News
IMF reach compromise over central bank law changes
INDONESIA - Indonesia appears to be making some headway in its efforts to get fresh loans from the International Monetary Fund.
No trial operations approved for banks in China
CHINA - China's central bank said on 2 July it has not approved any trial operations of new private banks and declared such moves illegal, contradicting a media report last week that some trials were well progressed.
Thai's signal looser bank regulation
THAILAND - The FT, London on 5 July reports that Pridiyathorn Devakula, Thailand's new central bank governor, has appeared to signal a shift in attitude towards regulating the country's fragile commercial banks, saying banks should start lending again…
EU assembly repeat call for ECB to publish minutes
EUROPE - The European Parliament approved a resolution on 4 July backing the European Central Bank's 2000 annual report and repeating its call for the publication of ECB minutes, officials said.
China - Gold exchange may be coming
CHINA - China plans to establish a National Gold Exchange (NGE) this year, another step towards reforming its gold trading market.
National Bank of NZ names chief economist
NEW ZEALAND - The Reserve Bank of New Zealand has appointed John McDermott as its new chief economist. He will start his new assignment on 20 August.
Interest rate decisions due
EUROPE - The European Central Bank and the Bank of England will both, separately, make their latest interest rate decisions tomorrow, 5 July. Neither is expected to cut rates further.
Taiwan sets up blue-ribbon economic committee
TAIWAN - Taiwan paved the way on 4 July for a multi-party task force to advise how to boost the island's faltering economy, a presidential aide said.
RBNZ introduces E-mail statement service to public
NEW ZEALAND - The Reserve Bank of New Zealand on 4 July started to deliver its press statements to the general public via e-mail for the first time.
Russian gold and currency reserves grow by $500m
RUSSIA - The PR department of the Central Bank has reported that between 15 June and 22 Russia's gold and currency reserves grew from $33.7 billion to $34.2 billion.
Indonesia expects smooth talks with IMF mission
INDONESIA - Indonesia's chief economics minister said on 4 July he expected smooth talks with an IMF team due to arrive this week on a mission aimed at paving the way for resumption of a $5 billion loan programme.
Former Czech bank head accused of dubious actions
CZECH REPUBLIC - A special parliamentary committee on 3 July savagely attacked the Czech minority government for the way it handled the country's biggest banking crisis last June.
'Jury' returns vote of confidence in central bank
EUROPE - Morgan Stanley Dean Witter, the US investment bank, recently held a conference at which the main attraction was a mock trial of the European Central Bank, as reported in the FT London.
Three regulators criticise new SEC rules
US - Three major U.S. banking regulators issued a scathing criticism on 2 July of the Securities and Exchange Commission's interim final rules on when banks can be exempt from standard dealer and broker requirements.
Deputy head named at Bank of Kuwait
KUWAIT - Mustafa Al-Shimali has been appointed as head of the board of the Bank of Kuwait and the Middle East.
Fed settles with ex-Bankers Trust exec
US - The U.S. Federal Reserve said yesterday, 2 July, it had settled charges brought against a former Bankers Trust executive in connection with accounting violations at the bank during the mid-1990s.
National Bank of Hungary appoints deputy governors
HUNGARY - The National Bank of Hungary, the central bank of Hungary, has appointed Peter Adamecz and Henrik Auth as deputy governors.
Fed approves Citigroup's purchase of EAB
US - Federal banking regulators approved Citigroup Inc.'s $1.6 billion purchase of European American Bank, a deal designed to expand Citibank's presence in the New York metropolitan area.
Bank of England Huntingdon's banker
UK - The drug-testing company at the centre of an intimidation campaign by animal rights activists is to be given banking facilities by the UK Government at the Bank of England.
Japanese reforms start with the banks
JAPAN - It's not a bad rule for the Japanese government. It may at last be grasping Japan's stoniest problem, its partly petrified banking system.
Polish Computerland To Provide Software to Bank
POLAND - Polish computer systems integrator Computerland will provide its software systems to the domestic central bank (Narodowy Bank Polski - NBP).
Czech ex-minister, ex-head of bank blamed
CZECH REPUBLIC - Ex-Finance Minister Pavel Mertlik and CNB central bank ex-governor Josef Tosovsky are responsible for the forced administration imposed on the IPB [Investicni a postovni banka - Investment and Post Bank] bank last June and its…
Madhavpura brass grossly violated prudent banking
INDIA - Jagdish Capoor stepped down on 30 June as the deputy governor of the Reserve Bank of India (RBI). He blames the management of the Gujarat-based Madhavpura Mercantile Cooperative Bank (MMCB) for throwing all prudential norms to the winds. Extracts…
Russian Govt To allow More Hard currency
MOSCOW -The Russian government plans to lower the requirement for mandatory foreign currency repatriation by local exporters to 50% from 75%, an Economics and Trade Ministry spokeswoman said 2 July.