News
NZ Finance Minister rejects Svenson recommendation
NEW ZEALAND - The New Zealand finance minister, Michael Cullen, has rejected a report which claimed Don Brash, Reserve Bank governor, should have his powers curbed.
Second Thailand monetary policy board member quits
THAILAND - Chalongphob Sussangkarn, a member of the Bank of Thailand's Monetary Policy Board, said on 31 May he had submitted his resignation. He cited uncertainty over monetary policy following the ousting of governor Chatu Mongol Sonakul earlier this…
SE Asian central bank governors begin meeting
SINGAPORE - The annual conference of Governors of the South-East Asian Central Banks (SEACEN) needs to focus on ways to maintain its relevance amid a proliferation of regional and international forums, a Singapore government minister said on 31 May.
Armenia to put 50, 000 bank notes into circulation
ARMENIA - The Central Bank of Armenia is putting 50,000 drams bank-notes into circulation beginning on 4 June.
Brazil Central Bank blames prices for rates hike
BRAZIL - Brazil's Central Bank raised interest rates in May for the third consecutive month to head off inflationary pressures and the potential impact of the country's energy crisis on consumer prices, according to the minutes of the May meeting of the…
Polish MPC blamed for keeping interest rates high
POLAND - The Polish central bank came under heavy fire from officials and analysts on 31 May for holding interest rates steady despite saying there was little demand-side price pressure in the economy.
ECB chief predicts success for euro notes launch
EUROPE - Wim Duisenberg, president of the European Central Bank, has insisted that the changeover to euro notes and coins on January 1 2002 would be a success, rejecting pleas for small denomination euro notes to be distributed to the public in advance.
Canada lowers key interest rate
CANADA - Canada's central bank trimmed its key overnight interest rate on 29 May by 25 basis points to 4.5 per cent, stating that while US demand for Canadian products had slowed during the first part of the year, the domestic economy continued to show…
"Wise man" calls for half-point ECB rate cut
GERMANY - One of Germany's senior economic advisers has said that the European Central Bank should cut interest rates by half a percentage point to help boost the economy.
SE Asian ctrl bankers to meet in Singapore Jun 1-2
SINGAPORE - Southeast Asian central bankers will gather in Singapore for a two-day meeting starting on Friday 1 June to discuss developments in the financial markets, the Monetary Authority of Singapore, the meeting's host, said.
Rebuke for UK chancellors ECB reform calls
UK - Gordon Brown has come under criticism from Ernst Welteke, who was speaking yesterday (29 May), for urging the ECB to improve its openness after just three years of operation.
Philippine government plans to raise its PNB stake
Philippines - The Philippine National Bank has said the government planned to increase its stake in the ailing bank, but wasn't keen on taking a majority shareholding.
African bank hit by protests
SPAIN - The African Development Bank (ADB), which works to reduce poverty and help struggling economies, has become a target of anti-capitalist protestors, despite its popularity amongst poor people in Africa.
Nigerian bank begins reforms next week
NIGERIA - A restructuring exercise that will reposition the Central Bank of Nigeria (CBN) for greater efficiency will begin next week, 4 June.
Thai government sacks central bank boss
THAILAND - The Thai government has sacked the governor of the Central Bank, Chatu Mongol Sonakul, following a dispute over monetary policy. Prime Minister Thaksin Shinawatra said he was not satisfied with the bank's policy of keeping interest rates low.
Bank of England - Basle can undermine stability
UK - The Bank of England has issued a warning over new capital rules put together by the Basle committee of bank regulators.
Thai PM says central bank is free to set rates
THAILAND - Thai Prime Minister Thaksin Shinawatra said on 25 May that the Bank of Thailand (BOT) had the freedom to set the country's interest rate policy and his government's views only reflected its concern on the issue.
IMF deal forbids Russian bank gold sales
RUSSIA - Russia's deal with the International Monetary Fund (IMF) would forbid Moscow from selling gold from central bank reserves, even to help in emergencies, a government source said on 25 May.
New board of directors at Bank of Uganda
UGANDA - Tumusime Mutebile has been appointed as the new governor of the Bank of Uganda.
Senior appointment at HKMA
HONG KONG - The Hong Kong's government's Financial Secretary has approved the appointment of Mr Eddie Yue Wai-man as Executive Director.
The BMA's new governor arrives
BAHRAIN - The new governor of the Bahrain Monetary Agency (BMA), Shaikh Ahmed bin Mohammed al-Khalifa, has taken up his position. He was appointed at the same time as the mid-April cabinet reshuffle.
Argentina's Senate approves new bank chief
ARGENTINA - Argentina's Senate voted late on 23 May to approve the appointment of Roque Maccarone as new president of the Central Bank.
Former Brazil bank chief faces accusations
BRAZIL - The Brazilian government is now confronting accusations that a former president of the Brazilian central bank sold information to private bankers just before a large currency devaluation two years ago.
Strong backing for Bank of England rate cut
UK - The Monetary Policy Committee (MPC) of the Bank of England voted eight-to-one to trim interest rates 0.25%, when they met earlier this month, minutes from the meeting have shown.