News
E Timor rushes to build new monetary system
ASIA-PACIFIC - E Timor rushes to build new monetary system - The region has never had a central bank and must create it from scratch, writes Joe Leahy.
C Bank chief, dep premier hold talks with Ato
SOMALIA - The chairman of the Central Bank of Somalia, Dr Mahmud Muhammad Ulusow, yesterday hosted Uthman Hasan Ali Ato for lunch at his [Mogadishu] residence. Mr Ato was accompanied by members of the USC-SNA [United Somali Congress-Somali National…
High-value euro notes spark concern
FRANCE - Carrefour, the large French-based retail group, yesterday urged only small-scale distribution of high-denomination euro notes in the first months after the January 1 changeover to euro notes and coins, claiming the move would minimise confusion…
U.S. coins to cease circulation in Cuba
UNITED STATES - U.S. dollar coins will be taken out of circulation from the Cuban foreign currency commercial network as of October, the island's Central Bank reported 28 August.
Chile banks may soon pay interest on checking acc
CHILE - Banks might soon offer interest-bearing checking accounts to clients in Chile, after Central Bank President Carlos Massad on 28 August publicly invited the country's leading bank trade association to join in studying the matter.
Greece says readying for countdown to euro switch
GREECE - Greece, the euro zone's 12th member since January this year, is getting ready for a euro information blitz in the months ahead to familiarise citizens with the single currency changeover.
Brazil cenbank chief to meet IMF's Fischer
BRAZIL - Brazilian Central Bank President Arminio Fraga will leave for Washington D.C. today, 28 August, to meet with the outgoing No.2 official at the International Monetary Fund (IMF), the bank said on 27 August.
Unrestricted foreign currency in Egypt
EGYPT - According to Al-Bayan newspaper (August 22, 2001), the Egyptian Central Bank recently instructed all commercial banks in Egypt to provide any foreign currency sum required by local customers.
Central Bank's on-line banking system threatened
BRAZIL - The Central Bank may have to delay the starting date for its new on-line banking system, called Sistema de Pagamentos Brasileiro (SPB), from November.
U.S. risks inflation in rebound - Milton Friedman
UNITED STATES - The United States should pull out of recession in 2002 but will have to keep an eye on inflation when it does, Nobel prize-winning economist Milton Friedman said in an interview published on 27 August.
UAE central bank launches real time settlement
UAE - The UAE Central Bank launched its new Real Time Gross Settlement System in UAE's Citibank and Abu Dhabi Commercial Bank on August 25, 2001.
Hungary PM nominates new monetary council member
HUNGARY - Prime Minister Viktor Orban has nominated Tamas Karo, a U.S.-Hungarian dual citizen and a personal advisor to the President of Hungary, to the National Bank of Hungary's Monetary Council, state news agency MTI says.
Changeover to euro not to create hidden pressure
EUROPE - The changeover to the euro should not create hidden inflationary pressures or VAT increase, President of the European Parliament Economic and Monetary Affairs Committee, Christa Randzio-Plath, said, referring to European Central Bank (ECB)…
Dual currency system to be in place in Montenegro
YUGOSLAVIA - The Central Bank of Montenegro has drawn up a plan for the transition from the German mark to the euro, which will last from the beginning of the next year until June.
Bank of Korea gov to attend Kansas fed symposium
SOUTH KOREA - Bank of Korea Govenor Chon Chol-hwan will begin a six-day visit to Kansas City on 29 August to attend a symposium organised by the U.S. city's Federal Reserve Bank (FRB).
Minutes of the Federal Open Market Committee
REPORT - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., beginning on Tuesday, June 26, 2001, at 2:00 p.m. and continuing on Wednesday, June 27, 2001, at…
German wise man eyes lower GDP, ECB rates
GERMANY - Bert Ruerup, one of the German government's five economic advisers or "wise men", cut his forecast on 23 August for German growth in 2001 and said the way was clear for the European Central Bank to cut interest rates.
Pre - euro flood of forgeries is feared
EUROPE - Gangs of counterfeiters are set to offload fake francs, D-Marks and other eurozone currencies before the changeover to euro notes and coins in January, retailers have been warned.
China to unveil regulations on Taiwan operations
CHINA - After gathering opinions of Taiwanese companies, associations of Taiwanese-invested companies and other business-related groups, China's Cabinet is due to introduce the regulation of governing liaison office establishment of Taiwanese-invested…
Russian bank chief hits at government policy
RUSSIA - Russian bank chief hits at government policy - Economic programme 'not properly thought through', says Gerashchenko.
Central banker discovers service ethos
ARTICLE - Salinee Wangtal, a veteran of the Bank of Thailand, became impressed with how commercial organisations cultivate a service-oriented culture to bolster their image when she had the chance to work in a publicly-listed bank.
C Bank of Lebanon launches new composite index
LEBANON - Banque du Liban launched a new composite index on 22 August, 2001.
Copom keep rates unchanged at 19% per year
BRAZIL - If the economic climate in Argentina is enough to keep the Central Bank in a state of alert, Brazil's weak second quarter GDP data only added to its concerns about the future of the Brazilian economy.
Australian economy 'immune' to turmoil - Costello
AUSTRALIA - Australia would be immune to looming global economic turmoil, Australian Treasurer Peter Costello said yesterday as the threat of recession looms larger for the US. Mr Costello predicted Australia would top the world economic growth table…