News
Bank of England maintains interest rates at 5.25%
UK - The Bank of England's Monetary Policy Committee (MPC) has left UK interest rates unchanged. The committee met on 6 June and the decision to leave rates unchanged was widely expected by economists.
Blair may be serious about single currency entry
UK - British prime minister Tony Blair is being seen as serious about campaigning for British participation in the single currency, the euro, after the UK general election which will be held tomorrow, 7 June.
Top economists say UK should join euro
UK - Fifteen of the country's most eminent economists have urged the UK Government to join the euro in a letter to the Financial Times in London.
Malta Central Bank re-appoints governor
MALTA - Michael Bonello has been re-appointed as governor of the central bank of Malta. He was appointed by the President on the advice of the prime minister for a second two-year term until October 2003. The announcement was made on 5 June.
Police warn euro notes may make crime easier
EUROPE - The high value of euro banknotes may make financial crime easier by enabling criminals who transfer cash across borders to cram more money into briefcases, European police fear.
Central Bank of Algeria's web site 'hacked into'
ALGERIA - The Central Bank of Algeria's web site has been hacked into by persons unknown.
Banks continue self-regulation
UK - Banks and building societies should continue with self-regulation of accounts, the UK Treasury has been told by a high-powered committee it appointed to review the system.
Bank of Canada appoints visiting special adviser
CANADA - The Bank of Canada has appointed John Chant to fill the visiting economist position of special adviser to the bank. Chant is a professor at Simon Fraser University in Canada. He will serve for a one-year term starting in September 2001.
Ed Kelley to resign from Federal Reserve Board
US - The Federal Reserve Board has released the following statement from Governor Edward W. Kelley, Jr., announcing his plans to resign from the Board after at least one of the current vacancies is filled.
Asian common currency idea given cautious welcome
SINGAPORE - Asia's economies will have to integrate further before they start thinking about creating their own monetary union, Tharman Shanmugaratnam, the managing director of the Monetary Authority of Singapore, said on 4 June.
IMF backs gold
US - A senior IMF official has made a statement about gold that in the view of experts is the first of any significance made since the Board's discussion of this subject in 1995.
Stable Europe important to growth - Duisenberg
SINGAPORE - European Central Bank (ECB) President Wim Duisenberg told delegates at the International Monetary Conference in Singapore on 4 June that economic stability in the euro zone was the best contribution Europe could make to world growth.
New Thai bank head to make monetary policy changes
THAILAND - Incoming Thai central bank Governor Pridiyathorn Devakula said on 4 June that there are going to be changes in monetary policy.
Peru's new President will bring in bank chief
PERU - Alejandro Toledo, the son of a poor mountain sheep herder, won the presidency on 3 June over one-time President Alan Garcia after a campaign that left Peruvians deeply disillusioned. Aides to Garcia attempted to calm the markets by indicating that…
Malaysia's finance minister resigns
Malaysia - Malaysian Finance Minister Daim Zainuddin ended weeks of speculation about his future on 2 June, quitting his post despite Prime Minister Mahathir Mohamad's apparent efforts to retain him.
New governor to Algerian central bank
ALGERIA - Algerian President Abdelaziz Bouteflika named Mohamed Laksassi as the country's new Central Bank governor on 2 June, an official statement said.
Bank of Italy to complete BPM investigation
ITALY - Italy's central bank, Banca d'Italia, is about to complete its investigation on Italian bank Banca Popolare di Milano (BPM), which started four months ago.
SBI official in running for Indian bank job
INDIA - Vepa Kamesam, managing director of the State Bank of India (SBI), is likely to be appointed as deputy governor of the central bank next month, a senior banking source said on 4 June.
Valery Giscard d'Estaing on the euro
EUROPE - One of the co-founders (with Helmut Schmidt of Germany) of the European Monetary System in 1978, former French President Valery Giscard d'Estaing was in London yesterday to deliver the 21st Mais lecture at the City University.
New Bank of England committee member starts today
UK - The Bank of England's nine strong Monetary Policy Committee (MPC) has a new member from today, 1 June. Kate Barker, previously of the Confederation of British Industry, will replace DeAnne Julius who has served on the committee since 1997.
Bank Indonesia tight monetary policy remains
INDONESIA - Indonesia's central bank said on 1 June that the country's political instability would prevent it from loosening monetary policy in the short term, even though the ailing rupiah has shown some strength.
Congo floats its currency
CONGO - The Democratic Republic of Congo has floated its currency and raised the price of fuel in an effort to overcome the economic chaos bequeathed by almost three years of state control and inter-regional war.
Thailand to focus on economic stability
THAILAND - Thai Finance Minister Somkid Jatusripitak said on 1 June that the government did not plan any changes in its fiscal and monetary policies after a new central bank governor takes office.
Thai Baht crisis - 'Losses were typing error'
THAILAND - A committee set up to investigate the 1997 defence of the baht by the Bank of Thailand has amended its report which could potentially clear central bank officials of actions leading to the loss of tens of billions of baht.