News
Fed surprises by reducing rates to 4.5%
UNITED STATES - The US Federal Reserve on Apr 18 continued its agressive easing of monetary policy by cutting interest rates by 0.5% for the fourth time this year.
Turk cbank reforms aimed at price stability-Dervis
TURKEY - Turkey's central bank would become a transparent institution with price stability as its primary aim under the reform plan put forward by Kemal Dervis, the economy minister.
Cavallo tries to ease fears over peso re-peg plan
ARGENTINA - Argentine economy supremo Domingo Cavallo is talking to Brazilian business leaders and investors on Apr 18 to try to soothe fears over his new currency plan that unnerved Brazilian markets.
Russian cbank forex controls loosened by Duma
RUSSIA - Russia's lower house of parliament approved on Apr 18 package of measures aimed at easing central bank control over foreign currency operations.
BoE MPC voted 6-3 to cut rates to 5.5%-minutes
UNITED KINGDOM - Six of the nine members of the Bank of England's Monetary Policy Committee voted to cut the repo rate to 5.5% from 5.75% during their last meeting on Apr. 4-5, according to minutes of that meeting released on Apr 18, 2001.
BOJ considered aggressive easing in Feb-minutes
JAPAN - The Bank of Japan said on Apr 18 its Policy Board members had discussed a much more aggressive monetary easing at a February 28 policy meeting than the small rate cut they actually implemented.
Qatar comes to defence of Lebanese pound with $60m
LEBANON - Qatar joined a Gulf Arab consortium in defending the Lebanese pound by pledging to deposit $60 million with Banque du Liban, local newspapers said on Apr 18.
Govt might question CNB governor's appointment
CZECH REPUBLIC - The Czech government could question the appointment of Zdenek Tuma as Czech National Bank governor by lodging a complaint with the Constitutional Court, Deputy Premier Pavel Rychetsky said on Apr 18.
G-30 to meet in London on Thursday, Friday
UNITED KINGDOM - G-30 think tank of senior public and private sector financial representatives is set to meet for one of its bi-annual plenary sessions at the Bank of England from Apr 19-20.
Portugal cbank chief sees euro firming in 2001
PORTUGAL - Bank of Portugal governor Vitor Constancio on Apr 18 predicted the euro would recover from its current weakness by the end of 2001.
BoJ Hayami unsure about duration of deflation
JAPAN - Bank of Japan Governor Masaru Hayami said on Apr 17, 2001 he could not say how long it would take for the core nationwide consumer price index to rise to near zero percent, which the central bank has set as a condition for changing its current…
PBOC appoints Guo Shuqing as head of forex
CHINA - The People's Bank of China, China's central bank, has appointed Guo Shuqing as one of its deputy governors and the head of the foreign exchange regulatory agency.
Malaysia ex-cbank chief named Mahathir's adviser
MALAYSIA - Former Malaysian central bank governor Ali Abul Hassan Sulaiman has been named as a special economic adviser to Prime Minister Mahathir Mohamad, the official Bernama news agency said on Apr 16.
Canada cuts interest rates to 5% to boost demand
CANADA - The Bank of Canada on Apr 17 cut its key lending rate to 5.0 percent from 5.25 percent and the overnight rate to 4.75 percent from 5.0 percent to support the economy in the face of slowing domestic demand.
IMF forecasts 3% growth in Czech Republic
CZECH REPUBLIC - The International Monetary Fund said on Apr 17 it expected the Czech economy to grow by around three percent 2001 after 3.1 percent in 2000.
Mongolia's inflation rises due to foot-and-mouth
MONGOLIA - Mongolia said on Apr 17, 2001 its annual inflation rose to 11.6 percent in March, up from 9.4 percent in February, as meat prices leapt under the impact of foot-and-mouth disease and a disastrous winter.
Philippine monetary board OKs liquidity facility
PHILIPPINES - The Monetary Board, the policy-making body of the Philippine central bank, has approved the establishment of an inter-day liquidity facility to help banks in their financing requirements.
Iran plans to tap capital markets for funds-cbank
IRAN - Iran is talking to foreign banks with a view to raising money on the international capital markets "when the time is right", the central bank governor, Mohsen Nourbaksh, said on Apr 16.
Chile central bank eliminates 'encaje' rule
CHILE - Chile's Central Bank on Apr 16 eliminated its "encaje" rule, which requires foreign investors to deposit an amount equivalent to a percentage of their investments with the central bank at no interest.
Argentine cbank chief hopes to stay through 2004
ARGENTINA - Argentina's Central Bank President Pedro Pou on Apr 16 denied market rumors that he planned to heed calls that he resign amid allegations that he turned a blind eye to money laundering.
IMF selects director of new evaluation office
IMF - Montek Singh Ahluwalia has been appointed as the new director of the International Monetary Fund's independent Evaluation Office (EVO).
Lemierre rejects talks on ECB candidature - report
GERMANY - Jean Lemierre, president of the European Bank for Reconstruction and Development, dismissed media speculation he is a candidate as the next head of the European Central Bank, a British newspaper reported on Apr 16.
India's cbank tightens banks' bullion trade norms
INDIA - The Reserve Bank of India has tightened bullion trading norms for commercial banks after some of them faced potential losses from their exposure to a cooperative bank that specialises in gold trade.
BOJ leaves monetary policy unchanged
JAPAN - The Bank of Japan's policy board voted unanimously to keep its current policy unchanged at its first two-day policy board meeting that ended Apr 13, 2001.