2002
RESEARCH - BIS Working Paper on 'Determinants of international bank lending to emerging market countries' by Serge Jeanneau and Marian Micu. It focuses on lending to the largest countries in Asia and Latin America through a framework based on "push"/…
Speech by Svein Gjedrem, Norges Bank, 10 June
SPEECH - Svein Gjedrem, governor of the Norges Bank gave a speech titled 'One year of inflation targeting' at the Norwegian School of Management's Centre for Monetary Economics on 10 June. He discusses Norway's experience of inflation targeting and…
National Bank of Belgium - Annual Report 2001
ANNUAL REPORT - The Annual Report of the National Bank of Belgium for 2001 is now available online in English. This document provides useful information on recent economic and financial developments, both in Belgium and abroad.
South African Reserve Bank - Annual Report 2001
ANNUAL REPORT - The Annual Economic Report of the South African Reserve Bank for 2001 is now available online. South Africa's foreign debt declined relative to gross domestic product. For mainly external reasons, the value of the rand has depreciated…
Buying back long-dated bonds way forward for Japan
LETTER - Letter by Professor Tim Congdon published in the Financial Times on 10 June in response to an editorial by Sir Samuel Brittan, which in turn had commented on Prof Congdon's original article in Central Banking journal, 'What is to be done about…
Central banks should heed asset inflation
LETTER - Anthony H. Rowley, a contributor to Central Banking journal, argues in a letter published in the Financial Times on 10 June that central banks should pay more attention to asset inflation when conducting monetary policy.
Bureaucrats compete to replace RBI dep governor
INDIA - There is stiff competition to take the place of the outgoing deputy governor of the Reserve Bank of India (RBI), Dr Y. V. Reddy. According to the finance ministry, two senior bureaucrats are jockeying to control this key post which involves…
Commercial banker made dep chairman of Kazakh cb
KAZAKHSTAN - A new deputy chairman has been appointed to the National Bank of Kazakhstan. Anvar Saydenov, who is 41, was appointed by Kazakhstan's president, Nursultan Nazarbayev, on the recommendation of the central bank.
Iran's cb to issue bonds despite US sanctions
IRAN - The Central Bank of Iran still plans to issue its first international bond, according to its governor, Mohsen Nourbakhsh. This is despite the withdrawal of Iran's debt rating by Moody's.