News
Thai central bank dep gov may leave Thirachai eyed
THAILAND - Thai central bank Deputy Governor Tanya Sirivedhin, the last of the top executives to have served prior to the July 1997 float of the baht, will resign, "The Nation" newspaper reports in Thailand, citing an unnamed Finance Ministry source.
Pakistan central bank injects liquidity
PAKISTAN - State Bank of Pakistan said Wednesday 10 October it has injected PKR6.7 billion into the money market through one-week repurchase agreements to ease the liquidity situation.
Singapore MAS widen policy band for FX flexibility
SINGAPORE - The Monetary Authority of Singapore said Wednesday 10 October it has decided to widen its policy band to allow a greater flexibility in managing the exchange rate, as it expects more volatility in financial markets.
S&P cuts Argentina's credit rating, bonds fall
ARGENTINA - Standard & Poor's on Tuesday 9 October cut Argentina's long-term sovereign credit rating to sit deep within junk bond territory, saying the government faces severe challenges in balancing its budget.
Bank of France printing employees continue strike
FRANCE - Employees at the Bank of France's printing plant at Chamalieres in the Puy-de-Dome department yesterday continued their strike observed since 12 September.
Rates and price goals in harmony - Hamalainen
GERMANY - European Central Bank executive board member Sirkka Hamalainen said Friday 5 October in a speech that the ECB continues to pursue a "steady-hand" monetary policy, rather than an activist one following the 11 September terrorist attacks in the U…
B of E says For Ex turnover down in last 3 years
UK - Average daily spot and forward foreign exchange transactions in London are worth $504 billion a day, down 21% from $637 billion a day in 1998, the Bank of England said Tuesday 9 October.
Moldova bank president confirms new policy
MOLDOVA - The president of the National Bank of Moldova has confirmed a new policy concerning the consolidation of the banking system of the republic.
BSP says role in AMC creation limited
PHILIPPINES - The Bangko Sentral ng Pilipinas (BSP), the Philippine's central bank, yesterday, Monday 8 October, said its plans for creating an independent special purpose vehicle to handle banks' bad assets are limited to providing technical advice and…
Germany plans central bank account register
GERMANY - Hans Eichel, Germany's finance minister, has unveiled an unprecedented package of measures to combat terrorist funding, including the creation of a central register of all bank accounts.
Japan deflation has both supply and demand causes
JAPAN - Bank of Japan Governor Masaru Hayami reiterated Tuesday 9 October that weak demand is increasingly dragging down the nation's prices but that the central bank alone can't fight deflation.
Fed rate cuts have hurt dollar versus euro - OECD
FRANCE - Aggressive interest rate reductions this year by the U.S. Federal Reserve were a factor in the dollar's decline against the euro during the summer, the Organization for Economic Cooperation and Development said Monday.
Pakistan money-laundering clampdown
PAKISTAN - The Pakistani Government is urging its expatriates working in the United Arab Emirates to send their wages home through legitimate banking channels rather than via informal means linked to money-laundering.
Global push for money laws
US - The world's leading industrial countries are to put pressure on offshore financial centres to clamp down on funds which could be used to pay for attacks like last month's suicide hijackings in America.
G7 leaders unite to overcome economic fallout
US - The chairman of the US Federal Reserve, Alan Greenspan, has said that the terror attacks on America have penalised the global economy in a manner similar to raising interest rates worldwide.
Bank of England governor positive on UK prospects
UK - Sir Edward George, the governor of the Bank of England, believes the 11 September attacks on the US have not had a great effect on Britain's domestic economy and he has suggested they may have only a short-term effect on the world economy.
CBR no longer responsible for inflation
RUSSIA - On 3 October, the Central Bank of Russia presented the State Duma with the draft of The Basic Guidelines of a Single State Monetary and Credit Policy for 2002, which assumes an annual inflation of between 12% and 14% for next year.
Former rep. pleads guilty to stealing funds
USA - A former Massachusetts congressman and director of the Federal Reserve Bank of Boston has pleaded guilty to stealing more than $200,000 from the Hawthorne Hotel in Salem, the Federal Deposit Insurance Corp. Inspector General's office announced…
Reserve freezes accounts with bin Laden connection
AUSTRALIA - Australia's Reserve Bank has released a list of over 200 individuals and groups whose assets will be frozen if held in Australia.
Shortage of note examiners at Indian central bank
INDIA - The Reserve Bank of India employees' union has warned of a shortage of currency note examiners and other experts in the central bank if the management does not reverse its policy of a "virtual" recruitment ban.
Brazil c bank says report figures are "incorrect"
BRAZIL - Brazil reacted quickly to a Standard & Poor's report released this week, which warned of the growing risk of Brazil and stated that the government needs US$80 billion to finance its balance of payments in 2002.
ECB Press Release
PRESS RELEASE - Euro banknotes to be produced until 31 December 2001.
BOJ faces pressure to take more radical steps
JAPAN - The Bank of Japan's Policy Board will come under intense pressure this week to take more radical actions in countering what many fear is the growing threat of a deflationary spiral in the economy.
RBI won't cut rate till gov't change policy-report
INDIA - The Reserve Bank of India is unlikely to cut the key bank rate unless the government implements some reforms on its policy on administered interest rates, ICICI Securities & Finance said Thursday 4 October.