News
HKMA to buy office space rather than rent
HONG KONG - Hong Kong's quasi central bank on Mar 29, 2001 defended a plan to buy 14 floors in a building in the city's center for its new offices, saying the move will be cheaper than to continue renting.
Lithuania cbank approves 2000 financial statements
LITHUANIA - At its board meeting on Mar 29, 2001, the Bank of Lithuania approved its financial statements for 2000, reporting profits for the year of LTL 126.2 million.
CNB bill to increase bank's accountability-fin min
CROATIA - During a debate in parliament on the new Croatian National Bank bill, deputy finance minister Damir Kustrak said that the bank's independence would be increased but at the same time it would have to be more accountable to parliament.
Ex-Bundesbank chief Poehl - time ripe for ECB cut
EUROPE - Former Bundesbank President Karl Otto Poehl thinks the European Central Bank should cut interest rates in the face of slowing economic growth, he told a Swiss newspaper in an interview published on Mar 28, 2001.
Euro-MP says Czechs must change central bank law
CZECH REPUBLIC - The chairwoman of a European Parliament committee said on Mar 28 that a new Czech law increasing politicians' influence over the central bank must be amended to bring it into line with European Union treaties.
CBR asks government to repay its debts
RUSSIA - Bank of Russia recorded a pretax profit of about R4bn for 2000, Governor Viktor Gerashchenko reported, but the government still needs to repay its debt to the central bank.
Bank of Greece searches for Milosevic millions
GREECE - The Bank of Greece is investigating several Greek banks suspected of receiving funds laundered by Slobodan Milosevic, the former president of Yugoslavia.
Irish cbank sees 2001 growth slowing to 7%
IRELAND - Ireland's central bank said on Mar 28, 2001 it expected the booming Irish economy to experience a slowdown in 2001 GNP growth to around 7.0%, compared to growth of 9.75% in 2000.
RBA launches newly designed website
AUSTRALIA - The Reserve Bank of Australia has launched a major redesign of its website at www.rba.gov.au, increasing the quality and quantity of information, and the ease of access.
BoK criticises govt for interfering in mon policy
SOUTH KOREA - The Bank of Korea has criticized the government for its regular interference in the country's monetary polices.
Asian forum Manila Framework Group meets in China
CHINA - The Manila Framework Group regional financial forum started a two-day meeting in Beijing on Mar 28, 2001 to discuss a range of issues including the impact of the slowing U.S. economy, organisers said.
Former Philippine c. bank chief made consultant
PHILIPPINES - Former Philippine central bank governor Gabriel Singson has been appointed presidential consultant on banking and foreign loans, a presidential palace statement said on Mar 28, 2001.
Outgoing Slovenia c.banker warns against inflation
SLOVENIA - Slovenia's outgoing central bank governor France Arhar said on Mar 28, 2001 the country should limit the growth of wages to battle high inflation.
BOE Julius to leave central bank in 2 months-FT
UNITED KINGDOM - DeAnne Julius, one of the most dovish members of the Bank of England's rate-setting Monetary Policy Committee, is poised to leave the central bank in two months.
Poland cuts interest rates by 100 bp
POLAND - Poland's Monetary Policy Council (MPC) cut its interest rates on Mar 28, 2001 by 100 basis points to between 17 and 21 percent, the National Bank of Poland said in a statement.
Fitch cuts Czech currency rating, crown hit
CZECH REPUBLIC - International rating agency Fitch on Mar 28, 2001 cut the Czech Republic's long-term local currency rating, knocking the crown off recent historic highs, though analysts said the currency's firming trend remains.
S.Africa govt says gradual reduction of NOFP best
SOUTH AFRICA - South Africa's Treasury said on Mar 28, 2001 it was committed to steadily reducing its uncovered forward foreign exchange exposure and would not borrow massively abroad to do so.
Fed survey: US banks growing wary of lending
UNITED STATES - A special survey conducted by the Federal Reserve reveals that credit terms from US banks have continued to tighten since January
Duisenberg to give way to Trichet mid-02-Lemierre
EUROPE - The European Central Bank on Mar 27, 2001 declined to comment on remarks by a senior European banker suggesting ECB President Wim Duisenberg will step down in mid-2002 to make way for Bank of France head Jean-Claude Trichet.
Thai PM goes easy on ex-central bankers
THAILAND - It is premature to blame two former central bank governors for costing the state 44 billion baht in the failed attempt to defend the baht in 1996-97, Thailand's prime minister said on Mar 26, 2001.
House committee urges RBA to increase transparency
AUSTRALIA - A two-year study of international financial markets by Australia's House of Representatives economics committee has concluded that the the Reserve Bank of Australia has to explain more about its monetary policy decisions and economic thinking.
Bank of Israel cuts April lending rate to 7.2%
ISRAEL - The Bank of Israel said on Mar 26, 2001 it was lowering its key lending rate to 7.2 percent in April 2001 from 7.5 percent in March, fractionally above market expectations of a 0.2 percentage point cut.
Iceland c.bank intervenes to help falling crown
ICELAND - Iceland's central bank intervened on the local foreign exchange market on Mar 26, 2001 for the second straight session to support the falling Icelandic crown, but with limited success.
Algeria increases number of MPC members
ALGERIA - According to Algerian TV on Mar 24, parliament approved amendments to the law of Algeria's central bank, allowing the president to nominate the governor and deputy governors.