News
Qatar comes to defence of Lebanese pound with $60m
LEBANON - Qatar joined a Gulf Arab consortium in defending the Lebanese pound by pledging to deposit $60 million with Banque du Liban, local newspapers said on Apr 18.
Govt might question CNB governor's appointment
CZECH REPUBLIC - The Czech government could question the appointment of Zdenek Tuma as Czech National Bank governor by lodging a complaint with the Constitutional Court, Deputy Premier Pavel Rychetsky said on Apr 18.
G-30 to meet in London on Thursday, Friday
UNITED KINGDOM - G-30 think tank of senior public and private sector financial representatives is set to meet for one of its bi-annual plenary sessions at the Bank of England from Apr 19-20.
Portugal cbank chief sees euro firming in 2001
PORTUGAL - Bank of Portugal governor Vitor Constancio on Apr 18 predicted the euro would recover from its current weakness by the end of 2001.
BoJ Hayami unsure about duration of deflation
JAPAN - Bank of Japan Governor Masaru Hayami said on Apr 17, 2001 he could not say how long it would take for the core nationwide consumer price index to rise to near zero percent, which the central bank has set as a condition for changing its current…
PBOC appoints Guo Shuqing as head of forex
CHINA - The People's Bank of China, China's central bank, has appointed Guo Shuqing as one of its deputy governors and the head of the foreign exchange regulatory agency.
Malaysia ex-cbank chief named Mahathir's adviser
MALAYSIA - Former Malaysian central bank governor Ali Abul Hassan Sulaiman has been named as a special economic adviser to Prime Minister Mahathir Mohamad, the official Bernama news agency said on Apr 16.
Canada cuts interest rates to 5% to boost demand
CANADA - The Bank of Canada on Apr 17 cut its key lending rate to 5.0 percent from 5.25 percent and the overnight rate to 4.75 percent from 5.0 percent to support the economy in the face of slowing domestic demand.
IMF forecasts 3% growth in Czech Republic
CZECH REPUBLIC - The International Monetary Fund said on Apr 17 it expected the Czech economy to grow by around three percent 2001 after 3.1 percent in 2000.
Mongolia's inflation rises due to foot-and-mouth
MONGOLIA - Mongolia said on Apr 17, 2001 its annual inflation rose to 11.6 percent in March, up from 9.4 percent in February, as meat prices leapt under the impact of foot-and-mouth disease and a disastrous winter.
Philippine monetary board OKs liquidity facility
PHILIPPINES - The Monetary Board, the policy-making body of the Philippine central bank, has approved the establishment of an inter-day liquidity facility to help banks in their financing requirements.
Iran plans to tap capital markets for funds-cbank
IRAN - Iran is talking to foreign banks with a view to raising money on the international capital markets "when the time is right", the central bank governor, Mohsen Nourbaksh, said on Apr 16.
Chile central bank eliminates 'encaje' rule
CHILE - Chile's Central Bank on Apr 16 eliminated its "encaje" rule, which requires foreign investors to deposit an amount equivalent to a percentage of their investments with the central bank at no interest.
Argentine cbank chief hopes to stay through 2004
ARGENTINA - Argentina's Central Bank President Pedro Pou on Apr 16 denied market rumors that he planned to heed calls that he resign amid allegations that he turned a blind eye to money laundering.
IMF selects director of new evaluation office
IMF - Montek Singh Ahluwalia has been appointed as the new director of the International Monetary Fund's independent Evaluation Office (EVO).
Lemierre rejects talks on ECB candidature - report
GERMANY - Jean Lemierre, president of the European Bank for Reconstruction and Development, dismissed media speculation he is a candidate as the next head of the European Central Bank, a British newspaper reported on Apr 16.
India's cbank tightens banks' bullion trade norms
INDIA - The Reserve Bank of India has tightened bullion trading norms for commercial banks after some of them faced potential losses from their exposure to a cooperative bank that specialises in gold trade.
BOJ leaves monetary policy unchanged
JAPAN - The Bank of Japan's policy board voted unanimously to keep its current policy unchanged at its first two-day policy board meeting that ended Apr 13, 2001.
Trichet says ECB immune to rate cut pressures
FRANCE - The European Central Bank will not and should not be influenced by outside pressures for a cut in interest rates, Bank of France Governor Jean-Claude Trichet said on Apr 12, 2001.
US economy appears to be stabilizing-Fed's Hoenig
UNITED STATES - The U.S. economy is showing signs of stabilizing and will likely pick up speed in the second half of 2001, Federal Reserve Bank of Kansas City President Thomas Hoenig said on Apr 12.
Egypt cbank cuts rates for first time in 28 months
EGYPT - Egypt's Central Bank on Apr 12 cut its discount rate to 11.5 percent from 12 percent in a move welcomed by market operators, but which some analysts feared would do too little to boost the sluggish economy.
RBA supervises credit card payment systems
AUSTRALA - The Reserve Bank of Australia took supervisory control of Australian credit card service fees on Apr 12, putting under threat A$600 million in fees the banks earn from Bankcard, MasterCard and VISA schemes.
Thai central bank demands forex exposure details
THAILAND - The Bank of Thailand has issued a circular telling banks to provide details on their foreign debt exposure and repayment obligations when they buy dollars from local commercial banks.
Brazil's new payment system delayed to Jan 2002
BRAZIL - The Brazilian central bank late on Apr 11 said it delayed the implementation of the country's new system for payments for the banking sector to January 2002, to allow for more testing.