Financial Stability

Fed's Smith - Rates dominate credit card pricing

US - The Federal Reserve's director of consumer affairs told a house panel Thursday that interest rates have come to dominate pricing practices for credit cards in recent years, although there is little systematic information about other aspects of card…

Austrian mint ready to recycle notes and coins

AUSTRIA - Austrian federal mint Muenze Oesterreich, a subsidiary of central bank Oesterreichische Nationalbank (ONB), is preparing to begin melting down schilling coins following the introduction of the euro on 1 January.

Brazil c bank to produce notes of BRR2, BRR20

BRAZIL - The central bank will launch notes in denominations of two reals and 20 reals ($1=BRR2.761) in December and next year to help save costs, O Estado de S. Paulo reported.

HKMA Press release on retail payment services

PRESS RELEASE - The Hong Kong Monetary Authority (HKMA) has completed a comprehensive review of retail payment services in Hong Kong ("the Review"), which was conducted by an internal task force of the HKMA set up in August 2000.

Omani banks form national ATM network

OMAN - A deal to form a national ATM network called Oman Switch by merging Shamel ATM switch and al-Watani ATM switch was signed at the Central Bank of Oman (CBO) on 17 October in the presence of Hamood bin Sanjoor al-Zadjali, CBO Executive President.

Austrian central bank warns of forged euro notes

AUSTRIA - Wolfgang Duchatczek, a director of central bank Oesterreichische Nationalbank (ONB), has warned Austrian consumers to be on the look-out for forged euro banknotes following the launch of the new European single currency on 1 January 2002.

Hungary's Nat Bank to build new logistics centre

HUNGARY - The National Bank of Hungary plans to build a new logistics centre, also housing the National Mint - Magyar Penzvero - on the outskirts of Budapest or outside the city, the central bank announced on Friday.

Soiled notes turn to paper bricks!

INDIA - The Gujarat headquarters of the Reserve Bank of India (RBI) has installed a Rs 2 crore note-shredder imported from the Netherlands at its regional head-office near Gandhi bridge, said regional director, RBI-Gujarat VS Das.

BOK site flooded with Netizen visitors

SOUTH KOREA - The Bank of Korea (BOK) is drawing more interest in cyberspace, with the BOK reporting that its web site has recorded a monthly average of about 134,000 hits so far this year, twice as much as two years ago.

BNM commemorative coins for sale

MALAYSIA - Coin collectors interested in buying previous issues of commemorative coins produced by Bank Negara Malaysia will have the final chance to do so until year-end.

ECB net gold reserves decline in Oct 12 week

GERMANY - The Eurosystem's net reserves in gold and gold receivables declined by EUR1 million to EUR128.2 billion in the week ended 12 October, the European Central Bank said Tuesday.

Vietnam's Eximbank begins payments scheme

VIETNAM - The joint stock Commercial Bank for Import and Export of Vietnam, Eximbank, held on 11 October the second phase of bidding for the project "Intrabank payment system and Eximbank's applications."

Speech by Patrick Barron of the Atlanta Fed

SPEECH - Remarks by Patrick K. Barron, Retail Payments Product Director, Federal Reserve Bank of Atlanta, BAI National Electronic Check Collection Conference, Tucson, Arizona, 1 October.

Fed will have single MICR format in 2005

US - The Federal Reserve announced Wednesday 10 October that it will adopt a single standard for magnetic ink character recognition detail on checks by mid-2005.

Shortage of note examiners at Indian central bank

INDIA - The Reserve Bank of India employees' union has warned of a shortage of currency note examiners and other experts in the central bank if the management does not reverse its policy of a "virtual" recruitment ban.

€ EURO - Portugal to use big value notes

PORTUGAL - Portugal has changed its mind about not circulating the two highest denomination euro banknotes and now plans to distribute a small number of Euros 500 ( £310) and Euros 200 notes.

Banks fail on internet targets

UK - Banks have failed to meet targets for cost savings from internet banking and almost half believe the business case for setting up web services may not be viable.

Speech by Tommaso Padoa-Schioppa of the ECB

SPEECH - Keynote address of Mr. Tommaso Padoa-Schioppa, Member of the Executive Board of the European Central Bank, at the EU Commission conference, Payments in euro in the Internal Market, Brussels, 24 September.

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