Central Banking
Fraga says he may stay on in opposition government
BRAZIL - Central Bank chairman Arminio Fraga said on 16 August that he may accept to keep his position after President Fernando Henrique Cardoso's mandate, which ends in 2002.
Thailand rejects IMF interest rate advice
THAILAND - Prime Minister Thaksin Shinawatra on 17 August rebuffed an IMF suggestion that Thailand should not rule out cutting interest rates, saying rates were already low enough despite the need to boost the faltering economy.
Philippines Arroyo says peso speculators face jail
PHILIPPINES - Philippine President Gloria Macapagal Arroyo said on 17 August the peso had rebounded because of the central bank's crackdown on currency speculation and warned speculators of harsh punishment, up to life imprisonment, in the future.
Govt and bank move to cut deadlock in Romania
ROMANIA - The Adrian Nastase Cabinet approved in a 16 August sitting a programme of action in conjunction with Romania's central bank BNR to diminish the financial deadlock.
Profiles of bank of Japan policy board members
JAPAN - The Bank of Japan (BOJ) today, 17 August, released the minutes of its monetary policy meeting held on 28 June and 12-13 July.
India RBI says dividend to govt at 93.5 bln rupees
INDIA - The Reserve Bank of India (RBI) said on 17 August it has decided to transfer a dividend of 93.50 billion rupees to the federal government out of its surplus profit.
Cavallo aide pleads for patience on IMF
ARGENTINA - Market expectations on the speed of talks between Argentina and the International Monetary Fund on an expected multibillion-dollar aid package are "a bit exaggerated," an aide to Economy Minister Domingo Cavallo told local radio on 16 August.
Are central bankers too territorial?
UK - A letter published in today's, 17 August, London edition of the Financial Times claims that central bankers hide behind their independence and protect their own turf.
Recent Economic Developments in Japan
JAPAN - Bank of Japan - Monthly Report of Recent Economic and Financial Developments August 2001. Full Report.
Federal Reserve Bulletin - August 2001
REPORT - The Federal Reserve Board has published its August 2001 Monetary Policy Report to the Congress.
Chicago Fed's new internet banking web page
CHICAGO - The Federal Reserve Bank of Chicago has added a new Internet Banking Supervisory Resources section to its web site www.chicagofed.org.
Keynes lives
ARTICLE - Today's monetary policy is increasingly used as a Keynesian-style tool of demand management believes Robert Skidelsky, Professor of Political Economy at Warwick University in the UK.
BOJ hints at unavoidable recession in Japan
JAPAN - The Bank of Japan has downgraded its assessment of the Japanese economy for the third straight month and hinted strongly that a recession - the country's fourth in a decade - will be unavoidable.
German economy grinds to a halt
GERMANY - The German economy slowed to a halt in the second quarter of the year, according to new preliminary figures from the Bundesbank.
Kenya unable to pass anticorruption legislation
US - The United States regrets Kenya was unable to pass an anticorruption bill to pave the way for receiving International Monetary Fund (IMF) aid and restarting an economy in its worst shape since the 1960s, the State Department said yesterday, 15…
Ex-SA Reserve Bank deputy gov joins Nedcor
SOUTH AFRICA - Nedcor Group, the South African financial services company, has appointed Timothy Thahane to the boards of several of its companies.
Polish central bank head calls for fiscal reform
POLAND - Leszek Balcerowicz, president of the National Bank of Poland, stressed in a speech made on 10 August to the Polish parliament that tight monetary policy in 2000 had done the most to shelter Poland from worse macroeconomic disturbances that could…
BOT chief says no whitewash
THAILAND - Bank of Thailand Governor MR Pridiyathorn Devakula yesterday, 15 August, denied there would be a "whitewash" of legal cases against former executives of banks and 56 defunct finance companies widely accused of impropriety.
Taiwan c bank may up euro weight in forex reserves
TAIWAN - Taiwan's central bank may raise the weighting of the euro in its foreign exchange reserves in the wake of possible strengthening in the euro and higher interest rates, Commercial Times reports.
IMF Press Release
USA - World Bank Group and IMF set meetings for 29-30 September 2001.
Anti-globalisation protest IMF/World Bank meeting
US - Nationwide planning by anti-globalisation protesters from across the US is intensifying and becoming increasingly sophisticated in advance of next month's meetings in Washington of the World Bank and International Monetary Fund, reports the…
Recent Economic Developments in Japan - Summary
REPORT - Bank of Japan - Monthly Report of Recent Economic and Financial Developments August 2001. Summary only.
Tinkering with currency can't solve economic woes
ARTICLE - John Devine, chief financial officer at General Motors Corp., last week was the latest in a string of corporate executives complaining about the strength of the U.S. dollar. His timing wasn't perfect. The dollar has actually softened relative…
Change in the Guideline for Money Market Operation
REPORT - Bank of Japan Monetary Policy Meeting 14 August.