News
China to promote small loans to rural households
CHINA - A spokesman for the People's Bank of China (PBOC) said Monday that the central bank will adopt more effective measures to guide and promote rural credit cooperatives to grant small credit loans to rural households.
Korea's foreign ex reserves over $116 billion
KOREA - The Bank of Korea said Saturday the nation's foreign exchange reserves as of the end of October amounted to $116.9 billion, up $305 million from the end of the preceding month.
Mexico holds firm on inflation targets
MEXICO - Mexico's Central Bank president held firm on the country's inflation targets for this year and next, even as expectations of higher inflation and diminished growth mount.
World Gold Council welcomes Shanghai gold trading
CHINA - The World Gold Council has welcomed the successful launch this week of trading in physical gold on the new Shanghai Gold Exchange. Trading started on Wednesday, October 30, and in the three days since more than 790 kilos of gold bullion has…
Monetary Council of ECCB meets in Anguilla
ST KITTS - Member countries of the Eastern Caribbean Central Bank (ECCB) have recommitted themselves to maintaining the value of the exchange rate at 2.70 EC Eastern Caribbean dollars to the United States dollar.
Swedes could reject euro, says union body
SWEDEN - The head of Sweden's powerful blue collar labour organisation has warned that Swedes could reject membership of the euro unless the government takes special measures to protect the country's cherished welfare model.
Customs union a step towards GCC integration
OMAN - The GCC monetary union is a stepping-stone for "higher order of integration among member states," said Hamoud Sangour Al Zadjali, Central Bank of Oman executive president.
UAE c bank begins registering hawala operators
UAE - In a first step towards regulation of hawala, the UAE Central Bank has embarked on a registration and reporting system for hawaladars or brokers.
Argentina: World Bank extends loan deadline
ARGENTINA - World Bank President James Wolfensohn said the due date for a debt payment to the World Bank has been pushed back to 14 Nov from 9 Nov, Argentine Economy Minister Roberto Lavagna said in a Sunday newspaper interview.
Bank of Greece set to improve transparency
GREECE - The Bank of Greece on Friday indicated that restrictions on consumer and personal loans could be lifted next year on condition that the current slowdown in credit growth continues at the same pace and a forthcoming study can prove that Greek…
Solomon c bank warns on fake Diana charity
SOLOMON ISLANDS - The Solomon Islands Central Bank has stepped up its campaign against the promoters of a get-rich-quick scheme that claims links with the late Princess Diana.
Ghana will play active part towards monetary union
GHANA - Vice President Aliu Mahama on Thursday said Ghana would fully support all activities toward the adoption of a monetary union for West Africa to facilitate trade and movement for the socio-economic benefit of the 250 million people in the Sub…
Yugoslav central bank will not devalue dinar- gov
YUGOSLAVIA - The Yugoslav central bank is determined to keep the dinar exchange rate at its current level because any major change could seriously threaten reforms, Yugoslav central bank governor Mladjan Dinkic has said.
Brazil c bank sees 2003 inflation near 6 pct-COPOM
BRAZIL - Brazil's Central Bank sees 2003 inflation near its adjusted target of 6 percent, above its previous projection of about 5 percent, the minutes of its Oct. 22-23 rate-setting meeting reveal.
Czechs cut interest rates for fifth time this year
CZECH REPUBLIC - The Czech central bank yesterday cut interest rates for the fifth time this year in a new attempt to stimulate faltering domestic economic growth and slow the rapid appreciation of the Czech koruna.
Fear over house prices prevented interest rate cut
UK - Fear of stoking the overheated housing market was one reason why the majority of the members of the Bank of England's rate-setting monetary policy committee decided against an interest rate reduction last month.
Koizumi set for back-seat role on bad loan reforms
JAPAN - Junichiro Koizumi, Japan's prime minister, yesterday suggested he would not play an active political role in implementing measures to clean up bad loans, saying he would leave the details to economic tsar Heizo Takenaka.
Central bank head says successor must be Bosnian
BOSNIA - The governor of the Bosnia-Herzegovina Central Bank (CB BiH), Peter Nicholl, on Friday confirmed to the SRNA news agency that he would step down as governor in 10 months and that the new governor, according to the current law, will have to be a…
Former Canada bank governor to head new watchdog
CANADA - Former Bank of Canada Governor Gordon Thiessen will head a new review panel created by Canadian regulators to monitor the auditors of public companies, the Ontario Securities Commission said Thursday.
Japan under pressure for more policy action
JAPAN - Pressure on Japanese policymakers to ease the deflationary burden on the economy mounted on Friday, as economists voiced doubts over the effectiveness of new reform plans and a top U.S. official called for more aggressive action.
Tokyo stocks fall more than 1 percent Thursday
JAPAN - Tokyo stocks fell more than 1 percent Thursday after a long awaited government economic package failed to impress investors, who sold select blue chip shares. The dollar slid against the yen.
Sri Lankan central bank bomber gets 200 years jail
SRI LANKA - The leader of the Tamil Tiger rebels Velupillai Prabhakaran has been sentenced to 200-years imprisonment today (Thursday) along with three other "LTTE cadres" by the Colombo High Court in connection with the attack on the Central Bank of Sri…
Eurozone inflation climbs to 2.2% in October
GERMANY - Inflation in the Eurozone continued to climb in October according to the estimate released on Thursday by Eurostat, the European Commission's Statistical Office.
Dollar tie-up won't affect currency says Kuwait
KUWAIT - Kuwait said yesterday a decision to link its currency fully to the dollar was not expected to weaken the dinar nor trigger inflation.