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State Duma passes IMF package on its third reading
RUSSIA - The Russian State Duma has passed upon its third and final reading a package of bills initiated by the International Monetary Fund to restructure the Russian banking system.
Common currency change could cause continent chaos
EUROPE - The manner of the euro's introduction on 1 January 2002 will shape perceptions of it across europe. Many fear that the replacement of national currencies with euro notes and coins is going to be costly and chaotic.
Currency Crises: the Role of Banks
This IMF working paper, by Piti Disyatat examines the aftermath of recent currency crises. Why did the developed countries which devalued during the ERM crisis fare so much better than those developing countries caught up in the Asian crisis of 1997-8?.
UK General Election - Labour pledges
UK - The UK Labour party published its election manifesto on 15 May. They review their changes made to the Bank of England and describe their policy on the single european currency, the euro.
UK General Election - Conservative pledges
UK - The UK Conservative party have published their manifesto. In it they spell out what they would do if elected to government in the general election to be held on 7 June. Michael Portillo,the shadow chancellor of the exchequer, sets out their policies.
Israel central bank head urges more market change
ISRAEL - Bank of Israel Governor David Klein urged the government on 17 May to resume the process of making structural changes in Israel's financial markets so that the country could better compete in the global economy.
Central bank of Brazil confirms fraud
BRAZIL - After more than a year and a half of investigations, the Brazilian Central Bank now claims it has proof of white collar crime in the management of the now extinct bank Bamerindus.
Basel Accord set to be softened
COMMENT - Discussions are under way within the Basel Committee on Banking Supervision on how to lessen the impact of their new capital rules after complaints that the new accord would create impossible demands on banks during recessions.
Monetary Authority of Singapore Amendment Bill
SPEECH - Second reading speech of the Banking Amendment Bill by Lee Hsien Loong, DPM, Singapore and Chairman, MAS.
Putting euro banknotes and coins into circulation
Speech - Eugenio Domingo Solans, Member of the Governing Council and the Executive Board of the European Central Bank delivered a speech at the Euro 2002 Information Campaign conference hosted by the Banco de Portugal on 15 May.
Readiness for euro may be falling
EUROPE - Fewer European companies say they are ready for the introduction of euro notes and coins now than a year ago, according to a survey of big businesses in the euro-zone.
Reserve Bank of Fiji - Annual Report 2000
REPORT - The Reserve Bank of Fiji has published its 2000 annual report. Savenaca Narube, Governor and Chairman of the Board, talks about the chaotic year Fiji has faced in the foreward to the annual report.
Norges Bank keeps interest rates unchanged
NORWAY - Interest rates were left unchanged at Norges Bank's Executive Board meeting on 16 May. Norges Bank's key rate, the sight deposit rate, remains at 7.00 per cent. The overnight lending rate also remains unchanged.
Monetary policy and the economic outlook in Japan
SPEECH - Given by Kazuo Ueda, Member of the Policy Board of the Bank of Japan, at Council on Foreign Relations in New York, May 11.
Fed sends clear signal of more rate cuts to come
US - Tuesday 15 May's interest rate cut of 0.5% by the Federal Reserve was the fifth consecutive half-point cut in short-term interest rates. Does this represent the end of the Federal Reserve's dramatic and unprecedented efforts to prop up the weakening…
Turkey gains $8bn loan from IMF
TURKEY - In a meeting lasting more than five hours, the IMF board decided to give $8bn in new loans for Turkey and it will release $3.8bn of it immediately.
Fed cuts rates by half a point
US - As was expected the US central bank the Federal Reserve has cut interest rates for the fifth time this year by 0.5%.
HM government gold auction result
UK - The Bank of England announces that the gold on offer (approximately 20 tonnes or 643, 200 ounces) has been allotted in full at a price of $268.00 per ounce.
Speech by Clifford Smout of the Bank of England
SPEECH - Speech by Clifford Smout, Head of Foreign Exchange Division at the Bank of England at the 'Euromoney' Forex Forum on 16 May 2001. Foreign Exchange as a Business in the 21st Century.
Klaus makes visit to CNB
CZECH REPUBLIC - A meeting of Chamber of Deputies chairman Vaclav Klaus with the Czech National Bank (CNB) Board on 14 May at CNB's invitation can be understood as an expression of the central bank's readiness to shake hands and make up.
New M3 data allowed ECB cut says Issing
According to Otmar Issing, the European Central Bank's chief economist, the ECB's recent rate cut was facilitated by new money supply data, which showed M3 growing slower than the bank's reference rate.
Sri Lanka agrees on tight monetary policy with IMF
SRI LANKA - Sri Lanka toed the line of the International Monetary Fund (IMF) on 15 May and agreed that a tight monetary policy would be best to support the newly floated rupee and help achieve economic stability.
Bank of Estonia OKs takeover
The Estonian central bank today indicated that it would allow Swedish-owned Hansapank to take over Lithuanian Taupomasis Bankas.
Address to the Asian Development Bank Meeting
SPEECH - Address by Paul H. O'Neill, Chairman of the Board of Governors and Secretary of the Treasury of the United States to the Asian Development Bank Annual Meeting, Hawaii 2001.