News
Parliament worries over euro note chaos
Fears are growing that the introduction of euro notes and coins on 1 January 2001 will create logistical nightmares for eurozone authorities.
Euro rates held steady
EUROPE - The European Central Bank has decided to leave interest rates unchanged after a scheduled board meeting in Frankfurt on Apr 26.
Economic outlook bleak for Japan
JAPAN - The Bank of Japan has painted a bleak economic picture of weak growth combined with intensifying deflation in its half-yearly report. But a 1.6% rise in retail sales in March from a year earlier provided a ray of hope for new Prime Minister…
Cavallo resumes control of Argentine economy
ARGENTINA - The fall of Argentine pro-Menem Central Bank chairman Pedro Pou has increased the power of Economy Minister Domingo Cavallo.
IMF's Koehler says he didn't intend to pressure EC
GERMANY - International Monetary Fund Managing Director Horst Koehler said he had never intended to put pressure on the European Central Bank to cut rates, but reiterated that a cut would help world and European growth.
Australian inflation lowers rate cut call
AUSTRALIA - Expectations of an interest rate cut have been lowered after the release of surprisingly high inflation figures. The Reserve Bank board is due to meet next week.
Inflation fears lower rate cut hopes
EUROPE - Prospects for an early reduction in interest rates by the European Central Bank receded further yesterday as higher than expected German inflation figures were announced.
Calls grow for ECB to cut rates
EUROPE - A United Nations body yesterday, Apr 24, called for the ECB to follow the lead of the US and cut interest rates if it wants to avoid a slide into recession.
Maccarone likely to replace Pou
ARGENTINA - A congress committee has recommended that Argentine president Fernando de la Rua fires Pedro Pou, president of Argentina's central bank. Banker Roque Maccarone is tipped as his replacement.
South African growth levelled in first quarter
SOUTH AFRICA - The Central Bank of South Africa reports that growth levelled in the first quarter of 2001.
US, Europe need not follow same policies-Issing
EUROPE - European Central Bank board member Otmar Issing said on Apr 23 globalization did not mean the United States and Europe needed to follow the same policies.
CSFB's Crisp sees more central bank gold sales
GOLD - Governments could step up gold sales in the coming decade, with even current non-sellers mobilizing bullion, but would do so with more transparency to a market dogged by uncertainty about central bank disposals, Credit Suisse First Boston's top…
Cavallo accuses cbank chief of sowing chaos
ARGENTINA - Argentine Economy Minister Domingo Cavallo on Apr 23 accused Central Bank chief Pedro Pou of trying to create chaos to divert attention from his own problems.
Argentina impact on Mexico not significant-Ortiz
MEXICO - Mexico's economy is not being significantly hurt by the turmoil gripping Argentina's financial markets, Banco de Mexico Governor Guillermo Ortiz said on Apr 23.
IMF urges Indonesia to maintain tight mon policy
INDONESIA - An IMF official has suggested that Bank Indonesia should be more flexible in adopting tight monetary, which is aimed at curbing the inflation and reducing pressure on the rupiah.
New Kenya cbank governor to focus on inflation
KENYA - Kenya's new central bank governor said on Apr 24 the bank's focus would remain on controlling inflation and addressing supply side constraints hindering economic growth.
BoJ to implement RTGS for foreign cbank JGB sales
JAPAN - The Bank of Japan said it will improve its infrastructure to enable Japanese government bond sales by foreign central banks to be settled under the real-time gross settlement system.
HKMA gets green light on HK deposit insurance
HONG KONG - Hong Kong's Executive Council has approved in principle a deposit insurance scheme proposal aimed at protecting depositors in the case of bank failures, the Hong Kong Monetary Authority said on Apr 24.
HKMA official not optimisic about Exchange Fund
HONG KONG - A Hong Kong Monetary Authority official said she was not optimistic about the investment return of the territory's Exchange Fund for 2001 because of volatility in the U.S. stock market.
Britain will escape global slowdown
UK - Details revealed in a leaked IMF report suggest that Britain will escape the worst of the global economic slowdown and will fare better than its european rivals.
IMF consultation approves Canada inflation target
CANADA - The International Monetary Fund said in a statement following its annual article IV consultation that there appeared to be no compelling reason for the Bank of Canada to change its inflation target.
Bank disclosure currently inadequate
EUROPE - Survey reveals banks still have ground to make up to meet disclosure requirements.
Ageing and financial stability
ARTICLE - Population ageing might involve major shifts in financing, which may give rise to financial turbulence and systemic risk. Philip Davis, professor of economics at Brunel University, has prepared a paper on this subject for a Bundesbank…
Argentina Cavallo to recommend removing Pou-papers
ARGENTINA -Economy Minister Domingo Cavallo will recommend the firing of Central Bank President Pedro Pou, local newspapers reported on Apr 22.