News
"Wise man" calls for half-point ECB rate cut
GERMANY - One of Germany's senior economic advisers has said that the European Central Bank should cut interest rates by half a percentage point to help boost the economy.
SE Asian ctrl bankers to meet in Singapore Jun 1-2
SINGAPORE - Southeast Asian central bankers will gather in Singapore for a two-day meeting starting on Friday 1 June to discuss developments in the financial markets, the Monetary Authority of Singapore, the meeting's host, said.
Rebuke for UK chancellors ECB reform calls
UK - Gordon Brown has come under criticism from Ernst Welteke, who was speaking yesterday (29 May), for urging the ECB to improve its openness after just three years of operation.
Philippine government plans to raise its PNB stake
Philippines - The Philippine National Bank has said the government planned to increase its stake in the ailing bank, but wasn't keen on taking a majority shareholding.
African bank hit by protests
SPAIN - The African Development Bank (ADB), which works to reduce poverty and help struggling economies, has become a target of anti-capitalist protestors, despite its popularity amongst poor people in Africa.
Nigerian bank begins reforms next week
NIGERIA - A restructuring exercise that will reposition the Central Bank of Nigeria (CBN) for greater efficiency will begin next week, 4 June.
Thai government sacks central bank boss
THAILAND - The Thai government has sacked the governor of the Central Bank, Chatu Mongol Sonakul, following a dispute over monetary policy. Prime Minister Thaksin Shinawatra said he was not satisfied with the bank's policy of keeping interest rates low.
Bank of England - Basle can undermine stability
UK - The Bank of England has issued a warning over new capital rules put together by the Basle committee of bank regulators.
Thai PM says central bank is free to set rates
THAILAND - Thai Prime Minister Thaksin Shinawatra said on 25 May that the Bank of Thailand (BOT) had the freedom to set the country's interest rate policy and his government's views only reflected its concern on the issue.
IMF deal forbids Russian bank gold sales
RUSSIA - Russia's deal with the International Monetary Fund (IMF) would forbid Moscow from selling gold from central bank reserves, even to help in emergencies, a government source said on 25 May.
New board of directors at Bank of Uganda
UGANDA - Tumusime Mutebile has been appointed as the new governor of the Bank of Uganda.
Senior appointment at HKMA
HONG KONG - The Hong Kong's government's Financial Secretary has approved the appointment of Mr Eddie Yue Wai-man as Executive Director.
The BMA's new governor arrives
BAHRAIN - The new governor of the Bahrain Monetary Agency (BMA), Shaikh Ahmed bin Mohammed al-Khalifa, has taken up his position. He was appointed at the same time as the mid-April cabinet reshuffle.
Argentina's Senate approves new bank chief
ARGENTINA - Argentina's Senate voted late on 23 May to approve the appointment of Roque Maccarone as new president of the Central Bank.
Former Brazil bank chief faces accusations
BRAZIL - The Brazilian government is now confronting accusations that a former president of the Brazilian central bank sold information to private bankers just before a large currency devaluation two years ago.
Strong backing for Bank of England rate cut
UK - The Monetary Policy Committee (MPC) of the Bank of England voted eight-to-one to trim interest rates 0.25%, when they met earlier this month, minutes from the meeting have shown.
Hayami repeats reform need for economic recovery
JAPAN - Bank of Japan Governor Masaru Hayami played up the need for Japan to promote structural reforms in order to help its depressed economy get back on track.
Central bank to review monetary trends weekly
HUNGARY - The National Bank of Hungary (NBH) has said that its monetary committee will in the future review monetary trends and the operation of monetary policy tools on a weekly basis, on the first working day of a week.
Government proposals rejected by bank panel
INDONESIA - An independent panel formed to review proposed changes to Indonesia's central bank law has rejected a proposal that will allow the president to dismiss the central bank's board of governors.
People's Bank plans customer protection scheme
CHINA - China plans to set up a deposit insurance system to protect bank customers and reduce increasing risks in the banking sector. Announcing the plan, People's Bank of China (PBOC) Vice-Governor Wu Xialiang, said establishing such a system was an…
ECB interest rate decision - no change
EUROPE - The European Central Bank held interest rates steady on 23 May, as expected, despite pessimism about the euro zone's economic performance and prospects.
World Bank cancels Barcelona conference
SPAIN - The World Bank has decided to suspend its Annual Bank Conference on Development Economics (ABCDE) in Europe, due to be held in Barcelona on June 25-27, to avoid protests from anti-capitalist groups that had stated their intention to disrupt the…
OECD praises Irish economy
IRELAND - The OECD has praised the Irish government's management of its economy and played down the prospect of it overheating.
Possible successors to Duisenberg listed
FRANCE - French Finance Minister Laurent Fabius, BNP Paribas Chairman Michel Pebereau, European Union Trade Commissioner Pascal Lamy and European Central Bank board member Tommaso Padoa-Schioppa are possible successors to ECB President Wim Duisenberg…