Financial Stability
Greece to mint 2 euro coin to help fund Olympics
Bank of Greece governor Nicholas Garganas announced on Monday 29 September that Greece will issue a commemorative 2 euro coin, according to a reporrt by Associated Press. Proceeds from the sale of coins will be used to help fund the 2004 Olympics which…
Report says Korean bank notes last longer
A report produced by the Bank of Korea says Korean bank notes are more durable than paper money from the USA, Canada and Britain, according to a report by Digital Chosun. The average durability of a W10,000 note was 54 months, much longer than the 18…
Fake euro coins hit Belgium
The National Bank of Belgium has found its first fake euro coins, according to Expatica News. The coins were discovered when a batch was returned to the central bank as stock. The fake one and two euros were described by the Treasury as of very high…
Fake Polish euros on sale on the internet
Fake sets of "collectors'" Polish euro coins are being sold on the internet, according to AFP. The "sample Polish Euros" were quickly dismissed by the National Bank of Poland who pointed out that it did not distribute such coins.
Venezuela c bank wary of overseas credit card use
The central bank of Venezuela has said it has no immediate plans to authorise the use of local credit cards abroad due to abuses that have previously taken place, according to Business News Americas. The country's foreign exchange commission Cadivi will…
Zimbabwe begins issuing new 'money'
The Reserve Bank of Zimbabwe launched its new temporary bank notes on Tuesday 23 September, according to Sapa. The so-called "bearer checks" resemble bank notes but will only be valid as legal tender until January 31, the Reserve Bank said.
IMFC statement on IMF and the global economy
Communique of the International Monetary and Financial Committee of the IMF Board of Governors which highlights the importance of "more balanced growth with orderly adjustment", "sustained and vigorous structural reforms" and "continued focus by the IMF…
RBA bests Visa/Mastercard in court
The Reserve Bank of Australia has overturned a legal challenge to its regulation of credit card giants Visa and Mastercard in a landmark decision delivered in Sydney yesterday.
Gold sales not on official IMF agenda-Welteke
Ernst Welteke said on Wednesday 17 September that renewal of the Washington Accord on gold sales would not be on the agenda at the Dubai IMF meeting scheduled for this weekend, according to Reuters. Welteke did repeat his regularly stated position,…
Central Bank of Sri Lanka implements RTGS system
The central bank of Sri Lanka implemented its Real Time Gross Settlement System (RTGS) together with the Automated General Ledger system on Monday, according to Sri Lanka Daily News. The RTGS system will facilitate large value fund transfers and…
New Hong Kong banknotes
The Hong Kong Monetary Authority has announced the forthcoming issue of a new series of Hong Kong banknotes in 2003 and 2004. A number of advanced security features have been added to the new banknotes to enhance their anti-counterfeiting capabilities,…
Hitachi develops RFID chip for bank notes
Hitachi has developed an RFID (radio frequency identification) chip that requires no external antenna and makes possible the embedding of chips in bank notes, IDG News Service said. A Hitachi spokesman denied media reports Tuesday that the company was…
Cost savings from e payments and ATMs in Europe
Working Paper from the Federal Reserve Bank of Philadelphia "Cost Savings From Electronic Payments and ATMS in Europe". Electronic payments are considerably cheaper than their paper-based alternatives. As the share of electronic payments in 12 European…
UAE central bank signs software deal
The central bank of the United Arab Emirates has signed an agreement with a software giant to install its comprehensive electronic document management, indexing and archiving system, ArabDox, at the central bank, local daily the Khaleej Times reported.
It's cheque out time says Bank of Uganda governor
Lengthy clearing time and limited use mean the days are numbered for cheques in Uganda. The governor of the central bank, Elliot Mwebya, would ban them tomorrow if he could, reports allAfrica.com
BOE's tail between legs over IT fiasco
The Bank of England has approached its various account holders - including foreign central banks - with its tail between its legs after unforeseen problems arose in its payment system, according to the Financial Times. "It is now clear that the new…
Eurozone in your pocket
The ECB launched its latest periodical: "Statistics Pocket Book" on August 15. Updated monthly, the guide offers the latest key economic figures for the eurozone in a handy-size book.
The role of central bank money in payment systems
The role of central bank money in payment systems raises a number of questions this CPSS Paper says. For example, which institutions should have accounts at the central bank? What services should central banks provide to meet the needs of account holders…
ECCB upgrades security features of currency
The Eastern Caribbean Central Bank released plans on Wednesday to upgrade the security features of "its family of banknotes". Upgrades are being made to the security thread and the filigree foil features, the ECCB said, according to the Caribbean Media…
Forged notes found in Bangladesh cb vault
Counterfeit bank notes have been found in the vaults of The Bangladesh Bank, the country's central bank, according to a report by Reuters. Four bank employees have been suspended and a special inquiry was looking for other suspects, a spokesman said.
Travellers cheques to ease Zimbabwe cash crisis
The Reserve Bank of Zimbabwe will launch a range of travellers cheques on Friday 8 August,according to Sapa-AP. The move comes amid Zimbabwe's acute cash shortage. Similar to bank notes, the travellers' cheques are printed on security paper with fibres…
Global settlement bank CLS to recognise Korean won
The CLS Bank has said it recognises the Korean won as an eligible currency for the bank's settlement process in principle, according to The Korea Herald. Bank of Korea officials noted that the inclusion of the local currency as a CLS currency would free…
Bangladeshis complain of 'smelly' banknotes
The people of Bangladesh are becoming increasingly unhappy with their banknotes, according to a report by Reuters. Complaints that the paper money can "smell awfully bad" has seen fish-market customers refusing to take notes in their change, insisting…
ESCB-CESR Clearing and Settlement Standards
ESCB-CESR Standards for Securities Clearing and Settlement Systems in the European Union: Consultation announcement, consultative report and scope of application, 1 August 2003. The ESCB and CESR documents entitled "Standards for securities clearing and…