News
Probe begins at Bank into declining staff morale
The governing court of the Bank of England has ordered an investigation into falling morale at the Bank, following the introduction of a controversial new benefits package for staff.
Stiffer tests for future Eurozone members -Welteke
Ernst Welteke, president of the Bundesbank, has raised concerns about whether the countries preparing to join the European Union in the next few years would be ready to become members of the EU's single currency.
German treasury loses out over euro seigniorage
According to the German economics institute IFO, the introduction of the euro coins and banknotes at the beginning of 2002 will cause a financial loss to the German treasury of DM60bn.
Thai central bank clamps down on baht speculation
The Bank of Thailand clamped down further on baht speculation on Monday, telling local banks it would start strictly enforcing a ban on one-day, tom/next and forward dollar/baht deals with offshore parties if there was no underlying commercial purpose.
IMF says Turkey policy on track
The International Monetary Fund said in a statement released on its website that the Turkish government's IMF-supported economic programme was on track and is expected to remain so.
Bank of Thailand considers sale of two state banks
The Bank of Thailand said Monday it will hold meetings to consider the sales of two nationalised banks - Siam City Bank (H.SCB) and Bangkok Metropolitan Bank PCL (H.BMB) on Wednesday and Thursday, respectively.
Peru finance minister says debt payments too heavy
Peru will want to pay much less than the $2.1 billion that it owes on its external debt payments for next year, the new finance minister, Javier Silva Ruete, was reported saying in a number of newspapers Monday.
Hungary's lower reserve rate seen positive
The National Bank of Hungary said it would cut its effective mandatory reserve rate to 7% from 11% as of 1 February. Analysts said that this would improve the competitiveness of the banking sector, boost growth and stimulate investment.
Bank of Israel cuts key rate 0.2% for December
The Bank of Israel said on Monday it would reduce its key lending rate by 0.2% point to 8.2% effective December 1, the eleventh rate cut in a year.
Polish MPC hits at budget, rate outlook unclear
Poland's monetary policy council raised doubts on Monday about its readiness to cut interest rates next year, when it said the government's plan for cutting the budget deficit relied on "unrealistic" targets.
HKMA says maintains open mind on deposit insurance
The Hong Kong Monetary Authority (HKMA) said on Monday it still has an open mind on whether Hong Kong needs a deposit insurance scheme, and will not rule out extending a consultation period on the issue.
Pakistan cenbank appoints seven primary dealers
Pakistan's central bank on Monday appointed seven banks as primary money market dealers for the government securities, five months after it announced plans for the new system.
Russia govt proposes to amend banking legislation
The Russian federal government and the central bank have submitted amendments to banking laws to the Duma. The government proposed these same bills back in 1999, on the insistence of international financial organisations.
Turkish central bank eases liquidity squeeze
Turkey's central bank and treasury held two purchases of government bonds on Monday as part of a package of measures to ease a liquidity squeeze that shook markets last week.
Patil to head proposed SBI clearing corporation
R H Patil, former managing director of the Indian National Stock Exchange, is expected to take charge as the chairman of the proposed SBI Clearing Corporation for the money and foreign exchange market.
Settlement agreement between Lithuania and Belarus
The heads of the central banks of Lithuania and Belarus have signed an agreement on the procedure for settling accounts among economic entities, the Bank of Lithuania reported.
New Czech central banker says sees no big changes
Incoming Czech central bank governor Zdenek Tuma does not expect to make any big changes when he takes over the CNB this week, the daily Mlada Fronta reported.
Bulgaria to keep currency board until joins EU
Bulgaria will keep its currency board until it joins the European Union, and will reduce borrowing from international lenders such as the International Monetary Fund and the World Bank, Prime Minister Ivan Kostov said Monday.
Indonesian govt proposes bill on central bank
The Indonesian government proposed here Monday a draft bill on the independence of the country's central bank, Bank Indonesia, to amend the existing one.
Sri Lankan economy records moderate growth
Sri Lanka's economy has recorded a moderate growth of some 4.5% during the first nine months of this year, according to the island country's central bank.
Kenya banks try to head off interest rate controls
Kenya's commercial banks have offered to reduce interest rates on their loans in a move aimed at persuading parliament not to introduce tight controls on lending rates.
China begins move to deregulate gold
The People's Bank of China, the country's central bank which has a monopoly on domestic gold trading, has taken the first step to deregulate the domestic gold market by reducing its authorised gold purchasing points in all provinces, industry sources…
Virus in Bank of Thailand IT systems
The Bank of Thailand today yesterday warned all parties receiving information through its automatic system not to download any item from the website to avoid infecting their computers with a damaging virus.
Hackers penetrate Paraguay central bank website
On the morning of 27 November a group of "hackers"' again invaded the Paraguayan web sites of two banks, one of which was the central bank's, and one local media organisation.