News
Canadian regulator fakes website to warn investors
The Ontario Securities Commission, regulator of Canada's largest stock market, has established a fake website (www.NoRiskWealth.ca) as a cautionary demonstration to gulable online investors
BoJ new board member against targeting exch rate
JAPAN - The newest member of the Bank of Japan's Policy Board said on Apr 2, 2001 she was neither a monetary policy hawk nor a dove, but questioned whether orthodox policy could loosen deflation's debilitating grip on the economy.
GSIC cuts investments in tech companies
SINGAPORE - The Government of Singapore Investment Corp has reduced its interests in Malaysia's technology sector in the face of sluggish US demand for the country's electronics products.
South Korea's FX reserves dip to $94.44bn
SOUTH KOREA - The South Korea's foreign exchange reserves dipped by $890 million from a month earlier to $94.44 billion as of late Mar 2001, falling for the fourth straight month, the Bank of Korea said Apr 2.
Pakistan cbank announce measures to boost reserves
PAKISTAN - Pakistan's central bank on Mar 31, 2001 announced measures to boost its foreign exchange reserves, a day after the International Monetary Fund released fresh money under a standby credit agreement.
CFA franc withstood Ivorian turmoil - central bank
IVORY COAST - The CFA franc used by eight West African states stood up well to the turmoil in Ivory Coast after a December 1999 army coup and remains a solid currency, the head of the countries' common central bank said on Mar 31, 2001.
New details on National Bank of Ukraine scandal
UKRAINE - New details have been provided on the charges of financial impropriety against the former deputy chairman of the National Bank of Ukraine, Volodymyr Bondar.
Trichet casts doubt over ECB rate cut on Apr 11
EUROPE - Following a Franco-German meeting of finance ministers and central bankers, fresh doubt was cast on the prospects for an interest rate reduction when the ECB next meets on Apr 11, 2001.
Nepal defence minister quits over cbank chief
NEPAL - Nepali Defence Minister Mahesh Acharya quit the government late on Mar 29, 2001 after the Himalayan kingdom's highest court reversed an earlier decision of his to dismiss the central bank governor.
Gaspari - Slovenia's new central bank governor
SLOVENIA - On Apr 1, Mitja Gaspari begins a six year term as governor of the Bank of Slovenia, replacing France Arhar, who headed the central bank for 10 years.
RBI dividend up 52% contains fiscal deficit
INDIA - A steep increase of over 51 per cent in the dividend payouts by Reserve Bank of India will help the Indian government to contain the fiscal deficit within 5.1 per cent.
Hayami justifies radical monetary easing in March
JAPAN - Bank of Japan Governor Masaru Hayami on Mar 30, 2001 raised the spectre of weak demand tipping the world's second-largest economy into a destructive deflationary spiral.
Brazil cbank forecasts inflation at 4.8% in 2001
BRAZIL - Brazilian inflation, as registered by the IPCA index, should reach 4.8 percent in 2001, above initial forecasts but within government targets, the central bank said Mar 30, 2001.
Iceland considering inflation target for two years
ICELAND - Iceland adopted an inflation target on Mar 28, 2001. Mar Gudmundsson, chief economist of the central bank, said to CentralBankNet that discussions about an inflation target had been going on for two years.
Zambia cbank-debt relief conditions must be met
ZAMBIA - Zambia's central bank warned on Mar 30, 2001 that the southern African country faced a very difficult environment if it failed to meet conditions for a $3.8 billion debt relief package.
Belarus, Russia can adopt single currency by 2005
RUSSIA - Viktor Gerashchenko, head of the Russian Central Bank, said during his visit to Mahilyow on Mar 30 that Belarus and Russia could adopt a single currency before 2005 provided there were necessary economic conditions.
HKMA Joseph Yam updates his cyberfable
HONG KONG - In March 2000, Joseph Yam, chief executive of the Hong Kong Monetary Authority, presented the first part of his popular satirical internet story. In his weekly viewpoint column published on the HKMA website today, Yam brings up to date with…
ECB keeps rates at 4.75%
EUROPE - The European Central Bank maintained interest rates at 4.75% at its Governing Council meeting on Mar 29, 2001, refusing to follow recent rates cuts of the Federal Reserve and Bank of Japan.
Norges Bank to introduce 2.5% inflation target
NORWAY - Norway's government on Mar 29, 2001 introduced a 2.5% inflation target for the country's central bank, in line with 'international practice' to raise the transparency of monetary policy and facilitiatate communications.
New bill strengthens NBS supervisory powers
SLOVAKIA - The new bill on banks, which was approved by the Slovak government on Mar 28, 2001, should boost the powers of the National Bank of Slovakia to carry out banking supervision.
BoF appoints Pikkarainen to head operations dept
FINLAND - Mr Pentti Pikkarainen has been appointed head of the Bank of Finland's market operations department, effective 1 May 2001.
Iceland floats krona, adopts 2.5% inflation target
ICELAND - On Mar 27, 2001, Iceland decided to float the krona and adopt a 2.5% inflation target. The krona has come under much pressure in recent weeks most recently on Mar 26, forcing the central bank to intervene in the markets to maintain the currency…
Pakistan cbank concerned Afghans using rupee-FT
PAKISTAN - A sharp rise in the amount of Pakistani rupee in circulation has prompted Pakistan's central bank to begin an inquiry into the increasing use of the currency in neighboring Afghanistan, senior bank officials said on Mar 28, 2001, according to…
Oman central bank to host supervision seminar
OMAN - The Central Bank of Oman will host a regional seminar on banking supervision organised by Switzerland's Financial Stability Institute of the Bank for International settlements.