News
Japan LDP members call for BOJ's Hayami to resign
Some members of the ruling Liberal Democratic Party's (LDP) financial panel called for Bank of Japan Governor Masaru Hayami to resign at a meeting on Feb 14, 2001 a senior panel member said.They criticised Hayami for ending the policy of guiding key…
Argentina's Cavallo not interested in CenBank post
A spokesman for Argentina's Domingo Cavallo said Feb 14, 2001 the former economy minister was not interested in replacing the Central Bank chief, whose job has been threatened by a money-laundering scandal. Cavallo, a Wall Street favourite and the…
Belarus c.bank cuts key rate to 75 pct from Feb 21
Belarus' central bank said on Feb 14, 2001 it will cut the refinancing rate to 75 percent annually from 80 percent, effective February 21. The central bank said the current rate, effective since December 1, 2000 was being cut due to slower inflation,…
Bank of England expects growth to slow in Q2 2001
The United Kingdom's annual growth rate will drop to around 2% in the second half of 2001, the Bank of England projected, even as unemployment data showed the number of jobless Britons fell far more than expected in January 2001. In its first quarterly…
Bank of France raises growth forecast for Q1 2001
The Bank of France raised its forecast for first-quarter economic growth in 2001 after its latest survey of business sentiment pointed to a rosier outlook than the bank had anticipated previously. The central bank raised its forecast for first-quarter…
BoE's forecast confirms loosening stance
The Bank of England's February 2001 inflation report confirmed marketexpectations that UK interest rates were likely to head down over thecourse of 2001. Mervyn King, deputy governor for monetary stability, who presented thereport despite a bout of flu,…
Dollar mood jittery ahead of Greenspan remarks
The dollar's near-term fate hung in the balance on Feb 13, 2000 ahead of potentially market-movingcomments by Federal Reserve Chairman Alan Greenspan in Congress. Dealers generally expect Greenspan to adopt a cautiously optimistic tone on the U.S…
Japan admits economic going is getting tougher
Japan acknowledged on Feb 13, 2001 it is flirting with recession, but ministers and some economists expressed confidence the steps by the Bank of Japan (BOJ) to calm the money markets would help to put a floor under the economy. Economics Minister Taro…
Vietnam - New regulations on banks' rep offices
Commercial banks can open rep offices and branches at home and abroad, as well as set up, disband and merge branches, provided they meet certain conditions, the central bank has ruled.Decision 90/2001/QD-NHNN regarding this signed last week by deputy…
Israel cbank warns employee unrest disrupt policy
The Bank of Israel cautioned on Feb 13, 2001 that continued labour unrest at the central bank could disrupt monetary policy. The discount rate is maintained through regularly scheduled auctions in which the central bank sells or buys money. If these…
Vietnam seeks US$500m IMF loan
Vietnam is seeking an emergency loan from the International Monetary Fund to help pay for a US$1.5 billion (S$2.6 billion) programme to restructure its debt-ridden banking sector. The country is negotiating a US$500 million loan package with the IMF,…
China rises to 8th in IMF vote rankings - cbank
China has risen in rankings to eighth from 11th in terms of capital provided to the International Monetary Fund, state media reported on Feb 13, 2001, citing a central bank spokesman. The elevation follows executive approval of an increase in China's…
Greenspan-Fed may expand debt types in portfolio
The Federal Reserve continues to explore its options for implementing monetary policy as the stock of its preferred instrument, U.S. Treasury debt, declines, Fed Chairman Alan Greenspan said on Feb 13, 2001. Two of the options on the table include debt…
Polish leftist MP wants to change c.bank charter
A senior deputy from the ex-communist SLD social democrats, the party expected to win upcoming parliamentary elections, said the central bank's charter should be changed, a newspaper reported on Feb 13, 2001. Marek Borowski, SLD's deputy speaker of the…
Defiant Rafael Buenaventura says he will not quit
Philippine Central Bank Governor Rafael Buenaventura said he would not resign following accusations that he had alerted deposed president Joseph Estrada to withdraw the latter's secret account with deposits worth $2.9m (P143.76million) a day before the…
IMF team to review Ecuador's dollarization process
A team from the International Monetary Fund will arrive in Ecuador in the next few days to review the progress of the dollarization process implemented by the country in 2000. The three-member IMF team will stay in Ecuador for about 15 days, analyzing…
G7 to review global economy at Palermo fortress
When the world's leading financial barons meet in Sicily this weekend [Feb 16, 2001] to review their armoury for spurring the global economy, they will do so at a site chosen as a strategic look-out point dating back more than 2,000 years. Finance…
Venezuelan fin min-cbank won't fix interest rates
Venezuelan Finance Minister Jose Rojas reiterated Feb 13, 2001 that the central bank won't fix credit and deposit rates in the banking sector. "The central bank is not going to fix rates," Rojas said in a televised interview. In a nod toward the monetary…
Philippine cbank gov urged to quit over Estrada
The governor of the Philippine central bank is at the centre of a storm, for allegedly sleeping on the job while deposed President Joseph Estrada laundered millions of dollars through the local banking system.Several congressmen involved in ousting Mr…
IMF-WB-ADB in bailout package for Sri Lanka
Sri Lanka has been promised a bailout package from the International Monetary Fund, World Bank and the Asian Development Bank (ADB) to help shore up depleted foreign exchange reserves, Central Bank officials said. The officials, who declined to be named,…
RBA upbeat but says U.S. still main risk
Australia's central bank painted a cautious picture of the economy on Feb 12, 2001, saying domestic growth had slowed and much depended on the outlook for the United States. Less than a week after slashing official interest rates by half a percentage…
Asia response to revised Basel Accord
Asian countries have responded well to proposals for a new regulatory framework strengthening the global banking system and allowing banks more independence in assessing capital risk, according to New York Federal Reserve President William McDonough. …
Jakarta sticks to controversial c.bank law changes
Indonesia said on Feb. 12, 2001 it would stick to proposed amendments to the central bank law that would effectively sack the existing board of governors, a move expected to add pressure to already strained relations with the IMF. The International…
BIS cbankers expect world economy to pick up
Central bankers meeting in Hong Kong on Feb 12, 2001 agreed that the global economy is now slowing but will return to growth in the second half of 2001, said an official who briefed reporters. Andrew Crockett, general manager of the Bank for…