Central Banking
Russians allowed to open accounts in foreign banks
RUSSIA - Russia's Central Bank allowed Russian citizens to open accounts in foreign banks for non-business purposes, according to the CBR ruling, published in CBR's official bulletin today, 19 September. The ruling takes affect in ten days.
US and ECB slash rates 0.5% to stabilise markets
INTEREST RATES - Monday 17 September saw both the ECB and US Federal Reserve cut interest rates by 0.5 percent. The Us move failed to stop substantial falls on the US stock market.
Surprise rise in UK inflation rate to 2.6%
UK - UK inflation has risen much more sharply than expected in August.
World Bank and IMF cancel talks in Washington
US - The World Bank and the International Monetary Fund announced yesterday, Monday 17 September, that they would cancel their annual meetings scheduled for Washington later this month.
Speech by Ian Macfarlane of the RBA, 18 Sep
SPEECH - Speech by Ian Macfarlane, Governor of the Reserve Bank of Australia. Giblin Lecture, University of Tasmania / Economic Society of Australia (Tasmanian Branch) - Hobart - 18 September.
Bank of England cuts interest rates 0.25%
UK - The Bank of England Tuesday 18 September said it has cut its repo rate to 4.75% from 5.0% at a special monetary policy committee meeting held Tuesday morning.
Bank of England News Release
NEWS RELEASE - Meeting of Monetary Policy Committee, 18 September
Bank of Japan - News release
NEWS RELEASE - Change in the Guideline for Money Market Operations and Reduction in the Official Discount Rate.
Japan relaxes monetary policy still further
JAPAN - Japan has joined the US, Europe and Canada in easing monetary policy, in an effort to see off recession and calm markets following last week's terrorist attacks.
ECB Press release - Interest rate decision
NEWS RELEASE - Monetary policy decisions, 17 September.
Federal Reserve press release
NEWS RELEASE - Federal Open Market Committee.
Australia RBA says keeps regular policy timetable
AUSTRALIA - The head of Australia's central bank said today, Tuesday 18 September, he had not seen anything in the past week that was urgent enough to warrant a rate cut between regular board meetings. The next board meeting is on October 2.
World Bank and IMF joint statement on meeting
NEWS RELEASE - World Bank Group and International Monetary Fund Will Not Hold Annual Meetings.
IMF loan to secure Brazil
BRAZIL - The International Monetary Fund has approved a $15.6bn stand-by loan for Brazil in the aftermath of Tuesday's attacks on the US.
Central banks act to soften the economic blow
US - The world's central banks and financial regulators have been in constant contact over the weekend to discuss emergency measures to prevent last week's human catastrophe turning into a financial and economic disaster.
Bank of Japan told to ease liquidity
JAPAN - Masajuro Shiokawa, Japan's finance minister, yesterday, Sunday 16 September demanded that the Bank of Japan implement more monetary easing to combat any possible economic downturn as a result of last week's terrorist attacks.
Russia ponders measures to boost banking sector
RUSSIA - Russia is considering the creation of a deposit protection scheme and measures designed to increase competition within the country's poorly developed banking sector, under reform plans being drawn up for cabinet discussion this month.
Speech by William Poole, St. Louis Fed
SPEECH - William Poole, President of the Federal Reserve Bank of St. Louis gave a speech at Bradley University, Peoria, Illinois on 5 September.
Fed cuts rates but Wall Street plunges
US - Giving a sharp jolt to financial markets, the Federal Reserve cut US interest rates just one hour before the re-opening of Wall Street. (Later shares on Wall Street fell dramatically as the American markets opened after its near week long absence.)
Market fears ahead of US opening
US - Nervousness over the resumption of trading on US stock markets later on Monday has prompted further slides in global share prices.
The Economic Transition in Armenia
SPEECH - Speech given at the American University of Armenia by John Odling-Smee Director, European II Department, International Monetary Fund, Yerevan, 31 July.
Euro 2002 Information Campaign the EURO. OUR money
SPEECH - Speech delivered by Dr. Willem F. Duisenberg, President of the European Central Bank at the conference hosted by Suomen Pankki (Bank of Finland) on 17 September 2001 in Helsinkiat the Marina Congress Centre.
ECB Duisenberg: Comment on the Fed rate cut
FINLAND - European Central Bank President Wim Duisenberg said Monday 17 September that he had been informed of the U.S. Federal Reserve decision to cut interest rates by 50 basis points, but declined to comment on the ECB's own plans.
BoE/ Fed Rate Cut Suggests no coordinated effort
UK - The Bank of England said Monday 17 September that it does not comment on monetary policy decisions carried out by other central banks.