Economics

Syria to abandon dollar peg in July

The governor of Syria's central bank, Adib Mayelah, announced that the country will abandon the Syrian pound 's peg to the dollar in an effort to stem rising costs and inflation.

Asia ten years on - IMF's Burton

Ten years after Asia's financial crisis it is the most dynamic region in the global economy, observed David Burton, the IMF's director for Asia and the Pacific, in a speech in Singapore.

Colombia's central bank: half yearly report

The reports presented to Colombia's Congress by the Board of Directors of the Banco de la Republica include macroeconomic results, the aims of the board, and future perspectives of the likely trend of several macroeconomic variables.

Russian central bank predicts fall in inflation

The first deputy chairman of the Russian central bank, Alexei Ulyukayev, said on 4 June that the country's inflation is likely to fall to 5.2% for the first six months of this year, one percentage point down on the same period in 2006.

Holland's Wellink assesses eight years of EMU

Speaking at the Nieuwegein Business Center, Nout Wellink, the president of the Dutch central bank, took stock of the achievements of eight years of economic and monetary integration and set out what he saw as the challenges facing the eurozone.

Spain's Ordoez: immigration keeps inflation low

Miguel Ordoez, the governor of the Bank of Spain, said that immigration into Spain has helped keep inflation rates relatively low, in a speech at a symposium on the Phillips curve and the natural rate hypothesis in Kiel, Germany on 3 June.

IMF's Article IV consultation with Switzerland

The IMF on 4 June released the staff report and public information notice regarding the conclusion of its Article IV consultation with Switzerland. The Fund projected 2% growth of real GDP in 2007, down from 2.7% in 2006.

Roach dismisses global savings glut

Morgan Stanley's chief economist, Stephen Roach, has poured cold water on the "global savings glut" hypothesis championed by Fed chairman, Ben Bernanke, as the underlying cause of global economic imbalances.

Kroszner on risks and outlook for US economy

Economic growth will in the US pick up through 2007, rising to close to potential by 2008, said Randall Kroszner, a member of the Board of Governors, at the spring meeting of the IIF in Athens, adding that the risks to the inflation outlook are primarily…

Annual report - Bank of Uganda

The main challenge for the Bank of Uganda's monetary policy in 2005-06 was related to shocks associated with the prolonged drought, which adversely affected agricultural production and pushed up food crops inflation.

RBI report on currency and finance

According to the Reserve Bank of India's annual report on currency and finance for 2005-06, released on 31 May, "it is imperative that the financial markets are developed further," if the risks of financial integration are to be mitigated.

ECB's Papademos hints at rate rises

In one of the strongest hints at further rate rises for the eurozone later this year, Lucas Papademos, the Vice-President of the European Central Bank, said forecasts for economic growth in 2007 and 2008 are above the region's potential.

Fundanga on the outlook for the Zambian economy

After recording single-digit inflation for the first time in 30 years last year, Zambia's economy has slipped back somewhat in the first quarter of 2007, the governor of the central bank, Caleb Fundanga, told national radio.

Bank of Italy - annual report

The Bank of Italy released its 2006 annual report on 31 May. On the occasion of the release, Mario Draghi, the governor of the central bank, commented on the Italian economy, saying that although its rate of growth is still one of the lowest in the euro…

Canadian growth beats central bank forecast

The growth of the Canadian economy during the first quarter of this year was stronger than the central bank expected official statistic released on 31 May revealed. The upside shock appears to have sealed the case for rate hikes later this year.

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