Jakarta says FX rules allow for interest rate cuts

Indonesia's chief economics minister said on Jan.24 the central bank's new forex rules would ease inflationary pressure, which would give room for the bank to cut interest rates. "Pressure from imported inflation should ease. This should allow (the…

UAE tightens up on forex

The UAE central bank has issued new directives raising the minimum capital for a new exchange house with limited liability to $13.6m, and the same sum for an existing exchange house to change its status to limited liability. In addition this capital must…

Slovenia should insist on IMF formula

There are no sound reasons for changing the IMF formula to divide the assets which used to belong to the former Yugoslavia and are currently deposited in the Bank for International Settlements (BIS), said the parliamentary finance committee on Jan. 24.

Sylvia Piterman leaves Bank of Israel

Sylvia Piterman, who has worked at the Bank of Israel for over 25 years,and almost 10 of those years as Director of the Foreign CurrencyDepartment, will be leaving the bank in the very near future. Following herdeparture Mr. Barry Topf will become Acting…

Venezuela: Crawling pegged rate system retained

According to a Venezuela Online News web site on Jan. 17, the Central Bank of Venezeula (BCV) has indicated that it will maintain the band system in currency exchange in order to control the depreciation of the bolivar. The bolivar will thus remain…

China central bank researchers urge wide yuan band

Researchers at China's central bank are urging a sharply wider trading range for the yuan of 10 to 15 percent up or down, the first time anyone connected to the bank has offered a specific band width for the Chinese currency.

Asean members sign new swap agreement

The 10 Asean members signed a new Asean Swap Arrangement (ASA) in November, providing a total of US$1 billion of financial support, said Bank Negara Malaysia in a statement on Dec 29, 2000.

Philippine to tap its forex reserves

The Philippine Central Bank said it will tap its foreign-exchange reserves to pay maturing obligations in the first half of 2001. At the same time, the central bank said it will postpone indefinitely a plan to borrow funds from a group of local and…

Banco de Mexico assigns $250 mln in put options

Banco de Mexico said on Dec 28 it placed all $250 million in dollar put options it had offered for January. The options had an average premium of 21.58 pesos per $1,000. The central bank said in a statement that there were four institutions that placed…

China cbank spokesman on management of gold

A spokesman for the People's Bank of China (PBOC) said Dec 22 that without authorization from the State Council and ratification of the PBOC, no institutions or organizations are allowed to organize gold trading market.

Algerian debt falls sharply, foreign reserves rise

Algeria's foreign exchange reserves rose to $9,691 million in October 2000, a 120 per cent increase on the foreign exchange reserves held at the end of 1999, figures published in the December 2000 edition of the IMF's International Financial Statistics …

Taiwan banks ordered to stop forex forward trading

Taiwan's central bank has ordered three foreign banks and one domestic bank, which were allegedly engaged in foreign currency manipulation, to suspend their foreign currency forward transactions, according to banking sources.

Govt has no control over currency trading says MAS

The Monetary Authority of Singapore said the government does not exercise any control over currency trading in Singapore. Currency values are determined by market forces and the banks which trade them are merely "intermediaries" which allow them to find…

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