News
Boost for Germany's financial role
GERMANY - Recent reforms to modernise regulation of Germany's financial markets are likely to strengthen the country's position as an international financial centre, even though the government had to compromise on its proposals.
Sri Lanka c bank hands cheque clearing to local Co
SRI LANKA - The Central Bank of Sri Lanka has delegated the bank's operation of clearing cheques to local company Lanka Clear Ltd., reports the Daily News, quoting the central bank governor.
IMF stresses Polish c bank must remain independent
POLAND - The International Monetary Fund expects a limited reduction in official Polish interest rates in 2002, as 900 basis points of cuts over the past 12 months take effect, but it harshly criticized government coalition members' attacks on the…
US-based professor new Afghan central bank chief
AFGHANISTAN - An American-based university professor and former merchant banker on Sunday was appointed to probably the toughest finance job in the world - governor of the Afghan Central Bank.
President of Bank of Estonia's earnings
ESTONIA - The pay of the Estonian central bank's President Vahur Kraft totalled 874,186 kroons (EUR 56,000) in 2001, of which the 12-month salary made up 486,360 kroons.
HK monetary chief takes a 10% pay cut
HONG KONG - Hong Kong monetary chief Joseph Yam, claimed by many as being over-paid, became the first senior civil servant to take a pay cut as part of the government's belt-tightening drive.
BOJ to cut retirement money for its directors
JAPAN - The Bank of Japan (BOJ) said Friday it will cut retirement allowances for all its directors in line with the government's recent decision on pay cuts for executives of public corporations.
RBI gets new note verification system
INDIA - Counterfeiters of currency may face a tough time now. The public can look forward to fewer soiled notes in circulation. An advanced Currency Verification and Processing System (CVPS) has been inaugurated at the Reserve Bank of India, Bangalore,…
BNB to take gold reserves out of bank vaults
BULGARIA - The Bulgarian government's recent debt swap operations made the Bulgarian National Bank (BNB) start leading a more active policy in managing Bulgaria's foreign currency reserves.
Fed's Hoenig - US economy likely to grow strongly
US - The U.S. economy is likely to grow strongly, Kansas City Federal Reserve Bank governor Thomas Hoenig said Tuesday.
Argentine ex-minister arrested
ARGENTINA - The former Argentine economy minister, Domingo Cavallo, has been arrested in connection with illegal arms sales to Croatia and Ecuador in the 1990s.
SNB sell 4.1 metric tons of gold in latest 10 days
SWITZERLAND - The Swiss National Bank sold 4.1 metric tons of gold in the latest 10-day reporting period ended March 28, the central bank's regular statistical report showed Tuesday.
Vietnam cuts banks' reserve requirement to 8 pct
VIETNAM - Vietnam's central bank said on Tuesday it had cut the level of reserves banks must maintain for foreign currency deposits to eight percent from 10 percent.
Hayami - Financial system conditions remain severe
JAPAN - The condition of the Japanese financial system remains severe and the Bank of Japan will do its utmost to ensure financial stability, BOJ governor Masaru Hayami said Tuesday.
Banjul joins single currency
GAMBIA - The Gambia has joined five other countries in the West African sub-region in the introduction of a single currency, the West Africa Second Monetary Zone ( WAMZ).
Portugal has budget woes, not crisis - c bank
PORTUGAL - Portugal's Central Bank Governor Vitor Constancio said on Monday the country was facing budget problems as its deficit widened but not an economic crisis.
Bulgarian nat bank to tighten bank system control
BULGARIA - The Bulgarian National Bank (BNB) will closely monitor the small shareholders in Bulgarian banks, which acquire stakes of over 3.0 pct, according to Banking Act amendments, reports Bulgarian News Digest.
PBOC challenged on conflict in supervisory role
CHINA - A fierce debate is raging within the Chinese Government over whether to remove from the central bank its role as supervisor of the banks and set up a new organisation that would do a better job.
Market-based monetary management in Pakistan
ARTICLE - In the late 1980s the developing countries were attracted to the growing importance of International Monetary Fund's Stabilisation Programme and the World Bank's Structural Financial Adjustment Programme to carry out the desired market-oriented…
Czech Senate okay c bank law on meeting EU needs
CZECH REPUBLIC - The Czech Senate on Wednesday approved an amendment to the Czech National Bank (CNB) bill which brings the legislation into line with European Union requirements.
IMF dilutes its role in int'l bankruptcy plan
US - The International Monetary Fund on Monday amended its proposal for developing a system to allow troubled countries to file for bankruptcy protection to give it a smaller role than creditors.
Argentina pleads for new aid
ARGENTINA - A delegation from the International Monetary Fund (IMF) has arrived in Argentina to weigh up whether to grant the stricken country fresh aid.
Japan's tankan survey shows economy nearing upturn
JAPAN - Corporate confidence in Japan stopped falling for the first time in five quarters in March but was still weak, a widely watched central bank survey showed on Monday, pointing to a modest economic rebound from June.
Tokyo, Beijing sign currency-swap deal
JAPAN - The Japanese government signed a currency-swap agreement with China on 28 March.