International Monetary Fund (IMF)
Bank Indonesia governor says he can't be replaced
INDONESIA - Bank Indonesia Governor Syahril Sabirin said that President Wahid would not be successful in removing him from office because regulations prevented it.
Fed surprises by reducing rates to 4.5%
UNITED STATES - The US Federal Reserve on Apr 18 continued its agressive easing of monetary policy by cutting interest rates by 0.5% for the fourth time this year.
Best practice in debt management-IMF guidelines
ARTICLE - The IMF and World Bank have published a final version of their report "Guidelines for Public Debt Management". The IMF drew up the guidelines to assist governments "build capacity for managing their debt" which would consequently "reduce their…
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.
Expanded monetary union in West Africa
ARTICLE - In an article published in the IMF's quarterly magazine, IMF economists R.D. Asante and Paul Robert Masson talk with Jacqueline Irving of the IMF's external relations department about the pros and cons of expanded monetary union in West Africa.
BIS Stability Forum's 'to do list'
ARTICLE - The Financial Stability Fourm (FSF), following its meeting on 22/23 March in Washington DC, has released a paper revealing the progress of dozens of initiatives now underway to bolster financial system soundness.
Central bank should be more accountable - panel
INDONESIA - The independent panel set up to review Bank Indonesia Law recommended amendments to increase the accountability of the central bank's board of governors, a government official said on Apr 9, 2001.
Asian countries agree currency swap network
ASIA - Asia's leading governments have put the finishing touches to plans for a network of currency swap arrangements to guard against a repeat of the 1997 regional economic crisis as concerns of a new global slowdown grow.
Euro-area banking at the crossroads-IMF paper
RESEARCH - This IMF working paper by the European I department looks at the institutional arrangements for euro-area banking supervision. The authors endorse stronger cross-border coordination among supervisory authorities but notes that more formal…
IMF articles on reform and restructuring in Asia
ARTICLES - The International Monetary Fund has published the March issue of its quarterly magazine Finance and Development. There are six articles on reform and restructuring in Asia. Other articles on the role of capital in development, the effect of…
IMF Koehler urges ECB to cut interest rates
EUROPE - International Monetary Fund Managing Director Horst Koehler called on the European Central Bank on Apr 2, 2001 to cut interest rates in order to help a slowing euro-zone economy.
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.
IMF is 'well equipped to tackle crises'
ARTICLE - In a letter to the editor of The Straits Times, the IMF's director of external relations, Thomas Dawson, hits back at the newspaper's suggestions that the IMF's policies in Asia, Russia and now Turkey have been failures.
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.
Role of subordinated debt in market discipline
IMF RESEARCH - This new working paper by the IMF puts the last nail in the coffin regarding the use of mandatory subordinated debt in enhancing market discipline in emerging markets. It says the preconditions for its success are not fulfilled in emerging…
RBNZ's Brash to help Indonesia on central bank law
NEW ZEALAND/INDONESIA - Reserve Bank of New Zealand governor Donald Brash said on Mar 26, 2001 he was going to Indonesia on Apr 2 to help advise on a new central bank law.
UKRAINE: Former deputy central bank chief detained
Reserves scandal claims former deputy governor
IMF data quality framework
RESEARCH - New IMF working paper considers standards for data quality.
Indonesia says postpones c.bank law debate to May
Indonesia said on Mar 14, 2001 it had postponed hearings on controversial central bank law changes, a move that could help break a deadlock in negotiations with the IMF.
Standards and Codes-A tool for growth- IMF Koehler
SPEECH - Horst Kohler, managing director of the IMF, gave a interesting speech titled "Standards and Codes - A Tool for Growth and Financial Stability" on Mar 7, 2001, at a joint IMF/World Bank Conference on International Standards and Codes. He outines…
Asian currency swap idea 'acceptable'-Manila c.bnk
The Philippines is basically happy with the concept of an Asian web of currency swaps aimed at fending off future financial crises and is forging ahead with discussions on terms, deputy central bank governor Amando Tetangco said on Mar 9, 2001.
Currency crises and foreign reserves-IMF paper
RESEARCH PAPER - In a new IMF working paper, economist Piti Disyatat asks how far a government will run down its currency reserves in defence of a fixed exchange rate. He also uses an optimizing model of currency crisis to determine whether or not a…
On the Long and Short of Central Bank Independence
This paper by Alberto Musalem of the International Monetary Fund finds that higher central bank independence increases fiscal discipline and results in lower inflation. However, it finds that higher central bank independence does not necessarily lead to…
Mussa to step down as IMF economic counsellor
Michael Mussa is to step down as the IMF's Economic Counsellor and Director of the Research Department at the end of his current term in the position, Managing Director Horst Kohler announced on Mar 7, 2001.