News
Caruana warns savings banks over shareholdings
SPAIN - the Bank of Spain governor Jaime Caruana on Apr 18 warned the annual assembly of savings banks that being stable shareholders in industrial companies, with influence on the management, could conflict with their status and objectives.
Singapore's Lee says Singapore $ policy unchanged
SINGAPORE - Singapore will maintain its policy of a "gently appreciating band" for the Singapore dollar and expects positive economic growth in 2001, Deputy Prime Minister Lee Hsien Loong told parliament on Apr 19.
Rusnok to be governor at WB, Tuma governor at IMF
CZECH REPUBLIC - The Czech cabinet on Apr 19 appointed new finance minister Jiri Rusnok to be Czech governor on the Board of Governors of the World Bank and Czech central bank governor Zdenek Tuma on the board of governors of the International Monetary…
Philippine c.bank confirms 50 bps cut in key rates
PHILIPPINES - Philippine central bank governor Rafael Buenaventura confirmed on Apr 19 that its policy-making Monetary Board decided to cut key benchmark interest rates by 50 basis points, matching the move by the U.S. Fed overnight.
Brazil hikes interest rate 50 bp to 16.25 pct
BRAZIL - Brazil's Central Bank on Apr 18 said it was hiking its key Selic lending rate for the second month running to 16.25 percent from 15.75 percent, due to expected inflation pressures from a weakening currency.
Pakistan c.bank allows all banks to deal in forex
PAKISTAN - Pakistan's central bank on Apr 18 allowed all bank branches to buy and sell foreign currency from the general public.
Tokyo denies intention to depreciate yen
JAPAN - The Financial Times reported on Apr 17 that Japanese officials were attempting to deny rumours that Tokyo was trying to boost its flagging economy at the expense of other Asian exporters and the US by weakening the yen.
Fed seeks female governor for board-Reuters
UNITED STATES - The Bush administration is seeking women and bankers to fill two empty posts on the powerful seven-member Fed Board of Governors, Reuters reports on Apr 18.
New Zealand lowers interest rates to six percent
NEW ZEALAND - The New Zealand Reserve Bank has cut its official cash rate by 0.25 percent to 6 percent following an inflation dip.
Fed decision unlikely to influence ECB rates
EUROPE - Euro-zone interest rates are unlikely to change in response to the Federal Reserve's half point cut in key interest rates. The ECB again defended its decision last week not to reduce rates.
Fed surprises by reducing rates to 4.5%
UNITED STATES - The US Federal Reserve on Apr 18 continued its agressive easing of monetary policy by cutting interest rates by 0.5% for the fourth time this year.
Turk cbank reforms aimed at price stability-Dervis
TURKEY - Turkey's central bank would become a transparent institution with price stability as its primary aim under the reform plan put forward by Kemal Dervis, the economy minister.
Cavallo tries to ease fears over peso re-peg plan
ARGENTINA - Argentine economy supremo Domingo Cavallo is talking to Brazilian business leaders and investors on Apr 18 to try to soothe fears over his new currency plan that unnerved Brazilian markets.
Russian cbank forex controls loosened by Duma
RUSSIA - Russia's lower house of parliament approved on Apr 18 package of measures aimed at easing central bank control over foreign currency operations.
BoE MPC voted 6-3 to cut rates to 5.5%-minutes
UNITED KINGDOM - Six of the nine members of the Bank of England's Monetary Policy Committee voted to cut the repo rate to 5.5% from 5.75% during their last meeting on Apr. 4-5, according to minutes of that meeting released on Apr 18, 2001.
BOJ considered aggressive easing in Feb-minutes
JAPAN - The Bank of Japan said on Apr 18 its Policy Board members had discussed a much more aggressive monetary easing at a February 28 policy meeting than the small rate cut they actually implemented.
Qatar comes to defence of Lebanese pound with $60m
LEBANON - Qatar joined a Gulf Arab consortium in defending the Lebanese pound by pledging to deposit $60 million with Banque du Liban, local newspapers said on Apr 18.
Govt might question CNB governor's appointment
CZECH REPUBLIC - The Czech government could question the appointment of Zdenek Tuma as Czech National Bank governor by lodging a complaint with the Constitutional Court, Deputy Premier Pavel Rychetsky said on Apr 18.
G-30 to meet in London on Thursday, Friday
UNITED KINGDOM - G-30 think tank of senior public and private sector financial representatives is set to meet for one of its bi-annual plenary sessions at the Bank of England from Apr 19-20.
Portugal cbank chief sees euro firming in 2001
PORTUGAL - Bank of Portugal governor Vitor Constancio on Apr 18 predicted the euro would recover from its current weakness by the end of 2001.
BoJ Hayami unsure about duration of deflation
JAPAN - Bank of Japan Governor Masaru Hayami said on Apr 17, 2001 he could not say how long it would take for the core nationwide consumer price index to rise to near zero percent, which the central bank has set as a condition for changing its current…
PBOC appoints Guo Shuqing as head of forex
CHINA - The People's Bank of China, China's central bank, has appointed Guo Shuqing as one of its deputy governors and the head of the foreign exchange regulatory agency.
Malaysia ex-cbank chief named Mahathir's adviser
MALAYSIA - Former Malaysian central bank governor Ali Abul Hassan Sulaiman has been named as a special economic adviser to Prime Minister Mahathir Mohamad, the official Bernama news agency said on Apr 16.
Canada cuts interest rates to 5% to boost demand
CANADA - The Bank of Canada on Apr 17 cut its key lending rate to 5.0 percent from 5.25 percent and the overnight rate to 4.75 percent from 5.0 percent to support the economy in the face of slowing domestic demand.