News
Bank of Uganda Mutebile warns on statistics
Uganda's central bank governor, Emmanuel Tumusiime Mutebile, has warned politicians against interfering with the compilation of statistics. He said independence of the Uganda Bureau of Statistics (UBOS) is the only way correct indicators of the economy…
Buba profit seen at 11bn DM in 2000/2001-magazine
The Bundesbank is set to transfer to the government 11 billion marks ($5.15 billion) in profits both in 2000 and 2001 but the sum will likely be halved next year after the launch of euro cash, the Focus magazine said on Feb 18, 2001. The magazine said,…
Russia will pay debts on time, finance chief
Signalling a renewed spirit of cooperation, a senior Russian government official on Feb 17 told delegates from France, Italy and other countries that his government intends to repay its $38.7 billion (42.35 billion euros) in foreign debt in full and on…
Bush adviser-Sept G7 FX intervention mistake-paper
Lawrence Lindsey, the top economic adviser to U.S. President George Bush, was quoted on Feb 17 as saying intervention by G7 central banks last September to support the euro had been a mistake.The International Herald Tribune also quoted Lindsey as…
U.S. statement on O'Neill-Miyazawa meeting
Following is a statement issued by the U.S. Treasury on Feb 17, 2001 after a meeting between Treasury Secretary Paul O'Neill and Japanese Finance Minister Kiichi Miyazawa. O'Neill and Miyazawa met in Sicily before the start of a meeting of Group of Seven…
UAE central bank posts record high 2000 net profit
The United Arab Emirates (UAE) central bank said on Feb 17, 2001 it recorded its highest net profit at 1.61 billion dirhams ($435.6 million) in 2000, a 16 percent jump over the previous year. The bank said in a statement its assets and liabilities…
ECB'S Welteke assumes U.S. still wants strong dlr
European Central Bank council member Ernst Welteke said on Feb 17, 2001 that he could imagine the United States would remain interested in a strong dollar, according to a spokesman for the central banker. Welteke said a strong dollar policy would help…
G7 make little progress on debt relief
The Group of Seven rich countries failed to come up with any new ideas on debt relief for poor countries at a meeting on Feb 17, 2001 drawing fire from campaigners who had hoped for progress. In a communique released after their meeting, G7 finance…
BoE's George says may have to pen inflation letter
Bank of England Governor Sir Edward George said on Feb 17, 2001 it was possible inflation in Britain would stray a full point away from its target, meaning he would have to write to the government explaining why. UK inflation currently stands at its…
Duisenberg can draw satisfaction from G7 meeting
For European Central Bank President Wim Duisenberg, Feb 17 meeting with the G7 godfathers of global finance in Palermo must have been a thoroughly satisfying experience. None of the finance ministers from the Group of Seven leading industrial countries…
MAS wants more market oriented disclosure regime
The Monetary Authority of Singapore (MAS) announced on Feb 16, 2001 that it will allow fund managers to hold shares in the Singapore Exchange (SGX) beyond the current 5% limit, but up to a cap of 10% and subject to the approval of MAS. MAS also proposed…
Dissent erupts between government, Bank of Japan
Simmering differences between the government and the Bank of Japan over how to revive the economy burst into the on Feb 16, 2001 on the eve of a high-profile meeting of finance ministers and central bankers of the world's seven richest nations. Finance…
Korea c.bank head warns of overheating treasuries
Central Bank of Korea Governor Chon Chol-hwan said on Feb 16, 2001 the local treasury market was showing signs of overheating, comments analysts saw as a bid to shift interest to flagging corporate bond issues. Chon said in a statement the treasury…
Indonesia's Ramli to meet IMF's Fischer next week
Indonesia's chief economics minister, who has complained the International Monetary Fund was pushing Jakarta too hard on some reforms, said on Friday Feb 16, 2001 he would meet the IMF's first deputy managing director next week. Rizal Ramli played down…
IMF Moscow talks progress, stop short of approval
The International Monetary Fund said on Feb 16, 2001 its latest talks did not attain the approval Russia needed to start negotiations on restructuring Paris Club debt. Its discussions in Moscow had yielded "significant progress", however. Officials had…
Mongolia January inflation jumps 5.5 pct from Dec
Mongolia said on Feb 16, 2001 its monthly inflation jumped 5.5 percent in January 2001 compared with December 2000, mainly because of a rise in food and energy prices. The central bank's Monthly Bulletin of Statistics said the rent and energy price index…
Philippine c.bank leaves rates unchanged
The Philippine central bank decided on Feb 16, 2001 to keep its benchmark overnight interest rates unchanged, saying it preferred to monitor U.S. Federal Reserve moves on rates in the next couple of weeks before acting. The key rates were last reduced by…
Zimbabwe reneges on pledge to limit RBZ overdraft
The Zimbabwe government, caught between the need to reduce the cost of its domestic borrowings and its insatiable appetite for funds to fund its recurrent expenditure, plans to waive the 20 percent limit on its overdraft facility at the central bank as…
Financial innovation conference at the FRBNY
The Federal Reserve Bank of New York is holding a conference on financial innovation and monetary transmission on April 5-6, 2001
Argentine central bank president under fire
The bicameral congressional committee that will recommend whether Argentine central bank head Pedro Pou should be removed from office for allegedly turning a blind eye to money laundering activities in Argentina will meet for the first time on Feb 20,…
Yugo cbank gets more control with new payment plan
Yugoslavia's central bank said on Feb 16, 2001 its proposal to re-establish foreign currency payments between Serbia and parts of Yugoslavia not using the dinar would allow it to regain control over money transfers countrywide. "Payments will be made…
Bulgaria's BNB in dispute with Mileti Mladenov
The Bulgarian National Bank and the Deposit Guarantee Fund got involved in a strange dispute when the draft law on bank insolvency was discussed by the parliamentary legal committee. The reason for the dispute was that Mileti Mladenov, head of the Fund,…
Indian industry cheers central bank's rate cuts
Indian industry cheered the central bank's decision on Feb 16, 2001 to lower interest rates, saying it would help ease the country's industrial slowdown. The Reserve Bank of India (RBI) said it was cutting its benchmark bank rate to 7.5 percent from 8.0…
Norway downplays cbank critique of state ownership
Reaction in Norway's Labour government to central bank governor Svein Gjedrem's sharp criticism of state ownership in Norwegian companies has been muted so far. A spokeswoman for the Finance Ministry said Feb 16, 2001 there are no plans to issue an…