News
Central Bank of Nigeria slashes minimum rediscount
For the third time this year, the Central Bank of Nigeria has slashed the minimum rediscount rate from 16% to 14%, in a bid to encourage banks to reduce their lending rates.
CBR deputy says may be changes in monetary policy
The Central Bank of Russia may introduce changes to major directions of the monetary policy, stated Georgy Luntovsky, the deputy head of the central bank, at today's press conference in Nizhny Novgorod.
Philippine central bank counters money laundering
The Philippine central bank said Tuesday it will create a special unit to look into possible money laundering transactions. The central bank said its policy-making monetary board authorised the special body to maintain a database of suspicious…
No comment on proposed Yugoslav central bank head
Montenegrin President Milo Djukanovic today sent a response to Yugoslav President Vojislav Kostunica, who had asked Djukanovic to voice his opinion about the nomination of Mladjan Dinkic to the post of governor of the Yugoslav National Bank.
SNB names Martin Hiller as new director
Swiss National Bank has appointed Martin Hiller, born in 1953, as a director and head of the personnel department with effect from 1 March 2001. The central bank also appointed Dr Hans Kuhn, a lawyer born in 1961, to be head of the legal service as of…
Iran growth rate at 5%, says central bank
Iran's central bank governor said the economic growth rate stood at 5% in the current Iranian year, state radio reported on Tuesday.
Guatemala moves towards opening up greenback use
Guatemala's ruling Republican Front (FRG) on Tuesday presented a bill to Congress proposing the liberalisation of the country's foreign exchange markets, as the first step toward dollarising the Central American economy.
BOE: Joining euro means return to tax and spend
Sir Eddie George, the governor of the Bank of England, said that the government would have to rely more on taxation and spending policy to control the economy if Britain joined the euro.
Bank of Japan can learn from Sweden on inflation
In a letter to the editor in Financial Times today, Professor Lars Jonung argues that the Bank of Japan can learn from the Riksbank in adopting a zero inflation target.
Probe begins at Bank into declining staff morale
The governing court of the Bank of England has ordered an investigation into falling morale at the Bank, following the introduction of a controversial new benefits package for staff.
Stiffer tests for future Eurozone members -Welteke
Ernst Welteke, president of the Bundesbank, has raised concerns about whether the countries preparing to join the European Union in the next few years would be ready to become members of the EU's single currency.
German treasury loses out over euro seigniorage
According to the German economics institute IFO, the introduction of the euro coins and banknotes at the beginning of 2002 will cause a financial loss to the German treasury of DM60bn.
Thai central bank clamps down on baht speculation
The Bank of Thailand clamped down further on baht speculation on Monday, telling local banks it would start strictly enforcing a ban on one-day, tom/next and forward dollar/baht deals with offshore parties if there was no underlying commercial purpose.
IMF says Turkey policy on track
The International Monetary Fund said in a statement released on its website that the Turkish government's IMF-supported economic programme was on track and is expected to remain so.
Bank of Thailand considers sale of two state banks
The Bank of Thailand said Monday it will hold meetings to consider the sales of two nationalised banks - Siam City Bank (H.SCB) and Bangkok Metropolitan Bank PCL (H.BMB) on Wednesday and Thursday, respectively.
Peru finance minister says debt payments too heavy
Peru will want to pay much less than the $2.1 billion that it owes on its external debt payments for next year, the new finance minister, Javier Silva Ruete, was reported saying in a number of newspapers Monday.
Hungary's lower reserve rate seen positive
The National Bank of Hungary said it would cut its effective mandatory reserve rate to 7% from 11% as of 1 February. Analysts said that this would improve the competitiveness of the banking sector, boost growth and stimulate investment.
Bank of Israel cuts key rate 0.2% for December
The Bank of Israel said on Monday it would reduce its key lending rate by 0.2% point to 8.2% effective December 1, the eleventh rate cut in a year.
Polish MPC hits at budget, rate outlook unclear
Poland's monetary policy council raised doubts on Monday about its readiness to cut interest rates next year, when it said the government's plan for cutting the budget deficit relied on "unrealistic" targets.
HKMA says maintains open mind on deposit insurance
The Hong Kong Monetary Authority (HKMA) said on Monday it still has an open mind on whether Hong Kong needs a deposit insurance scheme, and will not rule out extending a consultation period on the issue.
Pakistan cenbank appoints seven primary dealers
Pakistan's central bank on Monday appointed seven banks as primary money market dealers for the government securities, five months after it announced plans for the new system.
Russia govt proposes to amend banking legislation
The Russian federal government and the central bank have submitted amendments to banking laws to the Duma. The government proposed these same bills back in 1999, on the insistence of international financial organisations.
Turkish central bank eases liquidity squeeze
Turkey's central bank and treasury held two purchases of government bonds on Monday as part of a package of measures to ease a liquidity squeeze that shook markets last week.