News
Hungary's nat bank launch euro info campaign
HUNGARY - The National Bank of Hungary will launch an information campaign on 15 November to help Hungarian individuals to smoothly change their cash holdings in the 12 outgoing European currencies, estimated to be worth some HUF 70bn,NBH vice president…
DUMA won't deprive Russia's c bank of independence
RUSSIA - During a meeting of the working group of the Duma for the bill on the Central Bank on 12 November, deputies failed to come to agreement as to which body, the National Banking Council (NBC) or the Board of Directors, would govern the Central bank.
ECB's Noyer - Governing council may need change
UK - European Central Bank Vice President Christian Noyer said Monday that the ECB governing council may need to be reformed when accession countries from southern and eastern Europe eventually adopt the single currency.
Grenville's successor at RBA?
Reserve Bank of Australia assistant governor Glenn Stevens is the leading candidate to succeed Stephen Grenville as deputy governor, according to sources close to the Reserve Bank central bank.
IMF demands investigation of Asian crisis loans
After two years and two investigations have failed to produce a single prosecution or return a single rupiah, the IMF has demanded a new investigation into alleged corruption, reports the Jakarta Post.
Central Bank of UAE asks for assets to be frozen
In a circular to the United Arab Emirates's 47 national and foreign banks, the Central Bank today requested that the assets of 30 institutions be immediately frozen.
Central bankers in Ottawa
ECB Council member Ernst Welteke, although saying that monetary policy was appropriate for the eurozone at present, warned of the dangers of money being too loose given the lag for effects to be realised.
November gloom in Japan
Despite leaving monetary policy on hold last week, the Bank of Japan downgraded its assessment of the economy on Monday, expressing concern about the impact of declining exports and output on incomes and consumer spending.
Brussels more confident of successful euro switch
EUROPE - With euro notes and coins less than 50 days away, the European Commission yesterday expressed optimism about a successful changeover from national currencies. The latest monthly Eurobarometer survey registered growing understanding of the single…
China's c bk chief expects to step up forex reform
CHINA - People's Bank of China Governor Dai Xianglong Monday said the country will begin to step up reform of its foreign exchange system after next month's entry into the World Trade Organization.
Germany may recover soon from economic shock
GERMANY - A German survey yesterday provided the first sign that the shock to economic confidence in the eurozone after the 11 September attacks in the US might be short-lived.
Niggles with new euro notes
NETHERLANDS - Dutch officials confirmed yesterday that 250,000 euros was snatched by a masked man from a bank in Amstelveen, near Amsterdam, shortly after a consignment was delivered on Monday. Five previous robberies in recent months, two in Italy and…
O'Neill: IMF forecast "off by a lot"
US - Responding to the drastically revised growth forecasts for the US in 2002 US Treasury secretary disagreed saying the forecast was "off by a lot".
$10bn loan for Turkey goes through
US - The IMF yesterday finalised a package of $10bn in new lending for Turkey. Arguing that it needs the loan to cover the fall off in tourist revenue and the effects of a flight to quality following September 11, Turkey had asked for $12bn.
Japan leaves rates unchanged
JAPAN - As expected, the Bank of Japan made no change to its monetary policy today, following its two-day meeting.
Bank of Poland under fire
POLAND - A Legislative tussle puts central bank's independence into question.
Britons still hold £540m in eurozone currencies
UK - Britons are hoarding more than £540m-worth of eurozone currencies, but only half the population realises the cash will be impossible to spend after February.
Bankers call for strict limits on bailout cash
CANADA - The Bank of England and Bank of Canada have launched a paper arguing for strict limits on International Monetary Fund bailouts for crisis-hit countries.
Russia c bank tightens banks' gold export controls
UK - The Central Bank of Russia published a directive Thursday obliging commercial banks to submit information on their export of gold ingots to the State Customs Committee within 10 days of the metal leaving the country.
ECB Issing sees euro-zone recovery, CPI fall in 02
GERMANY - European Central Bank chief economist Otmar Issing Monday reiterated his expectation that the euro-zone economy will recover next year.
Fed's Ferguson - US economy resilient
US - The U.S. economy appears to be shaking off the devastating impact of the 11 September attacks, says a key member of the U.S. Federal Reserve.
Fed's Santomero - Bank regulation may be a benefit
US - In response to the rhetorical question "does bank regulation help bank customers?" Anthony Santomero, president of the Federal Reserve Bank of Philadelphia, said "Sometimes yes. Sometimes no. It all depends."
Brown's proposals for reform of the IMF
UK - UK finance minister Gordon Brown says the IMF should be reformed and given more scope to pass judgement on member countries' economies.
Bank of Japan under pressure
JAPAN - The Bank of Japan was again under pressure from politicians as its two-day policy meeting began today. Worsening economic figures, despite cuts in the lending rate and injections of liquidity by the bank, have led to calls for inflation targeting.