News
ECB Press Release
PRESS RELEASE - Update on the euro cash changeover, 7 January 2002.
Cautious reaction to peso devaluation
ARGENTINA - The Argentine people have reacted cautiously to their new government's decision to devalue the peso and end 10 years of parity with the US dollar in a dramatic bid to save the collapsing economy.
Japan seeks support for bank rescue
JAPAN - Japanese finance minister Heizo Takenaka is on his way to Washington in a bid to enlist US support for bailing out Japan's top banks, many of which are burdened by a mountain of bad debt.
China mulls boosting euro reserves
CHINA - Just as the initial euphoria from the introduction of notes and coins wears off, the euro has received a boost from news that China could be buying more euros to reduce its reliance on the dollar.
BIS Press Release
PRESS RELEASE - BIS Board elects new Chairman and President, 7 January 2002.
BIS c bankers see Japan's recession into 2002
SWITZERLAND - Japan's economic slump will continue throughout 2002, central bank governors from 11 major countries agreed during a monthly meeting of the Bank for International Settlements (BIS) on Monday.
ECB - ATM conversion to euro now finalised
GERMANY - The conversion of automated teller machines, or ATMs, is now finalised, the European Central Bank said Monday in an update on the euro cash changeover.
Thai dep governor Kitti to leave at end of month
THAILAND - The Bank of Thailand said Monday that Deputy Governor Kitti Patpong-pibul had submitted a resignation letter to the Finance Ministry and will leave the central bank at the end of the month.
Santomero - Fed's ability to mend econ is limited
US - The Federal Reserve, which engaged in a nearly solitary struggle to keep the U.S. economy from collapsing last year, isn't capable of mending the economy on its own, a top policymaker for the U.S. central bank said Saturday.
Swedish central banker backs IMF bankruptcy plan
SWEDEN - An IMF plan for an international bankruptcy procedure could help financially troubled nations restructure their debt in an orderly manner and avoid the chaotic scenes witnessed in Argentina, says Riksbank's Heikensten.
UK Interest rates may have to rise: George
UK: The Governor of the Bank of England last night warned that interest rates might have to be raised to moderate consumer demand.
Bank of Finland finds faulty 500-euro notes
FINLAND- The Bank of Finland said on Friday it had found some flawed 500-euro banknotes and said more defective notes could be in circulation.
Argentina to unveil new economic plan on Friday
ARGENTINA - Congressman Jorge Remes Lenicov will be sworn in Thursday as Argentina's new economy minister and on Friday he will unveil a new series of economic measures, Buenos Aires Governor Carlos Ruckauf confirmed in an interview.
ECB interest rates unchanged
GERMANY - As widely expected the European Central Bank left interest rates unchanged with officials largely focused this week on the launch of euro notes and coins.
Bank of Israel head rules out intervention
ISRAEL - Despite the shekel's weakening to a record low against the dollar, Bank of Israel Governor David Klein said the central bank would not intervene in the foreign currency market.
Polish government demands rate cut
POLAND - The Polish government will take its demand for a cut in interest rates directly to the central bank's rate-setting monetary policy council by January 12th, said government spokesman Michal Tober following a cabinet meeting on Wednesday.
Sri Lanka central bank to cut staff by one-third
SRI LANKA - Sri Lanka's central bank said on Thursday it was shedding one-third of its staff under a restructuring scheme funded by the World Bank.
President hints at end of peso peg
ARGENTINA - Argentina has its fifth president in less than two weeks, veteran politician Mr Eduardo Duhalde immediately reaffirmed the moratorium on paying the country's US$132 billion ($258.9 billion) in public debt until its shattered economy resumes…
Euro changeover "better than expected"
GERMANY - The European Central Bank reported on Wednesday that the launch of euro cash was progressing smoothly despite exceptionally high demand for the new notes. "The euro cash changeover is going smoothly, even better than we had expected," said ECB…
ECB Welteke: conditions for growth in place
GERMANY - European Central Bank council member and Bundesbank President Ernst Welteke said that monetary policy has cleared the way for investment and economic growth in an interview published on Wednesday.
BOJ's Hayami - yen's fall too steep
JAPAN - The yen's recent fall has been too steep for his liking but an exchange rate of 130 to the dollar would benefit Japanese exporters, Bank of Japan governor Masaru Hayami said in a newspaper interview.
Trichet says ECB leadership succession not an issu
FRANCE - Bank of France Governor Jean-Claude Trichet, also a member of the governing council of the European Central Bank, said on Wednesday the leadership succession of the ECB was not an issue.
China to use IMF's GDDS
The official Xinhua news agency announced Monday that China plans to use the International Monetary Fund's General Data Dissemination System to improve the quality of its statistics.
Duisenberg to stay: "I like what I'm doing"
GERMANY - Wim Duisenberg said on Monday that he would not quit his job as President of the ECB for at least another year.