Reserves

WGC reaffirms, central banks should not sell gold

AUSTRALIA - The World Gold Council is continuing to ask European central banks to leave their reserves alone rather than putting quantities of gold up for auction, WGC managing director Robert Weinberg said Tuesday.

Philippines - Derivatives supervision tightened

PHILIPPINES - The Philippine Central Bank has tightened its supervision of the derivatives market by requiring the affiliates of all financial institutions to seek approval from the monetary authority before undertaking such transactions.

Gold market calmer on Welteke reassurance

GERMANY - The gold market was reassured by the statement made by Bundesbank President Ernst Welteke on Thursday that the international agreement limiting gold sales by central banks was worth extending once it expired at the end of 2004 and that any…

WGC responds to speculation on Buba gold reserves

GERMANY - The World Gold Council has responded to speculation arising out of recent statements made by the President of Germany's Bundesbank and others by giving its reasons why the Deutsche Bundesbank should continue to hold its gold reserves.

Poland's c bank intends to cut mandatory reserves

POLAND - Poland's central bank NBP intends to decrease the level of mandatory reserves to 2% from the current 4.5% with the aim of adjusting the Polish system in line with EU standards, according to the NBP's task schedule for 2002-2004.

McDonough - Argentina must find its own solutions

ARGENTINA - The solutions to Argentina's current economic crisis must be found mostly by the country's own leaders, rather than through bailouts from outside the troubled nation, Federal Reserve Bank of New York President William McDonough said Tuesday.

Kazakh c bank says expects rating upgrade

KAZAKHSTAN - Kazakhstan's central bank said on Wednesday it expected the country's sovereign credit rating to be upgraded this year and to reach investment rating level next year, paving the way for large scale portfolio investment, reports Reuters.

Speech by Governor, State Bank of Pakistan, 2 Mar

SPEECH - Dr Ishrat Hussain, Governor of State Bank, delivered his keynote address at the 51st annual general meeting and prize award ceremony of the Institute of Bankers Pakistan. The address was titled 'Strategy for External Debt Management 1999 - 2004'.

Argentina pleads for new aid

ARGENTINA - A delegation from the International Monetary Fund (IMF) has arrived in Argentina to weigh up whether to grant the stricken country fresh aid.

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