News
Bank of Spain to close 31 branch offices by 2004
SPAIN - The Bank of Spain has decided to close 31 of its offices in as many provinces by December 2004.
China's foreign exchange reserves reach 242.7bn US
CHINA - China's foreign exchange reserves reached 242.76bn US dollars by the end of June this year, up 34.2 per cent over a year earlier, according to statistics released by the People's Bank of China, the central bank, on Thursday.
Uzbek credit unions to get 20m dollars in project
UZBEKISTAN - The Asian Development Bank, the government and Central Bank of Uzbekistan have signed a memorandum of mutual understanding on a project of development of small and micro financing, the ADB office in Tashkent said.
IMF and World Bank to shorten meetings
US - The International Monetary Fund and World Bank have again decided to cut short their annual meetings in Washington this year, fearing disruption by large demonstrations.
Bush sends Fed nominees to Senate for confirmation
US - U.S. President George W. Bush on Thursday sent to the Senate for confirmation his two nominees to the Federal Reserve Board -- Donald Kohn and Ben Bernanke, reports Reuters.
Stock slide ups economic uncertainty - Fed's Poole
US - St. Louis Federal Reserve Bank President William Poole said on Thursday the U.S. economy appears to be doing okay but that the prolonged stock market sell-off had made the outlook "murkier."
Brazil's Fraga: Expects continued IMF, G7 support
BRAZIL - Brazilian central bank head Arminio Fraga said on Thursday he expects continued support from the International Monetary Fund and the Group of Seven industrialized nations, following a meeting with top Wall Street bankers.
European Central Bank Consultation Announcement
ANNOUNCEMENT - Oversight standards for euro retail payment systems, 8 July.
Oversight standard for euro retail payment systems
REPORT - European Central Bank Document for public consultation, 8 July.
IMF Press Release
PRESS RELEASE - IMF Managing Director Horst Kohler Announces Advisory Group on Argentina, 10 July.
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve Board on Wednesday released the minutes of its discount rate meetings from 1 April to 6 May. "No sentiment was expressed in favor of an increase in the discount rate," the April 29 minutes said. The language in the May 6…
Cleveland Fed President Jordan to retire
US - Jerry L. Jordan announced on Tuesday that he plans to retire as president of the Federal Reserve Bank of Cleveland effective 31 January, 2003.
Simple answers in debate are likely to mislead
LETTER - Letter published in Thursday's Financial Times from Christopher Taylor a Visiting Fellow at the National Institute of Economic and Social Research, London.
Russian law signed preserving c bank independence
RUSSIA - President Vladimir Putin has signed a federal law on the Central Bank of Russia, the presidential press service said on Thursday.
Russia change valuation of gold and forex reserves
RUSSIA - The Central Bank of Russia is changing the method for calculating the gold and foreign exchange reserves, Central Bank First Deputy Chairman Oleg Vyugin said on Thursday.
Ecuador's banks adopt electronic interbank system
ECUADOR - Ecuadorian banks have 60 days as of 27 June to adapt their systems to the central bank's electronic interbank payment system, Ecuadorian financial daily El Comercio reported.
Solomon Islands bank head - economy at rock-bottom
SOLOMON ISLANDS - Governor of Central Bank Rick Hou says Solomon Islands has hit rock-bottom as far as the economy is concerned.
MPs urge name change at the Bank of England
UK - Did you hear the one about the Scotsman, the Welshman, the Ulsterman and the Bank of England? The Scotsman newspaper reports on Thursday that the Bank of England was infact founded by a Scotsman and that the word "England" is inappropriate in the…
Financial regulation change brought closer for EU
BELGIUM - European Union finance ministers will tomorrow discuss a radical shake-up of banking and insurance regulation in an effort to bolster Europe's defences against future financial crises.
BIS Press Release
PRESS RELEASE - Basel Committee reaches agreement on New Capital Accord issues, 10 July.
OECS undertakes economic restructuring programme
EASTERN CARIBBEAN - The governor of the Eastern Caribbean Central Bank (ECCB), Sir Dwight Venner, says several activities are underway in the Eastern Caribbean to help the sub-region address serious economic difficulties.
Yugoslavia to issue €4.1bn of bonds
YUGOSLAVIA - Yugoslavia is set to issue €4.1bn worth of bonds in early August as part of its domestic debt settlement, which could pave the way for the creation of a liquid debt market, a Yugoslav central bank official said.
Polish c bank's new duties may be unconstitutional
POLAND - The Constitutional Tribunal is likely to judge the planned amendments to the legislation regulating the duties of Poland's central bank unconstitutional, claims Mieczyslaw Czarniawski, head of the parliamentary Public Finance Committee.
UAE central bank reports surge in national staff
UAE - The UAE's central bank reported a surge in the number of its national workers as it presses ahead with a job nationalisation drive to ease reliance on foreigners.