News
Regulator considers bailout of China banks
The China Banking Regulatory Commission said on Thursday 29 May that time is running out for lenders to reduce the levels of nonperforming loans and if this did not happen a bailout of the industry may be considered, according to a report by Reuters.
Japan conducts record FX intervention
May saw the Bank of Japan's largest ever monthly intervention in the foreign exchange markets using Y3,900bn to halt the Yen's rise, the Financial Times reported.
Korean economy in serious condition: BOK governor
Governor Park Seung of the Bank of Korea said on Thursday 29 May that low growth and high unemployment pose a threat to the economy which has been heading toward a downturn since the third quarter of last year, according to the Korea Times.
U.S. Implementation of Basel II Accord
Documents Relating to U.S. Implementation of Basel II, May 2003. Documents providing information about U.S. implementation of the proposed Basel Accord revisions (Basel II).
Chicago Fed 2003 Payments Conference
The Federal Reserve Bank of Chicago's third Payments Conference, Can Existing Payment Networks Meet Future Needs, will be hosted at the Chicago Reserve Bank on May 29-30, 2003.
Russian gold reserves reach new record high
Gold reserves in Russia reached a new record high this week at 59.9bn dollars, according to a report by the Interfax news agency..
Former Russian c banker appointed to Sistema board
Ex-president of the central bank of Russia Viktor Gerashchenko has become a member of the Consultative Board of the Sistema joint-stock financial corporation, according to a report by the ITAR-TASS news agency.
ECB economist - Deflation concerns are excessive
Otmar Issing of the European Central Bank said on Wednesday 28 May that deflation concerns are excessive and that currently, this is like a Pavlovian reflect, according to a report by Reuters.
Fed's Parry: Economy still in soft patch
President Robert Parry of the San Francisco Federal Reserve said on Wednesday May 28 that the Fed still has room to lower rates in spite of forecasts of stronger growth.
Germany accused of cooking OECD's books
An OECD spokesman admitted on Wednesday May 28 that an influential report was doctored at the request of the German government in order to provide a more flattering picture, according to a report in the Daily Telegraph.
RBZ to introduce new capital mandatory for banks
The Reserve Bank of Zimbabwe intends to introduce a new capital regime for the banking sector which will relate a particular bank's risk profile to what authorities will require of it in terms of safeguards, according to the Financial Gazette.
China unlikely to allow locals to trade HK stocks
China's state press has said domestic traders in China are unlikely to be allowed access to international stock markets soo, reports Channel News Asia.
Bosnia to withdraw controversial c bank member
After a meeting on Wednesday 28 May, Bosnia-Hercegovina Presidency Chairman Borislav Paravac said Cvijetin Nikic would be withdrawn from duty as a member of the governing board of the Bosnia-Hercegovina Central Bank.
BoJ Monetary Policy minutes, April 7 & 8
Minutes of the Bank of Japan's Monetary Policy Meeting on 7 and 8 April 2003, released 23 May. The majority of members agreed that it was appropriate to maintain the current stance in the guideline for money market operations, and continue to provide…
Garganas under fire on salaries
In an interview published on Saturday May 24 by kathimerini, Bank of Greece chief Nikos Garganas warned that unchecked pay increases would boost inflation, reduce competitiveness and lead to job losses. But his comments drew criticism from government and…
Bank indicates worst of Venezuela's crisis over
Venezuela has forecast a partial recovery in the local economy, according to Reuters. The central bank governor said in an interview published on Tuesday May 27 that it is difficult to expect a worse situation for the remainder of the year than what has…
Calls for Serb c banker to be removed
The principal deputy high representative in Bosnia-Hercegovina, has demanded the withdrawal of Cvijetin Nikic from the managing board of the Bosnia-Hercegovina Central Bank, according to a report by the Beta news agency.
Brazil's Meirelles says inflation not yet stable
Speaking in testimony to Brazil's parliament, Bloomberg reported that central bank President Henrique Meirelles said inflation was not yet under control and the bank will keep a watch with its interest rate policy.
SARS trims growth in Malaysia to 4%
Malaysia's economy grew at its slowest pace in a year in the first quarter, the government said on Wednesday May 28, according to a Bloomberg report, as overseas sales of Unisem Bhd. and other computer chipmakers fell.
Zimbabwe bank notes crisis worsens
Tuesday May 27 saw a worsening of the bank note shortage in Zimbabwe, according to The Herald Online, with some banks running out of notes and long queues at ATM machines.
ECB's Padoa-Schioppa: no danger of deflation
Tommaso Padoa-Schioppa of the ECB was quoted Monday as saying speculation over deflation was alarmist and that the central bank stands ready to act if necessary, according to Reuters.
Iran: New central bank governor speaks on policy
Iran's recently appointed central bank chief Ebrahim Sheybani said Saturday the CBI will try to maintain more attentive supervision over monetary policies to better rein in inflation, reports the IRNA news agency.
Turkey, Kazakhstan sign banking sector memorandum
Turkey's Banking Regulation and Supervision Agency and the central bank of Kazakhstan have signed a memorandum of understanding in the line of the joint goal of ensuring financial system stability, according to the anatolia news agency.
Gold bars worth $500m seized at Syrian border
A haul of 2000 gold bars was found during the routine inspection of a truck near the Syrian border, according to Reuters. The gold was estimated to be worth about $500 million and may have come from the Iraq central bank's reserves.