News
Pakistan tightens up rules on terror money
PAKISTAN - Pakistan is to announce new rules on Monday for tighter regulation of foreign currency dealers in an attempt to curb money laundering.
Study claims UK's 5 euro tests are already met
UK - The government's five economic tests for UK entry to the euro have already been met, according to a new academic study.
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve Board on Thursday released the minutes of its Federal Open Market Committee Meeting of 7 May 2002, released 27 June.
Polish central bank head denies resignation rumour
POLAND - Central bank president Leszek Balcerowicz denied rumours on Friday that he wanted to resign as the Polish National Bank (NBP) president and the Monetary Policy Council (RPP) head.
Armenia to reinforce protective features of notes
ARMENIA - From 1 July 2002, the Central Bank of Armenia will put into circulation 1,000-dram banknotes with an enhanced protection system and a number of changes in its design.
Search may be on for a Greenspan replacement
US - Reports indicate that the Bush administration has commenced an informal search for Federal Reserve Chairman Alan Greenspan's successor, reports the Wall Street Journal on Friday.
Intervention pushes dollar back above 120
UK - The dollar surged back over 120 against the yen on Friday and made headway against the euro after Japan's finance ministry confirmed it had asked other central banks to intervene on its behalf to help weaken the Japanese currency.
HKMA chiefs are overpaid, study finds
HONG KONG - Hong Kong Monetary Authority (HKMA) chief Joseph Yam is one of many high ranking officials who may be forced to take pay cuts of at least 12 per cent if their governing boards endorse the recommendations of a pay study.
Has the fourth euro entry test already been passed
UK - In all the coverage of Gordon Brown's Mansion House speech on Wednesday night, it went largely unnoticed that he had in effect declared that one of the five tests for euro entry had been passed. Friday's Financial Times picked up on the story.
ECB statistical press release
PRESS RELEASE - Monetary developments in the euro area, May 2002 released 27 June.
27th Annual Economic Policy Conference
CONFERENCE - Federal Reserve Bank of St. Louis, Finance and Real Economic Activity Conference, 7-8 November 2002.
Argentine central bank may issue up to 7 bln pesos
ARGENTINA - The central bank's new chairman, Aldo Pignanelli, has drafted a new monetary plan under which the central bank will issue up to 7 bln pesos to rescue commercial banks experiencing liquidity problems, newspaper Clarin reported.
South Korean central bank to open office in China
SOUTH KOREA - The Bank of Korea has agreed to set up a representative office in Beijing, China, with its Chinese counterpart, the People's Bank of China, the Korean central bank said Thursday.
Russian Duma overrides bank law veto
RUSSIA - Russia's State Duma has overridden the Federation Council's veto on the law on the Central Bank [CBR], with 389 deputies voting for the original version of the bill, while 300 votes would be enough to make the decision.
Brazil may widen inflation target's 2 point band
BRAZIL - The finance ministry and the central bank may decide to widen the existing two-percentage points leeway above the inflation target set by the central bank, financial daily Valor Economico reported.
Malaysia to introduce smart cards next year
MALAYSIA - While commercial banks will reimburse those who had money illegally withdrawn from automated teller machines, Bank Negara has directed banks to replace magnetic strips with chip technology from next year.
Black rivals aim to take the shine off gold cards
UK - When it comes to credit cards, black is the new gold reported Tuesday's Financial Times. National Westminster Bank has launched the first of a new class of premium cards aimed at the country's highest earners and designed to leave the gold card…
IMF - Polish central bank has room for more easing
US - The Polish central bank has room to ease monetary policy further, after its half percentage point rate cut on Wednesday, the IMF said, with some IMF directors urging a more ambitious rate cut strategy.
IMF increases stand-by credit to Uruguay by $1.5bn
URUGUAY - The IMF today increased its current Stand-By Credit to Uruguay by about $1.5bn to about $2.28bn. Uruguay may draw up to $508m immediately. A further $650 million will become available under the augmented Stand-By Arrangement during the…
Bank of Japan monetary policy decision
PRESS RELEASE - At the Monetary Policy Meeting held today, the Bank of Japan decided, by unanimous vote, to leave the guideline for money market operations for the intermeeting period unchanged.
Ahady plans new currency for Afghanistan
AFGHANISTAN - The new head of the Afghan central bank, Anwar Ahady, has announced his plans to increase the nominal value of the afghani by a thousand with a view to promoting financial stability and attracting foreign investment.
RB of New Zealand criticised by finance minister
NEW ZEALAND - The Reserve Bank of New Zealand's management of monetary policy came under attack from the country's finance minister Michael Cullen today when he alleged that it was failing to interpret the bank's written policy agreement with the…
BOJ intervenes again to defend tumbling dollar
JAPAN - The Bank of Japan intervened three times overnight to bolster the dollar, spending an estimated $5 billion. This intervention, its sixth daily dollar-buying move since late May and the second this week, was in reaction to the dollar's decline…
Ignatyev wants stronger ruble
RUSSIA - Sergei Ignatyev, chairman of the Central Bank of Russia, on Tuesday reaffirmed his desire for a stronger ruble, saying that the bank is adopting a policy that implies a "gradual inflation decline and a certain appreciation of the ruble to…