News
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.
NZ reserve bank governor's credibility questioned
NEW ZEALAND - The Reserve Bank of New Zealand governor's credibility on economic and social matters has been called into question by the deputy prime minister of New Zealand.
OECD recommends more power to banks regulator
CZECH REPUBLIC - The Czech Republic can best minimise risks to its banking sector by creating preconditions for a more effective functioning of the regulator, the Czech National Bank (CNB), says a recently published study by the OECD on the Czech economy.
UAE c bank plans personal credit rating agency
UAE - The Central Bank is understood to be working on a local credit rating agency (credit bureau) to carry out credit ratings on individuals seeking bank loans, according to informed sources.
Credit card use doubles in South Korea
SOUTH KOREA - Apparently boosted by a range of government measures encouraging the use of creditor cards, the daily use of credit cards almost doubled in the first half of this year from a year ago, the Bank of Korea said on 5 August.
Euro notes designer will escape launch controversy
AUSTRIA - When the euro enters circulation in January, the man responsible for the look of a the new notes is planning to take his family on a long holiday - outside Europe.
Bank charges given support by Australian study
AUSTRALIA - A study by Macquarie University claims that banks are justified in charging high service fees.
Uzbekistan eases foreign currency restrictions
UZBEKISTAN - Uzbekistan's Central Bank increased from 31 July the maximum amount of freely convertible currency that can be sold to Uzbek citizens travelling to countries outside the territory of the former Soviet Union to 400 dollars (from 300 dollars),…
E-day countdown - ECB ad campaign to roll 1 Sept
GERMANY - European Central Bank chiefs begin their annual break this week knowing that when they return from their holidays the push to make the euro a reality in the lives of millions of Europeans must begin in earnest.
Philippine Ctrl Bk mulls hiking liquidity reserves
PHILIPPINES - The Philippine Central Bank is considering hiking anew the liquidity reserve requirement of commercial banks to help boost the ailing peso.
Austrians 'underestimate' euro
AUSTRIA - According to a survey published on 3 August, the euro is not an issue for most Austrians. A majority of 62 per cent have not or almost not informed themselves on the new currency, only 13 per cent consider themselves as "very interested" in the…
OFT to become payments systems regulator
UK - Competition watchdog - UK treasury believes new powers will cut £1bn 'excess profits' made by banks.
Hungary's National Bank appoints deputy presidents
HUNGARY - The National Bank of Hungary has appointed Henrik Auth and Peter Adamecz as deputy presidents.
Why the Bank changed its mind
UK - Mervyn King will have some explaining to do when he presents the Bank of England's inflation report next week writes the FT in London, 3 August.
Myanmar introduces measures to stabilise currency
MYANMAR - Deciding to dine out in Myanmar will no longer be a headache of currency proportions for many diners in the country, reports Channel News Asia.
Argentina's Blejer to become central bank VP
ARGENTINA - Mario Blejer, a former International Monetary Fund economist and top aide to Economy Minister Domingo Cavallo, will become vice president of the country's Central Bank, an official at the monetary authority confirmed on 2 August.
Chicago Fed: Recession risks rising
US - The risk that the U.S. economy is in a recession rose in June to its highest level this year, the Federal Reserve Bank of Chicago said on 2 August as it released its monthly index of U.S. economic activity.