News
China FX reserves rising to $200bn-BusinessWeek
CHINA - China's foreign reserves will rise steadily, enabling it to hold its yuan peg to the dollar in the face of the weakening yen, US-based BusinessWeek magazine on Apr 3, 2001 quoted central bank Governor Dai Xianglong as saying.
SNB profits boosted by gold revaluation
SWITZERLAND - In its 2000 annual report released on Apr 3, 2001, the Swiss National Bank said that net profit for 2000 had jumped to 28.2 billion Swiss francs ($16.3 billion), boosted by a one-off 27.7 billion franc revaluation of gold holdings.
India's SEBI chairman likely to be replaced-paper
INDIA - The chairman of the Securities and Exchange Board of India (SEBI) D.R. Mehta is likely to be replaced as part of government changes after a recent stock market crisis, a financial daily said on April 3, 2001.
Malta cbank predicts steady growth-annual report
MALTA - The Maltese economy is expected to grow between four percent and 4.5 percent in 2001 after 3.8 percent in 2000, central bank governor Michael Bonello said on Apr 3, 2001.
Korea's KFTC-BoK assistant governor new president
SOUTH KOREA - The Korea Financial Telecommunications and Clearings Institute (KFTC) selected Yoon Gye-sub, the assistant governor of the Bank of Korea (BOK), as its new director at a general meeting held on Apr 4, 2001.
Australia cuts interest rates by 0.5%
AUSTRALIA - Australia's central bank on Apr 4, 2001 cut interest rates by half percentage point to boost consumer confidence and limit the impact of a global slowdown. It was the third reduction at board meetings in a row.
Risk measurement and systemic risk conference
CENTRAL BANK CONFERENCE - On March 7-8, 2002, the Committee on the Global Financial System (CGFS), in co-operation with the Bank of Japan, the Board of Governors of the Federal Reserve System and the European Central Bank, will host, under the auspices…
IMF Koehler urges ECB to cut interest rates
EUROPE - International Monetary Fund Managing Director Horst Koehler called on the European Central Bank on Apr 2, 2001 to cut interest rates in order to help a slowing euro-zone economy.
BIS to open office for the Americas in Mexico City
LATIN AMERICA - The Bank for International Settlements announced on Mar 30 that it is planning to establish a representative office for the Americas in Mexico City.
Hong Kong Exchange Fund results for the year 2000
HONG KONG - The Hong Kong Monetary Authority announced on Mar 30, 2001 the operating results of the Exchange Fund for the year 2000, with profits hit by a volatile investment environment.
BoC annouces monetary operations changes
CANADA - The Bank of Canada is changing two of its operational procedures relating to the Large Value Transfer System, effective Apr 2, 2001.
Canadian regulator fakes website to warn investors
The Ontario Securities Commission, regulator of Canada's largest stock market, has established a fake website (www.NoRiskWealth.ca) as a cautionary demonstration to gulable online investors
BoJ new board member against targeting exch rate
JAPAN - The newest member of the Bank of Japan's Policy Board said on Apr 2, 2001 she was neither a monetary policy hawk nor a dove, but questioned whether orthodox policy could loosen deflation's debilitating grip on the economy.
GSIC cuts investments in tech companies
SINGAPORE - The Government of Singapore Investment Corp has reduced its interests in Malaysia's technology sector in the face of sluggish US demand for the country's electronics products.
South Korea's FX reserves dip to $94.44bn
SOUTH KOREA - The South Korea's foreign exchange reserves dipped by $890 million from a month earlier to $94.44 billion as of late Mar 2001, falling for the fourth straight month, the Bank of Korea said Apr 2.
Pakistan cbank announce measures to boost reserves
PAKISTAN - Pakistan's central bank on Mar 31, 2001 announced measures to boost its foreign exchange reserves, a day after the International Monetary Fund released fresh money under a standby credit agreement.
CFA franc withstood Ivorian turmoil - central bank
IVORY COAST - The CFA franc used by eight West African states stood up well to the turmoil in Ivory Coast after a December 1999 army coup and remains a solid currency, the head of the countries' common central bank said on Mar 31, 2001.
New details on National Bank of Ukraine scandal
UKRAINE - New details have been provided on the charges of financial impropriety against the former deputy chairman of the National Bank of Ukraine, Volodymyr Bondar.
Trichet casts doubt over ECB rate cut on Apr 11
EUROPE - Following a Franco-German meeting of finance ministers and central bankers, fresh doubt was cast on the prospects for an interest rate reduction when the ECB next meets on Apr 11, 2001.
Nepal defence minister quits over cbank chief
NEPAL - Nepali Defence Minister Mahesh Acharya quit the government late on Mar 29, 2001 after the Himalayan kingdom's highest court reversed an earlier decision of his to dismiss the central bank governor.
Gaspari - Slovenia's new central bank governor
SLOVENIA - On Apr 1, Mitja Gaspari begins a six year term as governor of the Bank of Slovenia, replacing France Arhar, who headed the central bank for 10 years.
RBI dividend up 52% contains fiscal deficit
INDIA - A steep increase of over 51 per cent in the dividend payouts by Reserve Bank of India will help the Indian government to contain the fiscal deficit within 5.1 per cent.
Hayami justifies radical monetary easing in March
JAPAN - Bank of Japan Governor Masaru Hayami on Mar 30, 2001 raised the spectre of weak demand tipping the world's second-largest economy into a destructive deflationary spiral.
Brazil cbank forecasts inflation at 4.8% in 2001
BRAZIL - Brazilian inflation, as registered by the IPCA index, should reach 4.8 percent in 2001, above initial forecasts but within government targets, the central bank said Mar 30, 2001.