Central Banks
Bank of Lithuania forex reserves fall by 1.9%
Lithuania's official international reserves shrank by 25.4 million U.S. dollars, or 1.9 percent, over January 2001, measuring up at 1.333 billion dollars as of Feb. 1, the central Bank of Lithuania announced on Feb. 7. The Bank of Lithuania said it sold…
Bank of Estonia total assets down 6.5% in Jan 2001
The total assets of the Bank of Estonia declined by 6.5 percent during January to 16.1 billion kroons (USD 955 mln) at the end of the January 2001. The central bank's gold and currency reserve dropped by 2.2 billion kroons or 14.4 percent to 13.2 billion…
Gazi Ercel on Turkey's disinflation programme
Central Bank Governor Gazi Ercel said on Feb. 7, 2001 that important benefits had already been obtained from the disinflation program which was put into practice with a three-year perspective.Releasing a statement on "monetary policy implementation in…
Ukraine sticks to inflation forecast despite risks
Ukraine's inflation rate may pick up in the coming months but the government is sticking to its forecast for annual inflation to almost halve this year, the economy ministry said. Rising energy wholesale prices, higher costs for coal used in the smelting…
Chance of late 2001 rate hike - PBOC
China's central bank has left open the door to an increase in local currency interest rates later in 2001, despite a recent monetary policy committee meeting agreeing to maintain rate stability in the near term, state media reported on Feb. 6, citing a…
Poland NBP implements new risk prevention methods
The National Bank of Poland (NBP) central bank and the Banking Supervisory Commission (KNB) will impose new principles of protection against the foreign currency risk and gold risk. Consequently the minimum solvency index for banks will rise from 8 to 11…
Reserves plan bad for euro system - Austria c.bank
The Austrian National Bank warned on Feb. 6, 2001, that the finance minister's efforts to get the government's hands on central bank currency reserves could undermine the credibility of the euro system. "The Austrian National Bank believes that resorting…
Czech cbank board vote unanimous on holding rates
The Czech central bank board voted unanimously to keep its main interest rates unchanged at its monetary policy meeting on Jan. 25, 2001, after considering a move in the discount and Lombard lending rates. Minutes from the meeting, which showed a…
Noyer -2001 GDP growth slightly less than forecast
Euro-zone growth will be "slightly less rapid" in 2001 than predicted a few months ago, European Central Bank Vice President Christian Noyer said Feb. 6. Noyer, speaking at the Robert Schuman University, said growth this year will be "close to 3%"…
Polish c.banker hazy on timing of switch to euro
Poland's new central bank chief Leszek Balcerowicz said on Feb. 6, 2001, the timing of the country's eventual switch from the zloty to the euro after joining the European Union was still an open issue.Balcerowicz's statement backs away from his…
Belgium finalises euro note, coin switchover plans
Belgium announced on Feb 6, 2001, its final plans for the switch to euro notes and coins in 2002, a mammoth logistical task which is set to mobilise all 12 euro zone countries in the second half of this year. Belgium's "Euro Commission" said banks and…
EX-MPC members say BoE helped by benign inflation
The Bank of England's Monetary Policy Committee has benefited from a benign inflation climate, according to two top economists who used to sit on the committee. Since the central bank won its independence from government in 1997, the MPC has consistently…
No Swiss monetary change needed now - Gehrig
Swiss National Bank Vice Chairman Bruno Gehrig was quoted in a newspaper interview on Feb. 6, 2000 as saying he saw no need to change Swiss monetary policy at this stage despite an economic slowdown. "The signs that growth is slowing are apparent and…
BOJ has 1st workshop on prices on April 19
The Bank of Japan (BOJ) said Feb. 6, 2001 it will organize a workshop on price stability, inviting market players and businesspeople in the distribution sector as well as academics, government experts and its own staff. With the first meeting slated for…
Kenya annual inflation falls to 6.0 pct in January
Kenya's annual inflation rate eased to 6.0 percent in January 2001 from 7.5 percent in December 2000 due to a fall in food and fuel prices, the central bank said on Feb. 6. "The general decline in inflationary pressure was mainly in the fall in the…
IMF warns on UK's euro plight
Britain's record as a high inflation country meant that the price of joining the single currency would be higher taxes or curbs on public spending, the International Monetary Fund warned on Feb. 6.Fuelling the intense political row over the euro, the…
PBOC agrees to pursue interest rate stability
China's central bank will maintain interest stability in 2001, state media reported Feb. 5, 2001, citing a decision of the People's Bank of China banking and monetary policy committee. China Securities newspaper reported that at a recent quarterly…
Bank Negara reappoints Citibank as main dealer
Citibank announced on Feb. 5, 2001, its re-appointment by Bank Negara Malaysia for the year 2001 as a Principal Dealer of Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Cagamas instruments, Khazanah Bonds and other approved…
IMF concerned on Bank Indonesia govt bond buying
Indonesia's chief economics minister said on Feb 5 the International Monetary Fund had objected to an amendment to the central bank law that would allow the institution to buy government bonds in the primary market. "The IMF disagreed...the central bank…
Austrian govt, c.bank at odds on forex reserves
Austrian Finance Minister Karl-Heinz Grasser clashed with the central bank on Feb. 5, 2001, when he called for up to $6.8 billion worth of its currency reserves to be used to cut the national debt or boost public spending. The deputy governor of the…
IMF says Norway economy to grow 2.4% in 2001
The International Monetary Fund said on Feb. 5, 2001, it foresaw continued good growth for Norway, the world's second-largest oil exporter, this year although at a slightly more modest clip than in 2000.The Fund expected Norwegian gross domestic product…
ECB Trichet-solid euro in interests of Europe -CNN
European Central Bank council member and Bank of France Governor Jean-Claude Trichet reiterated on Feb. 5, 2001, that a solid euro is in Europe's bests interests. "We call for a solid euro. A solid euro is in the interests of Europe," Trichet said in an…
Future Hungary c.bank head sets EMU roadmap
National Bank of Hungary (NBH) governor designate Zsigmond Jarai said on Feb 5., 2001, that Hungary must forge a path to join the euro zone, including two possible cuts in the monthly devaluation rate of the forint in 2001. "We should mark the route and…
Oil, gas exports up 62.8% in Iran - bank governor
Iran has gained some 18.575 billion U.S. dollars from exports of oil, oil derivatives and gas in the first nine months of the current Iranian year, up 62.8 percent compared with the same period last year, the Islamic Republic News Agency (IRNA) reported…