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Philippine cb should lobby for more power says IMF
PHILIPPINES - The International Monetary Fund is pressing the Bangko Sentral ng Pilipinas, the central bank in the Philippines, to lobby for changes in the country's banking laws in a bid to strengthen the central bank's supervisory powers over banks.
No threat to cb independence says Polish president
POLAND - Alexander Kwansniewski, the president of Poland, in suporting anammendment to bring the bank act in to line with EU standards, offeredreasurrance over the National Bank's independence: "I cannot see any threats to the independence of the central…
Thai cb to share massive debt burden
THAILAND - The central bank is set to share responsibilty with the government for the bonds issued to cover losses for the state's financial rescue fund. Sommai Phasee, deputy permanent secretary at the Ministry of Finance, made the announcement today in…
Federal Reserve Beige Book, June 2002
REPORT - The Federal Reserve has issued the Beige Book for June, which states that overall economic activity expanded at a moderate pace in late April and May. The tone was one of modest but uneven growth, with some major sectors showing signs of…
Speech Wim Duisenberg, ECB president, 13 June
SPEECH - In a speech on 'The euro as a catalyst for integration and competition in EMU', Wim Duisenberg talks about the link between European integration and the euro, explaining the need for further structural reforms and their importance for the smooth…
Bank of Japan Monthly Report, June 2002
REPORT - The Bank of Japan has published its Monthly Report of Recent Economic and Financial Developments for June 2002. The full English translation will be available on June 14.
IMF Quarterly Global Financial Stability Report
REPORT - The IMF has published its Global Financial Stability Report on market developments and issues for June 2002. It provides quarterly assessments of global financial markets and addresses emerging market financing in a global context. A transcript…
Central Bank of Turkey - Annual Report 2001
ANNUAL REPORT - The Central Bank of the Republic of Turkey has posted its annual report for 2001 onto its website today.
Why the Fed should ignore the stock market
ARTICLE - Opinion from James B. Bullard and Charles M. Hokayem of the Federal Reserve Bank of St. Louis argue the Fed should not react to equity price developments because it would be 'similar to looking in a mirror', saying that such a policy would only…
Bank of England Working Paper No 156
RESEARCH - Bank of England working paper on 'Equilibrium exchange rates and supply-side performance' by Gianluca Benigno and Christoph Thoenissen.
Speech by Jaime Caruana, B of Spain, 24 April
SPEECH - Speech by Jaime Caruana, governor of the Bank of Spain, at the Federal Reserve Bank of Chicago, on asset price bubbles and the implications for monetary, regulatory and international policies.
Speech by Tony Latter, HKMA, 12 June
SPEECH- Tony Latter, deputy chief executive, Hong Kong Monetary Authority on Hong Kong's currency board today and the unexpected challenge of deflation. Have central banks become a victim of their own success?
Speech by Fed governor Susan S. Bies, 11 June
SPEECH - Remarks by Susan S. Bies on bank performance and corporate governance at the 112th Annual Meeting of the Tennessee Bankers Association, Hot Springs, Virginia.
Polish governor's bodyguards removed
ARTICLE - The relationship between the government and central bank in Poland continues to deteriorate. A full apology from the government is in order over the latest episode, argues an editorial in the Warsaw Business Journal.
Dutch central bank move supports gold
NETHERLANDS - Jan Lamers of the Netherlands Bank is the first central banker to confirm that the volume of gold being lent to the market has started to decline.
Anti-money laundering rules in Pakistan
PAKISTAN - The State Bank of Pakistan (SBP) has made it mandatory for banks and financial institutions to enforce 'Know Your Customer' (KYC) rules to counter the threat of money laundering, official sources in the central bank said on Tuesday.
Irish growth rate set to dip says CB
IRELAND - Economic growth in Ireland is set to halve in 2002, but next year should see an upturn, according to the country's central bank.
Vote of confidence for Brazil governor
BRAZIL - The Brazilian government's candidate for presidential elections, Jose Serra, said on Tuesday he hopes to keep Arminio Fraga as president of the central bank if he wins the October vote.
Korean governor hints at rate rises
KOREA - Bank of Korea governor Park Seung signalled on Wednesday that more interest rate rises might be in the pipeline as he stressed the need to curb price pressures in a rapidly expanding economy.
BoJ keeps monetary policy unchanged
JAPAN - Japan's central bank left its monetary policy unchanged Wednesday, sticking to its stance of freeing up cash to circulate through the financial system, reports Dow Jones.
Private sector consensus on sov debt restructuring
PRESS RELEASE - A joint press release issued by private sector financial industry leaders announces a consensus inspired by market-based principles on crisis management and sovereign debt restructuring, June 11.
UAE cb planning supervisory system for hawala
UAE - The Central Bank of the United Arab Emirates is devising a licencing and supervisory system for hawala and will host a conference next year to follow up recommendations of an international conference held last May.
Egypt cb opens new check clearing house
EGYPT - The new electronic Cairo Clearing House at the Central Bank of Egypt (CBE) was inaugurated yesterday. Its services will be available to banks nationwide and its computerized system will be capable of clearing up to 100,000 cheques a day.
BOK considers redenomination of currency
KOREA - The Bank of Korea is studying ways to reform the present currency unit system by issuing new won notes and coins, in a move to re-denominate the won downward and upgrade its value. This will involve shaving one or two zeros off the won's face…