Central Banking

Credit-card reform goes to the RBA

AUSTRALIA - On Mar 20, 2001, the Australian competition regulator handed the job of reforming Australia's credit-card system to Australia's Reserve Bank.

Australia's big banks, which have been negotiating with the regulator for several months over the matter, said they were surprised by the Australian Competition & Consumer Commission's (ACCC) decision, despite the Reserve bank's reluctance to get involved.

The ACCC wants the central bank to designate the payments system or set standards for