News
South African fake central bank web site shut down
SOUTH AFRICA - A Nigerian syndicate has set up an elaborate fake South African Reserve Bank web site to pull off a so-called "419" advance-fee scam in which victims are promised millions in return for their assistance in moving vast amounts of money out…
Kazakhstan's foreign currency, gold reserves up
KAZAKHSTAN - Kazakhstan's foreign currency and gold reserves, including the National Fund's finances and the National Bank's gross foreign currency and gold reserves, have gone up by 1 per cent since the beginning of August, amounting to 4.58bn dollars.
Hong Kong's credit card problems surge
HONG KONG - Credit card write-offs in Hong Kong surged to a record annualised rate of 13.63 per cent in the second quarter of this year, reflecting the slowdown in the local economy and a rise in personal bankruptcies.
Hungary president blocks probe on secret services
HUNGARY - Hungary's state president and the head of the central bank have become embroiled in growing controversy over Communist-era links with the secret services.
Iran's c bank governor says economic growth steady
IRAN - The governor of the Central Bank of Iran has said the country's economy enjoys a steady growth and that the positive trend will continue.
Russia plans jewellery sale to pay debts
RUSSIA - Some of Russia's most valuable jewellery is to be sold as part of the country's desperate search for funds to repay its debts.
Minutes of the Federal Open Market Committee
MINUTES - The Federal Reserve on Thursday released the minutes of its regular FOMC meeting held on 25-26 June. Federal Reserve policymakers expressed optimism about the economy's recovery two months ago despite the business scandals that have eroded…
Sveriges Riksbank Press Release
PRESS RELEASE - Repo rate left unchanged at 4.25 per cent, 16 August.
Sveriges Riksbank Press Release
PRESS RELEASE - Preliminary financial market statistics for May and June 2002, 15 August.
FSA open secret anti-terrorist bunker in London
UK - The UK financial watchdog has opened an emergency headquarters to keep the financial heart of the capital beating in case of a major terrorist attack on London.
Brazil's central bank to reduce domestic debt
BRAZIL - The focus in Brazil's financial troubles shifted on Thursday to domestic reaction to the government's measures to boost prices of domestic debt and reduce volatility in the price of mutual funds.
Korean terms of trade deteriorate in 2nd Quarter
KOREA - The nation's terms of trade deteriorated in the second quarter of the year, due to global hikes in the price of oil the Bank of Korea reports.
Dollar falls for fourth day in five versus euro
US - The U.S. dollar fell for a fourth day in five against the euro after a Federal Reserve report showed Philadelphia-area manufacturing unexpectedly contracted this month, the latest sign the U.S. economic recovery is slowing.
Court upholds ruling on Argentine deposit freeze
ARGENTINA - An Argentine federal appeals court has upheld a prior ruling that declared unconstitutional the deposit freeze in place since December last year, along with all subsequent measures based upon it, local press reported.
Some Fed members saw policy as too easy in June
US - In late June, some members of the Federal Reserve's interest-rate panel thought monetary policy was too easy for the central bank's long-term inflation-fighting and growth goals FOMC minutes show.
Fed revises estimate on number and value of checks
US - Newly released numbers from the Federal Reserve System suggest that US check usage may have peaked in the 1990's and if so, that check writing in the U.S. may be steadily giving way to electronic forms of payment.
O'Neill sees growth, zero inflation
US - U.S. Treasury Secretary Paul O'Neill has said that the U.S. economy was set to exit 2002 in good shape with inflation benign, but exhorted corporate executives to help revitalize the economy by setting an example of honesty and integrity.
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 15 and 16 July 2002, released 14 August. The minutes show that the members felt the U.S. economy was continuing on a recovery trend. On the current state of Japan's economy, members…
Minutes of Japan's Monetary Policy Meeting
MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 26 June 2002, released 14 August. The policy board acknowledged that most U.S. economic indicators confirmed that the country's economy continued to be on a recovery trend. The board…
Bank of England News Release
NEWS RELEASE - Bank of England £5 Banknotes, 14 August.
Federal Reserve Bulletin - August 2002
REPORT - The Bulletin is in two parts. Firstly the Monetary Policy Report to the Congress and an article, 'The Use of Checks and Other Noncash Payment Instruments in the United States'. The article suggests that the use of checks in the United States has…
High gold price hits demand in India
INDIA - India, the world's largest consumer of gold, has cut imports of the precious metal by nearly half because of the sharp rise in global prices in recent months.
BOK unlikely to make up for gov't losses
SOUTH KOREA - The Bank of Korea (BOK) expressed reservation yesterday about taking actions to make up for losses incurred by irretrievable public funds that were used to stabilize the economy in the wake of the 1997 IMF financial crisis.
Hungary's Jarai admits reporting to secret service
HUNGARY - The chairman of the National Bank of Hungary Zsigmond Jarai yesterday protested against publishing his personal data, but today, he gave a statement to a Hungarian newspaper. The report comes from BBC monitoring.