Central Banks
HK US dlr clearing volume picking up over time
Hong Kong's recently introduced U.S. dollar clearing system is unlikely to see volume pick up fast in the near-term as clients test the waters and wait for more services to be priced in U.S. dollars, said settlement bank Hong Kong and Shanghai Banking…
Zambia technical group to probe kwacha weakness
Zambian Finance Minister Katele Kalumba said on Dec 22 the government had appointed a technical committee to study the kwacha's weakness and recommend ways to stabilise the currency.
No radical policy changes at Bank of Canada
The Financial Post's Madelaine Drohan says in this article that anyone who thinks Canada's monetary policy is going to change dramatically with David Dodge at the Bank of Canada is dreaming in technicolour. It just isn't going to happen. Printed in the…
Euro lessens Emu dependence on US - BoF Trichet
Europe's economy has become less dependent on U.S. developments since the launch of the euro in January 1999, Bank of France Governor Jean-Claude Trichet, a member of the European Central Bank's (ECB) Governing Council, said in an interview published Dec…
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.
Indonesia c.bank, dealers discuss forex rules
Indonesia's central bank met dealers from foreign and local banks on Dec 22 to discuss forex trading rules but little was decided, one banking source at the meeting said.
BOJ's Hayami highlights risks to Japan economy
Japan's central bank governor said on Dec 22 the deflation risks that have hamstrung economic recovery for years were back in the picture, while the top economic planner hinted that growth may have already contracted.
India's exchange rate policy and control
This article by S Tarapore originally printed in the Business Standard looks at India's exchnage rate policy and control.
Zambian banks implement clearing system by Dec 31
All Zambia banks are expected to subscribe to the Direct Debit and Credits Clearing (DDACC) stream of clearing transactions by Dec. 31.
Kenyan shilling weakens further on IMF concerns
The Kenyan shilling extended its decline against the dollar but at a slower pace on Dec 22 amid continued concerns about the future of Kenya's IMF aid programmme, dealers said.
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.
IMF Koehler praises Turkey govt, but action needed
Horst Koehler, managing director of the International Monetary Fund, stressed on Dec 21 that the $7.5 billion in new financing the IMF is providing Turkey is a short-term measure to ensure a liquidity crisis in the banking sector doesn't derail wider…
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…
Venezuela slows depreciation rate of currency band
Venezuela's central bank said on Dec 21 2000 it would slow the depreciation of the central parity rate of the bolivar currency next year to 7.00 percent annually, from about 12 percent this year.
Cuba to aim for 5 percent economic growth in 2001
Cuba set a 2001 economic growth target of 5 percent on Dec 21 but said one of its strategic priorities would be reducing its swelling current account deficit.
ECB plays down danger of eurozone price difference
The European Central Bank said Dec 21 said diverging eurozone inflation rates were not a flaw of a one-size fits all monetary policy, provided that the differences proved to be only short-lived.
Welteke-far too soon to signal lower ECB rates
Bundesbank President Ernst Welteke said on Dec 21 Europe was well equipped to withstand an economic slowdown in the United States and that it was far too soon to signal lower interest rates in the euro zone.
No change in Cyprus rates post deregulation-c.bank
Interest rates in Cyprus are expected to remain steady in the immediate future as the economy dismantles the rigid rate control regime from January 1 2001, the island's central bank governor said on Dec 21 2000.
Mauritius automates banking settlement system
Mauritius' central bank on Dec 21 2000 launched an automated real time clearing and settlement system for the country's banking sector.
Bank of Portugal says 2000 growth 2.75% to 3.25%
The Bank of Portugal envisages that the country should register economic growth in 2000 of between 2.75 per cent and 3.25 per cent.
CNB Bank Board leaves interest rates unchanged
The Bank Board of the Czech National Bank CNB, which Dec 21 discussed the 12th status report on monetary and economic development, made no changes in the interest rates, spokesman Milan Tomanek told reporters after the session. The repo rate thus…