News
Malaysia to introduce smart cards next year
MALAYSIA - While commercial banks will reimburse those who had money illegally withdrawn from automated teller machines, Bank Negara has directed banks to replace magnetic strips with chip technology from next year.
Black rivals aim to take the shine off gold cards
UK - When it comes to credit cards, black is the new gold reported Tuesday's Financial Times. National Westminster Bank has launched the first of a new class of premium cards aimed at the country's highest earners and designed to leave the gold card…
IMF - Polish central bank has room for more easing
US - The Polish central bank has room to ease monetary policy further, after its half percentage point rate cut on Wednesday, the IMF said, with some IMF directors urging a more ambitious rate cut strategy.
IMF increases stand-by credit to Uruguay by $1.5bn
URUGUAY - The IMF today increased its current Stand-By Credit to Uruguay by about $1.5bn to about $2.28bn. Uruguay may draw up to $508m immediately. A further $650 million will become available under the augmented Stand-By Arrangement during the…
Bank of Japan monetary policy decision
PRESS RELEASE - At the Monetary Policy Meeting held today, the Bank of Japan decided, by unanimous vote, to leave the guideline for money market operations for the intermeeting period unchanged.
Ahady plans new currency for Afghanistan
AFGHANISTAN - The new head of the Afghan central bank, Anwar Ahady, has announced his plans to increase the nominal value of the afghani by a thousand with a view to promoting financial stability and attracting foreign investment.
RB of New Zealand criticised by finance minister
NEW ZEALAND - The Reserve Bank of New Zealand's management of monetary policy came under attack from the country's finance minister Michael Cullen today when he alleged that it was failing to interpret the bank's written policy agreement with the…
BOJ intervenes again to defend tumbling dollar
JAPAN - The Bank of Japan intervened three times overnight to bolster the dollar, spending an estimated $5 billion. This intervention, its sixth daily dollar-buying move since late May and the second this week, was in reaction to the dollar's decline…
Ignatyev wants stronger ruble
RUSSIA - Sergei Ignatyev, chairman of the Central Bank of Russia, on Tuesday reaffirmed his desire for a stronger ruble, saying that the bank is adopting a policy that implies a "gradual inflation decline and a certain appreciation of the ruble to…
Mexico's assets and reserves increasing
MEXICO - The Banco de Mexico has announced that Mexico's net international assets rose to $45.277 billion on June 21 from $44.781 billion on June 14. It also said that its international reserves were at $42.107 billion, up from $41.961 billion the week…
China & S Korea sign $2bn currency swap deal
CHINA - The central banks of China and the Republic of Korea Monday signed a $2 billion currency swap deal which both sides hailed as a move to enhance bilateral co-operation and regional financial stability.
Former cb governor keeps pmt seat in elections
PAPUA NEW GUINEA - Papua New Guinea's former central bank governor, Sir Mekere Morauta, who since became prime minister, has succeeded in keeping his seat in parliament following an election tainted by violence, although the future of his government…
Aldo Pignanelli named new Argentine cb president
ARGENTINA - Argentina's President Eduardo Duhalde has appointed central bank vice-president Aldo Pignanelli as chairman of the bank after Mario Blejer resigned on Friday, the government said in a statement. Pignanelli has been vice-president since March…
Uruguay cb to create bank protection committee
URUGUAY - Uruguay's central bank will create a special committee to oversee the provision of liquidity for the country's banks, according to central bank chairman Cesar Rodriguez. "We don't want a single bank to fold [and] we want to protect depositors'…
Eurosystem currency reserves up by 1.3bn eur
GERMANY - The ECB said eurosystem net foreign currency reserves rose 1.3bn eur to 257.6bn in the week ending June 21. The rise was due to an increase of 3.7bn eur in receivables from the IMF, whereas other holdings in foreign currency decreased by 2.5bn…
BOJ intervenes to shore up dollar
JAPAN - The Bank of Japan stepped into the foreign exchange market Monday to shore up the dollar, which at one point rose by more than 1 yen to 122.80. The dollar later returned to the 121 yen level, as the invervention was seen as relatively modest. The…
Federal Reserve Board Press Release
PRESS RELEASE - Joint Press Release by the Board of Governors of the Federal Reserve System and the Bureau of Engraving and Printing, 20 June.
Argentine central bank chief steps down from post
ARGENTINA - Mario Blejer, Argentina's central bank chief, resigned on Friday, raising fears that the country could be poised for a return to hyperinflation.
Geneva meet to debate Islamic mortgages
UK - A Bank of England working party, which includes representatives of commercial banks and the Treasury, is investigating the wider introduction of Shari'ah compliant house mortgages in the UK, according to the UK's Observer newspaper.
Thai bond plan seen as 'ambitious'
THAILAND - Thailand's plan to issue the equivalent of $18.5bn (£12.6bn) in baht bonds to pay for the central bank's massive losses from the 1997 crash are "very ambitious" and must be handled with care, said economists on Sunday.
China's e-banks gaining popularity
CHINA - At least 2.5m Chinese "netizens" - about 23 per cent of the country's regular Internet users - are likely to use electronic banking services, said a recent AC Nielsen survey on e-banking, reports the New China News Agency.
Irish central bank outlines regulatory duties
IRELAND - The central bank has written to the Government on the scope of its regulatory duties in the aftermath of the Allfirst fraud, which cost AIB dollars $691 million.
NZ closes applications for central bank chief post
NEW ZEALAND - Applications for the position of Governor of the Reserve Bank of New Zealand have closed but officials will not comment on how many candidates have expressed an interest in the position so far.
Brazil's central bank pays to keep money at home
BRAZIL - Brazil's central bank, seeking to stem an outflow of money from the country, offered banks the ability to swap local currency interest rates for dollar-linked yields.