News
Korea to adopt flexible monetary policies
SOUTH KOREA - Bank of Korea Governor Chon Chol-hwan said 16 July he will be flexible with the bank's monetary policies in view of the uncertainties surrounding both international and domestic economies, and will pay close attention to inflation and real…
South Africa banks fear effects of brain drain
SOUTH AFRICA - South Africa's banks have identified skill shortages as the biggest threat facing the industry.
Dutch Government poised to revamp supervision
NETHERLANDS - Gerrit Zalm, the Dutch finance minister, is considering transforming the financial sector's three existing supervisory bodies into two watchdogs, according to well-informed sources. The reorganisation could mean that the central bank DNB…
No change in Japan gov't economic assessment
JAPAN - Vice Finance Minister Toshiro Muto said on 16 July that the government stands by its assessment of Japan's economy although the Bank of Japan (BOJ) slightly downgraded its economic assessment in its latest monthly report on economic and financial…
Indian committee suggests overseas clearing agent
INDIA - A committee set up to study the Indian financial system's payment and settlement modes has recommended creating an overseas clearing agent and a guarantee fund for foreign exchange clearing, a central bank statement said on 16 July.
Cuban bank to stop services to 'deadbeat'companies
CUBA - The Cuban Central Bank plans to suspend banking services to deadbeat Cuban companies effective in January 2002, a bank spokesman said.
IMF Fischer stresses Turkey econ program on track
US - The International Monetary Fund signalled the beginning of a new public relations campaign to relieve market pressure on Turkey 13 July, with the Fund's second-ranked executive declaring investors aren't giving Ankara enough credit for the reforms…
Swiss Nat Bank supports draft of central bank law
SWITZERLAND - The Swiss National Bank 13 July gave its support to the draft of a new law governing the central bank.
Takenaka 'not dissatisfied' with BOJ's decision
JAPAN - Heizo Takenaka, state minister in charge of economic and fiscal policy, said 13 July he is "not dissatisfied" with the Bank of Japan's (BOJ) decision to keep monetary policy unchanged.
IMF positively assess Ukrainian central bank work
Ukraine - The National Bank of Ukraine [NBU] has been exceptionally successful in its currency rate policy, which is aimed at consistent strengthening of the hryvnya, harnessing the inflation and increasing the currency reserve. The senior permanent IMF…
Russian duma gives easy passage to currency law
RUSSIA - Russia's parliament on 13 July supported President Vladimir Putin's plan to liberalise currency controls, ignoring a central bank request to postpone approval until the autumn.
South African currency hit by risk aversion
South Africa - A general increase in risk aversion by international investors constituted a factor which had recently cast a shadow over the South African currency rand, Reserve Bank governor Tito Mboweni said on 13 July.
Bank directors told to undergo training
PHILIPPINES - The Bangko Sentral has expanded its "fit and proper" rule for bank officers and directors by requiring all appointees to banks' boards to undergo mandatory training in "good corporate governance".
Mon council member resigns at new central bank act
HUNGARY - Professor Janos Kornai, one of Hungary's most prominent economists, has announced his resignation from his position on the monetary council of the National Bank of Hungary (MNB).
Second banker in month nominated to Fed board
US - President Bush announced 10 July that he will nominate former community banker and Senate Banking Committee aide Mark Olson to the Federal Reserve Board.
NZ central bk seeks additional mon policy advisors
NEW ZEALAND - The Reserve Bank of New Zealand on 11 July placed advertisements in local newspapers for one or two recruits to provide additional monetary policy advice to the central bank.
CB to work out ideas for commercial banks on euro
HUNGARY - The National Bank of Hungary (MNB) is preparing recommendations to commercial banks regarding the introduction of euro coins and notes in 12 EU member states as of 1 January 2002, MNB spokesperson Gabor Missura said.
Bangladesh central bank launches website
BANGLADESH - Bangladesh Bank, the country's central bank, on 11 July opened its website to allow access to economic information and financial data.
Indonesia c-bank implements new settlement system
INDONESIA - Bank Indonesia (BI), the Indonesian central bank, has implemented the Real-Time Gross Settlement (RTGS) system in Bandung. RTGS facilitates high-speed, high-value transactions. BI will also use RTGS to monitor the liquidity of banks and as an…
French to ease cash deposit laws
FRANCE - The French parliament looks set to adopt a law that eases the responsibility of banks for reporting large cash deposits during the introduction of euro notes and coins.
Reserve Bank of Malawi must have greater autonomy
MALAWI - Economists in the country have called on the government to leave the country's Central Bank, the Reserve Bank of Malawi (RBM) alone saying that creating the independence of the bank would benefit the whole nation.
CBR makes life easier for capital exporters
RUSSIA - On 5 July, the Central Bank of Russia established a new procedure for making direct investments in the economies of CIS countries.
Sharon backs Klein and an independent Central Bank
ISRAEL - Prime Minister Ariel Sharon has published a statement on 9 July expressing support for maintaining the independence of the Bank of Israel and for Governor David Klein, Ha'aretz reports.
Advisers join Thai monetary policy board
THAILAND - Aran Thammano and Chaiyawat Vibulsawat have been appointed as advisers to the Bank of Thailand's monetary policy board. They have been authorised to give suggestions and opinions to the board, which convenes on a monthly basis.