News
Sri Lanka to introduce secure cheque clearance
Sri Lanka is to introduce a secure cheque clearance system before the end of this year to speed up banking services. A government spokesman, reported by the Sri Lanka Daily News, said the system would be an essential of the government's project to…
Koizumi aide raps BOJ for deflation failure
Former vice-minister for international affairs at Japan's finance ministry Haruhiko Kuroda on Sunday 26 October launched a strong attack on the Bank of Japan (BOJ) for failing to perform its legal duty of halting deflation, according to The Business…
Israel's Treasury and c bank rift intensifies
Bank of Israel governor David Klein has criticised Sunday's (26 October) cabinet approval for the establishment of a central bank advisory committee controlled by key business sector figures, according to the Jerusalme Post. Although the committee lacks…
Iraq a big factor: Fed's Greenspan at G20
Federal Reserve chairman Alan Greenspan said at the opening of a meeting of the Group of 20 nations in Mexico that the US economy is heavily influenced by the war in Iraq. according to a report by Reuters.
Finland proposes changes to ECB voting model
Finland has proposed a change to the ECB voting system that will be employed once the union expands next year, according to Helsingin Sanomat. The new system was agreed upon only last spring. In Finland's proposal, 15 members of the ECB Governing Council…
China central bank says stable yuan good for world
The People's Bank of China said on Monday 27 October that China will keep the yuan exchange rate stable, according to Reuters, as the fixed currency policy is good for its economy as well that of Asia and the rest of the world.
Bundesbank's Welteke: is US growth sustainable?
Bundesbank President Ernst Welteke said on Sunday 26 October, on the sidelines of the Mexico G20 meeting, that the world economy is in recovery but he questioned whether growth in one of its main drivers, the United States, was sustainable, Reuters…
UAE auditing office criticises central bank
The United Arab Emirates State Auditing Office has strongly criticised the central bank, according to Gulf News, accusing it of suffering unnecessary losses, failing to fully undertake its role as a government bank, and indulging in practices that…
Thai c bank says local banks ready for Basel II
Bank of Thailand Governor Pridiyathorn Devakula said on Monday 27 October, according to Dow Jones, that Thai commercial banks will be ready to adopt the new Basel II regulations on capital adequacy when they come into force end-2006.
MasterCard battles RBA over fees
MasterCard has begun legal action against the Reserve bank of Australia regarding the level of the company's interchange fees, reports the Australian Financial review. The RBA wants to bring MasterCard's interchange fee of 58 cents per $100 transaction…
Slovenia establishes anti-counterfeiting agency
The Bank of Slovenia's board of governors has adopted new short-term guidelines for the central bank's monetary policy, according to a report by the STA news agency. The board took a decision to establish a national agency that would fight money…
ECB member urges business to cope with strong euro
ECB board member Matti Vanhala, according to a Bloomberg report, appeared to suggest on Thursday 23 October that the bank was not concerned about the euro's increase, saying that companies would have to cope with the currency's appreciation.
Forged currency centre idea for Bulgaria's c bank
Bulgaria is preparing to establish a centre to carry out analyses of all forged money seized in Bulgaria, according to the Sofia Morning News. Legislative changes will have to be made for setting up the centre, which will analyse Bulgarian levs, euros…
Bank of Japan chief plans Beijing trip to PBOC
Bank of Japan chief Toshihiko Fukui will meet with the governor of the People's Bank of China Zhou Xiaochuan during a two-day visit to Beijing, according to AFX.
Belgium cb's shares fall ahead of court rule
The National Bank of Belgium's shares fell on Friday 24 October on fears that the country's Supreme Court would rule against the central bank in a case to decide ownership of the bank's assets, according to Reuters. An action group representing…
PBOC to take over anti-money laundering role
According to a new amendment draft of a major banking law, reports Asia Pulse, the People's Bank of China is likely to replace the Ministry of Public Security to organize the fight against money laundering. The central bank will also guide banks and…
Active policy can provide stability-Fed's Bernanke
Federal Reserve Governor Ben Bernanke said in a paper due to be delivered at a Dallas Fed conference on Friday 24 October that "The fact that the Federal Reserve and other central banks actively manipulate their instrument interest rates is not…
ECB's Wellink: Interest rates low enough
European Central Bank Governing Council Member Nout Wellink said on Thursday 23 October that interest rates are low enough to support economic recovery in the eurozone, according to Reuters.
Duisenberg optimistic for eurozone economy
Outgoing European Central Bank President Wim Duisenberg said on Thursday 23 October that he was "fairly optimistic" regarding the outlook for eurozone growth, according to AFP Things are going in the right direction, albeit slowly. I think that in Europe…
RBNZ leaves rates unchanged
The Reserve Bank of New Zealand left interest rates unchanged at 5 per cent on Thursday 23 October. "As noted in our September monetary policy statement, the New Zealand economy has been enjoying strong economic growth, with robust domestic demand…
High Court dismisses criminal case vs BSP officers
The Philippines Supreme Court has upheld the decision by the Office of the Ombudsman to dismiss the criminal complaint against central bank governor Rafael Buenaventura, according to a report by AFX The Court rejected the petition of former Urban Bank…
Central bank of Brazil cuts base rate to 19%
Brazil's central bank announced on Wednesday 22 October that it cut the Selic base rate to 19 per cent after its two-day meeting, reports AE Brazil. A Copom statement said that the cut was made because inflation is falling into line with targets.
Berlusconi calls for easing of the Stability Pact
Italian Prime Minister Silvio Berlusconi has, according to the EU Observer, said of the EU's Stability and Growth pact that "The 3 percent should not be taken as an absolute value beyond discussion and might be adjusted down by one or two percentage…
Greenspan to address Cato's Monetary Conference
Federal Reserve Chairman Alan Greenspan is scheduled to participate in the Cato Institute's 21st Annual Monetary Conference, "The Future of the Euro," at The Renaissance Hotel in Washington, D.C., on Nov. 20. Topics on the agenda include the impact of…