News
New Bank of England committee member starts today
UK - The Bank of England's nine strong Monetary Policy Committee (MPC) has a new member from today, 1 June. Kate Barker, previously of the Confederation of British Industry, will replace DeAnne Julius who has served on the committee since 1997.
Bank Indonesia tight monetary policy remains
INDONESIA - Indonesia's central bank said on 1 June that the country's political instability would prevent it from loosening monetary policy in the short term, even though the ailing rupiah has shown some strength.
Congo floats its currency
CONGO - The Democratic Republic of Congo has floated its currency and raised the price of fuel in an effort to overcome the economic chaos bequeathed by almost three years of state control and inter-regional war.
Thailand to focus on economic stability
THAILAND - Thai Finance Minister Somkid Jatusripitak said on 1 June that the government did not plan any changes in its fiscal and monetary policies after a new central bank governor takes office.
Thai Baht crisis - 'Losses were typing error'
THAILAND - A committee set up to investigate the 1997 defence of the baht by the Bank of Thailand has amended its report which could potentially clear central bank officials of actions leading to the loss of tens of billions of baht.
NZ Finance Minister rejects Svenson recommendation
NEW ZEALAND - The New Zealand finance minister, Michael Cullen, has rejected a report which claimed Don Brash, Reserve Bank governor, should have his powers curbed.
Second Thailand monetary policy board member quits
THAILAND - Chalongphob Sussangkarn, a member of the Bank of Thailand's Monetary Policy Board, said on 31 May he had submitted his resignation. He cited uncertainty over monetary policy following the ousting of governor Chatu Mongol Sonakul earlier this…
SE Asian central bank governors begin meeting
SINGAPORE - The annual conference of Governors of the South-East Asian Central Banks (SEACEN) needs to focus on ways to maintain its relevance amid a proliferation of regional and international forums, a Singapore government minister said on 31 May.
Armenia to put 50, 000 bank notes into circulation
ARMENIA - The Central Bank of Armenia is putting 50,000 drams bank-notes into circulation beginning on 4 June.
Brazil Central Bank blames prices for rates hike
BRAZIL - Brazil's Central Bank raised interest rates in May for the third consecutive month to head off inflationary pressures and the potential impact of the country's energy crisis on consumer prices, according to the minutes of the May meeting of the…
Polish MPC blamed for keeping interest rates high
POLAND - The Polish central bank came under heavy fire from officials and analysts on 31 May for holding interest rates steady despite saying there was little demand-side price pressure in the economy.
ECB chief predicts success for euro notes launch
EUROPE - Wim Duisenberg, president of the European Central Bank, has insisted that the changeover to euro notes and coins on January 1 2002 would be a success, rejecting pleas for small denomination euro notes to be distributed to the public in advance.
Canada lowers key interest rate
CANADA - Canada's central bank trimmed its key overnight interest rate on 29 May by 25 basis points to 4.5 per cent, stating that while US demand for Canadian products had slowed during the first part of the year, the domestic economy continued to show…
"Wise man" calls for half-point ECB rate cut
GERMANY - One of Germany's senior economic advisers has said that the European Central Bank should cut interest rates by half a percentage point to help boost the economy.
SE Asian ctrl bankers to meet in Singapore Jun 1-2
SINGAPORE - Southeast Asian central bankers will gather in Singapore for a two-day meeting starting on Friday 1 June to discuss developments in the financial markets, the Monetary Authority of Singapore, the meeting's host, said.
Rebuke for UK chancellors ECB reform calls
UK - Gordon Brown has come under criticism from Ernst Welteke, who was speaking yesterday (29 May), for urging the ECB to improve its openness after just three years of operation.
Philippine government plans to raise its PNB stake
Philippines - The Philippine National Bank has said the government planned to increase its stake in the ailing bank, but wasn't keen on taking a majority shareholding.
African bank hit by protests
SPAIN - The African Development Bank (ADB), which works to reduce poverty and help struggling economies, has become a target of anti-capitalist protestors, despite its popularity amongst poor people in Africa.
Nigerian bank begins reforms next week
NIGERIA - A restructuring exercise that will reposition the Central Bank of Nigeria (CBN) for greater efficiency will begin next week, 4 June.
Thai government sacks central bank boss
THAILAND - The Thai government has sacked the governor of the Central Bank, Chatu Mongol Sonakul, following a dispute over monetary policy. Prime Minister Thaksin Shinawatra said he was not satisfied with the bank's policy of keeping interest rates low.
Bank of England - Basle can undermine stability
UK - The Bank of England has issued a warning over new capital rules put together by the Basle committee of bank regulators.
Thai PM says central bank is free to set rates
THAILAND - Thai Prime Minister Thaksin Shinawatra said on 25 May that the Bank of Thailand (BOT) had the freedom to set the country's interest rate policy and his government's views only reflected its concern on the issue.
IMF deal forbids Russian bank gold sales
RUSSIA - Russia's deal with the International Monetary Fund (IMF) would forbid Moscow from selling gold from central bank reserves, even to help in emergencies, a government source said on 25 May.
New board of directors at Bank of Uganda
UGANDA - Tumusime Mutebile has been appointed as the new governor of the Bank of Uganda.