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Romania c bank says inflation targeting off course

ROMANIA - Romania's National Bank (BNR) does not have all the necessary means to assume responsibility for attaining a clear inflation target, read the conclusion of a BNR study drafted by the bank's specialists, and coordinated by vice-governor Cristian…

Polish Statute questioned by Banking Supervisor

POLAND - Bank Gospodarki Zywnosciowej (BGZ) statute changes that would give the Polish state treasury a privileged position among shareholders have been challenged by the central bank president Leszek Balcerowicz, who also chairs the Banking Supervisory…

Brazil banks to gain with new central bank rule

BRAZIL - A new regulation that requires banks to increase their deposit reserves with the central bank is expected to cause a gain of nearly 900mn reals (US$291mn) a year for the financial system as a whole, Brazilian daily Folha de Sao Paulo reported.

CLS bank waits on Fed approval for FX settlement

UK - Settlement bank CLS, aiming to provide a global system to cut risk in settling currency deals, hopes for regulatory approval next month for a full commercial start in the last quarter of this year, Reuters reports a spokesman as saying.

Pakistan State Bank directs banks to set up ATM's

PAKISTAN - State Bank of Pakistan has directed all the domestic banks either to establish at least two auto-cash telling machine (ATMs) or join the existing Switch Network to ensure payment of salaries to government employees through ATM system.

Belarusia gets currency union proposal from Russia

BELARUSIAN - The National Bank of Belarus has received proposals from the Russian government and the Central Bank of Russia for an accelerated introduction of the Russian rouble as the single currency of the Belarusian-Russian union state, the National…

Minneapolis Fed Conferences and Events

CONFERENCES - The 17th Annual Electronic Payments Conference: "The e-Payments Revolution" will be held 17-18 September, 2002, at the Minneapolis Airport Marriott, Bloomington, Minn.

Asia central banks could be gold buyers

SINGAPORE - Asia's reserve-rich central banks are potential buyers of gold to diversify their reserve assets, even as European central banks cut their holdings, a senior official of the World Gold Council said on Monday.

South African fake central bank web site shut down

SOUTH AFRICA - A Nigerian syndicate has set up an elaborate fake South African Reserve Bank web site to pull off a so-called "419" advance-fee scam in which victims are promised millions in return for their assistance in moving vast amounts of money out…

Kazakhstan's foreign currency, gold reserves up

KAZAKHSTAN - Kazakhstan's foreign currency and gold reserves, including the National Fund's finances and the National Bank's gross foreign currency and gold reserves, have gone up by 1 per cent since the beginning of August, amounting to 4.58bn dollars.

Hong Kong's credit card problems surge

HONG KONG - Credit card write-offs in Hong Kong surged to a record annualised rate of 13.63 per cent in the second quarter of this year, reflecting the slowdown in the local economy and a rise in personal bankruptcies.

Minutes of the Federal Open Market Committee

MINUTES - The Federal Reserve on Thursday released the minutes of its regular FOMC meeting held on 25-26 June. Federal Reserve policymakers expressed optimism about the economy's recovery two months ago despite the business scandals that have eroded…

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