News
Argentina widens Central Bank laundering probe
An Argentine Congressional panel overseeing the Central Bank on Feb 20 widened a money laundering probe of its chief to include its board of directors in a scandal that threatens a recovery in Latin America's third largest economy.
Ireland sets up new financial regulation body
The Irish government said on Feb 20, 2001 it had set up a "radical and innovative" new structure for financial services regulation, linking the Central Bank of Ireland to the Financial Services Authority.
Welteke - upside price risk diminished,not faded
Upside risks to price stability in the euro zone have diminished but the all-clear can't be given yet, Deutsche Bundesbank President Ernst Welteke said on Feb 20.
Turkish market opens 4.95 quadrillion lira short
The Turkish market opened a massive 4.95 quadrillion lira ($7 billion) short after banks rushed to foreign on Feb 19 draining nearly one fifth of the country's international reserves due to a row between the government and the president.
Nicaragua agrees with IMF to lower public spending
Nicaragua's government agreed with the International Monetary Fund to cut public spending as a step toward both financial stability and debt relief, the president of the Central American nation's Central Bank said on Feb 20.
Japan, Germany agree to cooperate on IMF reform
Japanese and German finance officials agreed Feb 20 to cooperate closely in implementing International Monetary Fund reforms and beefing up the international monetary system.
ECB updates operational conditions for pay systems
On 20 February 2001, the Governing Council of the ECB updated the operational conditions for the use of eligible securities settlement systems (SSSs) in the settlement of collateral for Eurosystem credit operations.
Swiss SNB gold sales total 5.4 tons in 10 days
The Swiss National Bank said on Feb 20 its gold reserves fell by CHF77.6 million to CHF34.33 billion in the 10-day reporting period to Feb. 20, 2001.
Thai payments need an overhaul-Gov. Chatumongol
Commercial banks should focus on developing more competitive payment systems to maintain their market share, according to the Bank of Thailand governor, M.R. Chatumongol Sonakul.
Dominica expert wants inspection of offshore banks
A former US state bank examiner has suggested the Dominica government should act more decisively to put the offshore banking sector on a better footing, in the face of the country's blacklisting as non-cooperative in the international fight against money…
BoE pressed to publish dissent on forecasts
Pressure is mounting on the Bank of England to make its inflation forecasts more transparent despite recent attempts by the central bank to make public the divergent views of its policymakers. The Bank's quarterly inflation forecast is closely watched by…
Japan's financial sector key G7 issue - Miyazawa
Japanese Finance Minister Kiichi Miyazawa said on Feb. 19, 2001 that he thought improving Japan's financial sector was at the core of discussions at the weekend meeting of the Group of Seven (G7) leading nations. "Japan's bad loan issue was seen as the…
Manila c.bank taps dlr reserves for maturing debts
The Philippines' central bank will use the country's dollar reserves to pay off debts worth $400 million due to mature this week, while it works out the terms of club loans, central bank governor Rafael Buenaventura said on Feb. 19, 2001. The Philippine…
Korea - BoK, FSS, KDIC to share information
The Korean Financial Supervisory Service, Bank of Korea and Korea Deposit Insurance Corp will start pooling their information on various financial matters. The three institutions will organize one consultative body to distribute financial information…
Russian central bank deputy governor in Vietnam
A delegation of Russian central bank headed by its deputy governor, V.A Melnikov has been in Vietnam since February 16, said the International Relation Dept. of the State Bank of Vietnam. They are scheduled to work with the central bank office,…
Monetary Policy in a Cashless Society-P. de Grauwe
Paul De Grauwe and Claudia Costa have published in association with the Centre for Economic and Policy Research a discussion paper titled "Monetary Policy in a Cashless Society". Their main conclusion is that the central bank will lose its traditional…
Chile economy posts lowest growth of 2000 in Dec
Chile's economy expanded 2.4 percent in December 2000 from the year before, posting its lowest monthly growth in 2000, the central bank said on Feb 19, 2001.
Trichet confident consumers will buoy French econ
In an interview on national radio, Bank of France governor Jean-Claude Trichet painted an upbeat picture of the French economy Feb 19, insisting strong domestic demand and robust consumer spending will help protect it from a slowing U.S.
Vietnam,Russia look to bilateral payment mechanism
Risks encountered by Vietnam's businesses in trading with Russian partners will likely be removed if talks between the visiting Russian banking delegation with their Vietnamese counterparts bear fruit.
ECB- Cross border use of collateral: users survey
The European Central Bank (ECB) on Feb 19 published a report presenting the results of a survey on the cross-border use of collateral.
Greek cbank warns of inflationary pressures-paper
Greece's central bank believes the government's target of average 2.3 percent inflation in 2001 may be beyond reach if inflationary pressures in the domestic economy are not reined in, Greek newspaper To Vima reported on Feb 18, 2001. Citing sources, To…
Kenya's cbank to lift protection of local banks
Micah Cheserem, governor of the Central Bank of Kenya, has disclosed that his government might no longer be bound to protect local banks from competitions by international banks, local media reported on Feb 18, 2001. Cheserem made the remarks at the…
Argentine central bank chief dismisses scandal.
Argentina's central bank chief refused calls to resign on Feb 18, 2001, dismissing allegations he failed to police money-laundering in a scandal that has threatened to destabilize Latin America's third largest economy. Pedro Pou wrote in leading daily,…
Fraga says Brazil's economy is not overheating-pap
Brazil is not growing beyond its means, Central Bank President Arminio Fraga said in an interview published on Feb 18, 2001, just days after Latin America's biggest economy posted its fastest growth rate in five years. Official data released on Feb 14…