News
Nigerian president, bankers meet on currency drop
NIGERIA - The naira currency resumed trading in Nigeria on Apr 12 following a two-day closure of the local forex market.
Malaysia Citibank's Noorazman to head LOFSA
MALAYSIA - Citibank's vice-president Noorazman Abdul Aziz has been appointed the new director-general of Labuan Offshore Financial Service Authority, or LOFSA, replacing Mohd Razif Abdul Kadir.
Zdenek calls for state finance reform-paper
CZECH REPUBLIC - Czech public finance deficits could threaten the country's macroeconomic stability in two or three years if reforms are not taken, daily Hospodarske Noviny quoted the central bank Governor Zdenek Tuma as saying on Apr 13.
BOI pleads banks to hold back from euro rush
ITALY - The Bank of Italy, fearing overcrowding at banking counters in the first days of the change over from the lira to the euro in January 2002, has urged Italian banks to persuade their clients there is no hurry.
Iranian inflation drops to 10-year low in 2000/01
IRAN - Iran's inflation dropped to 12.8 percent during the Iranian financial year ending on Mar 20, 2001 its lowest level for 10 years, a newspaper reported on Apr 14 citing central bank figures.
Turkey has no target for floated lira-Dervis
TURKEY - Turkish Economy Minister Kemal Dervis on Apr 14 said there is no target value for the country's lira currency, which has fallen over 40 percent against the dollar since its float in late February 2001.
ECB keep rates at 4.75%, despite pressure
EUROPE - The European Central Bank on Apr 11 maintained interest rates at 4.75% because of inflationary pressures in the eurozone, but the central bank acknowledged that risks on the downside remained.
Finance minister McCreevy defends Irish budget
IRELAND - Ireland's Finance Minister, Charlie McCreevy, whose budget was singled out for a reprimand by the European Commission, said in front of euro MPs that he was "amused" by the criticism, especially as other member states had debt to GDP ratios…
Ex-Yugo states agree on division of gold reserves
YUGOSLAVIA - The five states that emerged from ex-Yugoslavia have agreed on the division of gold assets worth some $477 million, Yugoslavia's central bank governor said on Apr 11.
World Bank releases gloomy econ outlook for Japan
JAPAN - Japan's economy has reverted to its anaemic state and is now at higher risk of falling into recession in earnest, the World Bank said in a report on the global economy released Apr 10.
Eichel sets out vision for financial regulation
GERMANY - The German finance ministry unveiled on Apr 11 draft legislation to shake up the structure of the country's central bank and supervisory agencies in response to the arrival of the euro and changes in financial markets.
Nigeria's central bank devalues currency naira
NIGERIA - The Central Bank of Nigeria has devalued the country's currency naira by 1.8% following an unprecedented high demand for foreign exchange at the Interbank Foreign Exchange Market, Nigerian newspapers reported on Apr 11.
Icelandic April inflation higher than forecasts
ICELAND - Iceland's consumer price index rose 1.2 percent in Apr 2001 to stand 4.5 percent higher than a year earlier, the national statistics office Statice said on Apr 11.
SNB sells another five tons of gold
SWITZERLAND - The Swiss National Bank sold 5.33 metric tons of gold in the latest 10-day reporting period ended April 10, according to SNB statistics released Apr 13.
Latvian central bank tells govt to cut deficit
LATVIA - The Latvian central bank said on Apr 11 that the government should use an expected economic expansion to cut the 2001 budget deficit, instead of amending its spending plans which will increase the gap between revenue and expenditure.
US Fed decision are 'market driven'-Tietmeyer
UNITED STATES - The US Federal Reserve must take care not to allow its policy decisions to be market driven, former Bundesbank president Hans Tietmeyer told the Apr 12 edition of German financial magazine Focus Money, according to an early release of the…
Chile cbank cuts key rate for fourth time in 2001
CHILE - Chile's central bank said on Apr 10 it cut its overnight lending rate by 25 basis points to an annualized, inflation-adjusted 3.75 percent, marking its fourth cut in 2001, citing lagging domestic demand and slow world economic growth.
Parliament re-elects BNB vice governor
BULGARIA - The Bulgarian parliament reelected Emilia Milanova as vice governor of the central bank in charge of banking supervision.
Fed spied on employee's emails-investigator
UNITED STATES - An investigator looking into an unusual labour dispute at the Federal Reserve Board has found credible evidence that Fed managers snooped on the e-mail correspondence of an office secretary and fired her when she considered starting a…
Buba annual report-global risks to growth
GERMANY - In its annual report published on Apr 10, the Deutsche Bundesbank said that German and Eurozone growth would continue but that the downside risks had increased.
RBA governor talks up Australian economy
AUSTRALIA - Reserve Bank of Australia Governor Ian Macfarlane said on Apr 10 that he remained optmistic about growth in 2001 and that recent rate cuts are aimed at protecting the economy from a global slowdown.
Argentina bond can count as bank reserves-cbank
ARGENTINA - Argentina's central bank said on Apr 9 it would allow banks to count investments in a new government bond as part of their minimum reserve requirements.
US is not in recession, says US Treasury O'Neill
UNITED STATES - The U.S. economy continues to expand moderately, successfully skirting recession, and in fact doing remarkably well in terms of providing job opportunities, Treasury Secretary Paul O'Neill said on Apr 9.
Taiwan cbank to adopt relaxed monetary policy
TAIWAN - Taiwan's central bank, the Central Bank of China, will relax its currency policy rather than adopting a zero interest rate like Japan, since domestic prices were stable and demand had yet to fully recover.