Central Banking
India's Jalan- High FX reserves hedge uncertainty
INDIA - India's growing foreign exchange reserves - at record high levels and expected to touch $50 billion by the end of the fiscal year 31 March - "take into account every uncertainty," Reserve Bank of India Governor Bimal Jalan said Friday.
Bundesbank - 10% D mark bills still in circulation
GERMANY - The amount of Deutsche mark bills still in circulation is about 10% of the level at the end of 2000, the Deutsche Bundesbank said Friday.
Padoa-Schioppa, ECB "satisfied" by German promises
ITALY - European Central Bank executive board member Tommaso Padoa-Schioppa, in an interview published Friday, said the ECB was "satisfied" with the German government's promises to cut its budget deficit aggressively in an effort to bring it in line with…
Rate cut by Brazil's central bank chief
BRAZIL - Central bank governor Arminio Fraga's surprise move to cut interest rates marks a shift in strategy, and a gamble, as he weighs the need to contain inflation yet entice investors in a presidential election year.
Minutes from 1996 Fed meetings bear out
US - In the months leading up to Federal Reserve Chairman Alan Greenspan's famous 1996 warning of investor "irrational exuberance," then-Fed governor Lawrence Lindsey was the central bank's most vociferous internal proponent of the view that the stock…
Fed wants banks' help with cash - handling
US - The Federal Reserve says its resources are increasingly taxed by banks' growing habit of placing currency on deposit with the central bank, and it plans to call on bankers to figure out a solution to the problem.
Currency dealing liberalised in China
CHINA - The central bank has eased controls on foreign-exchange dealing by domestic banks to put them on an equal footing with foreign competitors, it was reported.
CBA hits Reserve, playing "social policy" on cards
AUSTRALIA - On Thursday Commonwealth Bank of Australia (CBA) attacked the Reserve Bank over its proposed credit card reforms.
Spain sees ECB Noyer's succession settled in March
FRANCE - A successor to European Central Bank Vice President Christian Noyer will be chosen at a European Union summit in Barcelona in mid-March, Spanish Economy Minister Rogdrigo Rato said in an interview published on Thursday.
Speech by Fed Reserve Governor Ed Gramlich, 20 Feb
SPEECH - In the speech titled 'Consumption and the Wealth Effect: The United States and the United Kingdom' Gramlich said the run-up in household wealth in the late 1990s - in the form of rising stock and home prices - clearly affected consumer spending,…
Speech by David Dodge of Bank of Canada, 20 Feb
SPEECH - In the speech titled 'Canada's Experience with Inflation Targets and a Flexible Exchange Rate: Lessons Learned' Dodge said that both Canada and the global economy seem to have turned the corner, and believed modest growth in Canada would pick up…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada Governor reviews Canada's experience with inflation targets and a flexible exchange rate.
Speech by Nobuyuki Nakahara, Bank of Japan, 11 Dec
SPEECH - In the speech titled 'The Japanese Economy and Monetary Policy in a Deflationary Environment' Nakahara said the central bank should take radical monetary steps, including buying 200 billion yen ($1.59 billion) a month of foreign bonds or using…
Stanley Fischer - An Economic Insider's View
FEATURE - Few people are ever privy to how world leaders try to cope with their economic woes. But from his position at the IMF, Stanley Fischer certainly was.
Anger at Hain over timetable for joining euro
UK - The UK Treasury has signalled its anger at Peter Hain, the minister for Europe, for laying out a possible timetable for euro membership.
Tokyo plays down prospect of bank boost
JAPAN - The Japanese government yesterday played down speculation that it was preparing a large capital injection into the wobbly banking system before the end of next month, when a government blanket guarantee on bank deposits will be lifted.
Beijing set to cut rates as deflation fears return
CHINA - China is set to cut interest rates today for the first time in more than two-and-a-half years to combat a return of the deflationary pressures Beijing fought so hard to banish during the Asian financial crisis.
German sale plan triggers gold slump
GERMANY - The price of gold fell on 20 February 2002 following comments by the president of Germany's Bundesbank.
Armenia's c bank chief to take part in seminar
ARMENIA - The head of Armenia's Central Bank Tigran Sargsian today left for London for participation in the seminar "Poverty reduction, growth and debt sustainability in the low-income countries of CIS", which will be held on 21-22 Feb.
Jockeying begins as candidates line up for ECB job
UK - EU governments are marshalling their candidates to succeed Christian Noyer when he steps down on 31 May as vice-president of the European Central Bank.Guy Quaden, the governor of the Belgian central bank, yesterday removed his name from the…
Economist may be top candidate for Fed role
US - A highly regarded economist is one of the top candidates for one of two vacancies on the Federal Reserve Board of Governors, an administration official said Wednesday.
Speech by William Poole, St Louis Fed Bank, 12 Feb
SPEECH - Eulogy, Darryl R. Francis, 1912-2002 William Poole, President, Federal Reserve Bank of St. Louis, Ft. Smith, Arkansas, 12 February 2002.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England Monetary Policy Committee meeting 6 and 7 February 2002. Released 20 February.
ECB PRESS RELEASE
PRESS RELEASE - Manual on "Accession countries: balance of payments/ international investment position statistical methods", 20 February.