Central Banking
Bank of Italy merger veto curbs ambitions of banks
ITALY - Bank of Italy Governor Antonio Fazio's continued opposition to mergers between leading Italian banks is proving to be a big drag on the sector as domestic mergers and acquisitions are the only way Italian banks can grow to catch up with larger…
Thai bank agrees with cabinet time zone shift idea
THAILAND - The Thai cabinet intends to accelerate economic growth by turning clocks forward one hour, to bring Thai time in line with regional economic powerhouses such as Singapore, Malaysia and Hong Kong, the Bangkok Post reported Wednesday. Thailand's…
Fed Res Bank of Minneapolis - Annual Report 2000
ANNUAL REPORT - The Federal Reserve Bank of Minneapolis has published its Annual Report for the year ended 2000.
Survey on the Introduction of the Euro
RESEARCH - The National Bank of Belgium is conducting a new survey among enterprises concerning the introduction of the euro. The object of this survey is to assess their degree of preparedness for the changeover to the single currency and to evaluate…
Russian C Bank stripped of right to control audits
RUSSIA - On 13 July, the Russian State Duma adopted in third and final reading two bills, entitled On auditing activities and on the state registration of legal entities.
Lebanese prime minister meets US bank delegation
LEBANON - The Lebanese Prime Minister Rafik al-Hariri met a delegation of the U.S. Central Bank on 13 July. They discussed issues concerning the bank situation in Lebanon. Hariri also met the head of the International Trade Chambers' Union Adnan Al…
Reserve bank begins financing tobacco growers
ZIMBABWE - THE Reserve Bank of Zimbabwe (RBZ) has started disbursing 20% pooled foreign exchange proceeds drawn from off-shore facilities to finance tobacco growers, ending several months of waiting by the growers, it has been learnt.
Bank backs Aussie-Kiwi policy
NEW ZEALAND - A journal published by the Hong Kong and Shanghai Banking Corporation (HSBC) has called on Australia and New Zealand to adopt a common monetary policy.
Korea to adopt flexible monetary policies
SOUTH KOREA - Bank of Korea Governor Chon Chol-hwan said 16 July he will be flexible with the bank's monetary policies in view of the uncertainties surrounding both international and domestic economies, and will pay close attention to inflation and real…
South Africa banks fear effects of brain drain
SOUTH AFRICA - South Africa's banks have identified skill shortages as the biggest threat facing the industry.
Federal Reserves Meyer on Inflation Targets
SPEECH - Federal Reserve Board member, Governor Laurence H. Meyer has given a speech at the University of California, San Diego Economics Roundtable, San Diego, California. The speech is titled "Inflation Targets and Inflation Targeting" and was made…
Global Financial Stability: under threat?
CENTRALBANKNET'S SPECIAL REPORT - As the global stock-market turmoil continues unabated and forecasts for economic growth are dramatically scaled back, what is the likelihood that the world financial system will escape a routing? What have we learnt from…
Dutch Government poised to revamp supervision
NETHERLANDS - Gerrit Zalm, the Dutch finance minister, is considering transforming the financial sector's three existing supervisory bodies into two watchdogs, according to well-informed sources. The reorganisation could mean that the central bank DNB…
No change in Japan gov't economic assessment
JAPAN - Vice Finance Minister Toshiro Muto said on 16 July that the government stands by its assessment of Japan's economy although the Bank of Japan (BOJ) slightly downgraded its economic assessment in its latest monthly report on economic and financial…
Indian committee suggests overseas clearing agent
INDIA - A committee set up to study the Indian financial system's payment and settlement modes has recommended creating an overseas clearing agent and a guarantee fund for foreign exchange clearing, a central bank statement said on 16 July.
Cuban bank to stop services to 'deadbeat'companies
CUBA - The Cuban Central Bank plans to suspend banking services to deadbeat Cuban companies effective in January 2002, a bank spokesman said.
IMF Fischer stresses Turkey econ program on track
US - The International Monetary Fund signalled the beginning of a new public relations campaign to relieve market pressure on Turkey 13 July, with the Fund's second-ranked executive declaring investors aren't giving Ankara enough credit for the reforms…
T T Mboweni: Building Africa's future
SPEECH - Address by Professor TT Mboweni, Governor of the South African Reserve Bank, at the 6th Africa Regional Girl Guides Conference, Cape Town, 2 July.
Y V Reddy: International Financial Standards
SPEECH - Public lecture by Dr Y V Reddy, Deputy Governor of the Reserve Bank of India, at the Centre for Banking Studies of the Central Bank of Sri Lanka, Colombo, 28 June.
Swiss Nat Bank supports draft of central bank law
SWITZERLAND - The Swiss National Bank 13 July gave its support to the draft of a new law governing the central bank.
Takenaka 'not dissatisfied' with BOJ's decision
JAPAN - Heizo Takenaka, state minister in charge of economic and fiscal policy, said 13 July he is "not dissatisfied" with the Bank of Japan's (BOJ) decision to keep monetary policy unchanged.
IMF positively assess Ukrainian central bank work
Ukraine - The National Bank of Ukraine [NBU] has been exceptionally successful in its currency rate policy, which is aimed at consistent strengthening of the hryvnya, harnessing the inflation and increasing the currency reserve. The senior permanent IMF…
Russian duma gives easy passage to currency law
RUSSIA - Russia's parliament on 13 July supported President Vladimir Putin's plan to liberalise currency controls, ignoring a central bank request to postpone approval until the autumn.
South African currency hit by risk aversion
South Africa - A general increase in risk aversion by international investors constituted a factor which had recently cast a shadow over the South African currency rand, Reserve Bank governor Tito Mboweni said on 13 July.