News
World Bank optimistic on Russian reforms
RUSSIA - The World Bank's chief economist for Russia said he was cautiously optimistic about the outlook for the country, but banking reform and economic diversification were key tasks ahead.
C Bank of Brazil to cut number of market dealers
BRAZIL - The Central Bank has decided to reduce the number of its dealers (banks licensed to act for the Central Bank in the market) from 25 to 22, said bank director Sergio Goldenstein.
Japanese regulator punishes Citibank
JAPAN - The Japanese branch of Citibank, a part of Citigroup, the world's largest financial services company, has been punished by Japan's financial services agency, the country's chief financial regulator, for illegally helping clients to conceal losses.
IMF corrects its estimate of Philippine reserves
PHILIPPINES - The International Monetary Fund has acknowledged that the Philippine central bank's gross international reserves position is stronger than the fund's initial estimate, the bank said.
RBI pulls up IFCI for poor supervision
INDIA - The Reserve Bank of India has come down heavily on the Industrial Finance Corporation of India (IFCI) for poor supervision of its loan portfolio, lack of proper asset liability management (ALM), rollover of sticky accounts and improper asset…
Slovenian Co to supply software to Bosnian c bank
BOSNIA - Slovenian computer company Aster signed a contract in the beginning of August 2001 with the Bosnian Central Bank for the implementation of accountancy and bank software.
Manila's Arroyo not pushing for currency control
PHILIPPINES - Philippine President Gloria Macapagal Arroyo said on 9 August she was not pushing for currency controls but added: "Never say never."
India c bank revises CRR rules for deposits
INDIA - The Reserve Bank of India (RBI) has clarified that scheduled commercial banks, excluding regional rural banks, are exempt from the minimum cash reserve ratio (CRR) requirement of three percent on inter-bank term deposits/ term borrowing…
Turkmenistan leader slams central bank chief
TURKMENISTAN - At a government meeting on 6 August, Turkmen President Saparmyrat Niyazov harshly criticized the head of the Central Bank for failing to prevent embezzlement of state funds and for using his position to promote people without merit.
IMF names head of Ukraine representation
UKRAINE - The IMF has appointed Lorenzo Filiuoli as head of the organisation's representation in Ukraine.
Argentina's int'l reserves fall another 2.2%
ARGENTINA - Argentina's international reserves fell by 2.2% between 1 August and 2, according to latest data issued by the country's central bank.
Tanzania to suspend German currency printer deal
TANZANIA - The Tanzanian government has directed the central bank to rescind its decision to award a German currency printing firm a multi-million dollar tender to print banknote for Tanzania due to a recent report of mass misprinting by the company, the…
Latvian c bank says liquidity returning to normal
LATVIA - Latvia's central bank said on 8 August that interbank liquidity was returning to normal after a months' long squeeze and it was now able to offer more funds to the market.
President of Haiti appoints new central bank board
HAITI - President Jean-Bertrand Aristide has appointed a new board of directors to head the BRH, the Bank of the Republic of Haiti.
Nigeria c bank weans banks off govt loan addiction
NIGERIA - The Nigerian central bank's drive to discourage commercial bank lending to regional and local governments should control money supply and inflation but at the expense of bank profits, bankers and analysts said.
Taiwan beefs up reserves
TAIWAN - Taiwan's foreign exchange reserves last month rose by US$983 million, month on month, to US$110.11 billion.
Lebanon c bank remains main supplier of dollars
LEBANON - Demand for U.S. dollars was limited in the Lebanese market this week, with the central bank the main supplier of the hard currency, dealers said.
Philippine money laundering probe threshold cut
PHILIPPINES - Lawmakers plan to cut the deposit threshold of bank accounts that can be probed under anti-money laundering legislation.
Reserve Bank executive to have their power reduced
NEW ZEALAND - Brash to be removed as Reserve Bank chairman. The power of the executive team at the Reserve Bank is to be reduced with the introduction of law changes planned for this year.
Argentina looks to $6bn IMF loan
ARGENTINA - Argentine officials are confident of winning support for a new loan of $6bn or more from the International Monetary Fund to help the country contain the crisis of confidence engulfing its economy.
World Bank appoints new v president and treasurer
US - The World Bank has announced the appointment of Graeme Wheeler as Vice President and Treasurer effective from 3 August. He succeeds Afsaneh Mashayekhi Beschloss, who left the service of the Bank in May 2001.
Polish opposition party blasts central bank policy
POLAND - Poland's opposition social democrats, tipped to win general elections in September, blasted the central bank on 4 September for ignoring a slowing economy and mounting unemployment in its ambitious anti-inflation drive.
Bankers say no ATMs near casinos in border regions
THAILAND - The Thai Bankers' Association says that no members have automated teller machines or credit card approval terminals near or inside casinos located outside Thai territory along the Laotian and Cambodian borders.
Japan profits on yen interventions
JAPAN - The Japanese government has made a profit of about YEN 6,000bn ($49bn) on its foreign exchange reserves during the last decade, partly due to heavy bouts of intervention, a former Ministry of Finance official has said.