News
Slovakia's cb favours fast euro entry
The National Bank of Slovakia governor Marian Jusko believes joining the euro will create a "stable economic environment" and consequently favours a fast entry to the euro zone.
Lebanon cb to increase forex reserves
Lebanese central bank governor Riad Salameh intends to increase foreign exchange reserves, currently at $10.2 billion, to absorb excess liquidity owing to the government's failure to launch any Treasury bills this year, according to a report in The Daily…
Australia leaves rates unchanged at 4.75%
The Reserve Bank of Australia has now kept interest rates on hold at 4.75% for a year, the New Zealand Herald reports, as a cut in rates could further raise already worrying levels of consumer debt while a raise would damage exports.
ATM scam losses minimal says UAE cb
The UAE central bank, which has been a victim of an ATM scam, has reassured the public that "the situation is under control" and losses are not serious, according to Gulf News. The bank is taking precautionary measures.
Split in Bulgaria over nomination of cb governor
There has been disagreement among the ruling coalition in Bulgaria, according to the Bulgarian News Network, over who is to continue as governor of the central bank when current governor Svetoslav Gavriyski' term ends next Wednesday.
Bank of Canada holds interest rates at 3.25%
Bank of Canada keeps target for the overnight rate at 3 1/4 per cent, 3 June.
ECB's Duisenberg says inflation receding
Speaking at the International Monetary Conference on Tuesday 3 June, Wim Duisenberg said inflation pressures had fallen back significantly in recent months and the pace of growth in Europe should pick up, according to a Reuters report.
Argentina c bank on track to target '04 inflation
The president of the central bank of Argentina has said the country should be ready to start inflation targeting in 2004, according to Reuters. Alfonso Prat Gay told a conference it would help Argentina to return to being a normal country.
Bulgaria's central bank launches RINGS system
The National Bank of Bulgaria put its new Real-time Interbank Gross Settlement System (RINGS) into effect on Tuesday 3 June, Novinite reports. It will make possible operations with payments in euros following Bulgaria's accession to the European monetary…
BMA maintains strict money laundering regulation
The Executive Director of Banking Supervision at the Bahrain Monetary Agency said the BMA will make a 'strategic priority' of implementing international best practice in combating money laundering and terrorist financing, according to a report by AME…
Bulgarian national bank chief to run for 2nd term
Svetoslav Gavriiski said on Tuesday 3 June that he intends to run for a second six-year term as governor of the National Bank of Bulgaria, according to a report from Novinite. Earlier in the day Bulgarian President Georgi Parvanov praised the work of the…
Swiss central bank warns downturn could get worse
The chairman of the Swiss National Bank (SNB) has ruled out a sharp economic upswing in Switzerland in 2003, Swiss Info reports. Continued risks, Jean-Pierre Roth said, cannot be underestimated.
Fed's Greenspan sees signs of recovery
Speaking to the gathering of top central bankers in Berlin on Tuesday 3 June, Fed chairman Alan Greenspan said indications were that a "fairly marked turnaround" was on the way, according to a report by Assoiated Press.
IMF launches programme for West Africa
IMF Deputy Managing Director, Eduardo Aninat launched a programme designed to increase the capacity of African governments to conduct growth orientated, poverty reducing policies, according to a report by All Africa News. The launch was attended by…
RBNZ invests in Asian Bond Fund
The Reserve Bank of New Zealand today announced that it would be investing USD 25 million in the newly created EMEAP Bank of International Settlements Asian Bond Fund, 3 June.
EMEAP announcement on Asian Bond Fund
Joint announcement from the 11 EMEAP Central Banks on the launch of the Asian Bond Fund, 2 June.
Bank of Japan subscription to the Asian Bond Fund
The Bank of Japan has decided to subscribe to the Asian Bond Fund offered by the Bank for International Settlements (BIS), 2 June.
RBI defends certain coins as legal tender
The Reserve Bank of India made a statement following rumours that some coins had ceased to be legal tender, the Economic Times reports. Contrary to certain media reports, the central bank said, coins of 5, 10 and 20 paisa can still be used.
EU to lighten up on monetary policy requirements
Market watchers have suggested that the proposed narrow exchange rate band of 2.25% for ERM2 countries may be softened for Poland and other countries who fear it would be difficult to conduct fiscal policy under those conditions, according to a report in…
Bank Indonesia gov will monitor capital inflows
The recently appointed governor of Indonesia's central bank said that the bank will aim to maintain stability of the rupiah and will monitor capital inflows, according to Dow Jones.
ECB's Issing 'Deflation possible in Germany'
The ECB's chief economist Otmar Issing told Berliner Zeitung that the possibility of deflation in Germany cannot be excluded.
Malaysia plans Islamic licences for foreign banks
Bank Negara Malaysia Governor Zeti Akhtar Aziz said in a statement on Monday 2 June that following the faster-than-expected development of Islamic banking in Malaysia the bank plans to issue new Islamic banking licences to foreign banks, according to Dow…
Slovak central bank revises upwards growth in 2003
The National Bank of Slovakia said in its monetary report on Tuesday 3 June that it expects higher growth than originally predicted at 4.4 percent for 2003, according to the TASR website.
Turkish exporters blame c bank for FX drop
After criticism from the prime minister, the central bank of Turkey has received more stick, according to NTV television, this time from disgruntled exporters who blame the central bank for the drop in the US dollar.