Central Banking
ECB Press Conference
EUROPE - Introductory statement Willem F. Duisenberg, President of the European Central Bank, Christian Noyer, Vice-President of the European Central Bank, Frankfurt am Main, 5 July, with a transcript of the questions and answers.
Sluggish IT seriously affecting overall economy
SOUTH KOREA - A long-lasting slowdown in the nation's information and technology (IT) industry has been dealing a serious blow to the nation's exports, imports and current account balance as well as production in the manufacturing industry.
Beware of Dr. Green and Mr. Span
US - Some pretty smart people are warning about the danger of playing with interest rates, comparing the nation's central bankers to Dr. Jekyll and Mr. Hyde. Call these critics the Alan Greenspan bashers, writes the Economist magazine 5 July.
Bank of England leaves interest rates unchanged
UK - The Bank of England's Monetary Policy Committee (MPC) has left UK interest rates unchanged for the second month in a row. The committee concluded their two day meeting on 5 July. The Bank's base rate remains at 5.25%.
European interest rates held steady
EUROPE - The European Central Bank (ECB) has left eurozone interest rates unchanged for the second month in a row. Their main refinancing rate remains at 4.5%.
Stanley Fischer - Argentine Bankers Association
SPEECH - Stanley Fischer, First Deputy Managing Director of the International Monetary Fund has spoken at the Argentine Bankers Association Meeting Buenos Aires, 25 June.
Consumer protection and the banking industry
SPEECH - Joseph Yam, JP, Chief Executive of the Hong Kong Monetary Authority, at the Hong Kong Association of Banks' Half-Yearly Dinner, Hong Kong, 19 June.
Regulator to study Brazil comparative rate system
CHILE - Chilean banking authorities will study the implementation of the Brazilian Central Bank's comparative interest rate system with a view to boosting transparency and competition in the loan market, Chile's chief banking regulator Enrique Marshall…
Liberal rules for S-type accounts in force, Russia
RUSSIA - The Central Bank of Russia has drafted a number of instructions aimed at liberalising rules for S-type accounts, in which foreign investors must keep rubles received from redemption of government bonds that were frozen after the 1998 financial…
Promoting financial stability in New Zealand
SPEECH - Recently published transcript of an Address by Dr Don Brash, Governor of the Reserve Bank of New Zealand to the Conference for Commonwealth Central Banks on Corporate Governance for the Banking Sector, London, 6 June.
China to unify mark on banking cards
CHINA - China's central bank issued a circular Monday demanding that all commercial banks adopt a unified "Yinlian" mark on their banking cards for the purpose of settling in the local currency, Renminbi.
IMF reach compromise over central bank law changes
INDONESIA - Indonesia appears to be making some headway in its efforts to get fresh loans from the International Monetary Fund.
No trial operations approved for banks in China
CHINA - China's central bank said on 2 July it has not approved any trial operations of new private banks and declared such moves illegal, contradicting a media report last week that some trials were well progressed.
Thai's signal looser bank regulation
THAILAND - The FT, London on 5 July reports that Pridiyathorn Devakula, Thailand's new central bank governor, has appeared to signal a shift in attitude towards regulating the country's fragile commercial banks, saying banks should start lending again…
EU assembly repeat call for ECB to publish minutes
EUROPE - The European Parliament approved a resolution on 4 July backing the European Central Bank's 2000 annual report and repeating its call for the publication of ECB minutes, officials said.
China - Gold exchange may be coming
CHINA - China plans to establish a National Gold Exchange (NGE) this year, another step towards reforming its gold trading market.
Reflections on Globalization, Spain, and the IMF
SPEECH - Eduardo Aninat, Deputy Managing Director, International Monetary Fund spoke at the General Meeting of ELKARGI, San Sebastian, Spain, 29 June.
Ernst Welteke: Trends in international banking
SPEECH - Address by Ernst Welteke, President of the Deutsche Bundesbank, at the International Arab Banking Summit held in Frankfurt, 19 June.
National Bank of NZ names chief economist
NEW ZEALAND - The Reserve Bank of New Zealand has appointed John McDermott as its new chief economist. He will start his new assignment on 20 August.
Interest rate decisions due
EUROPE - The European Central Bank and the Bank of England will both, separately, make their latest interest rate decisions tomorrow, 5 July. Neither is expected to cut rates further.
Taiwan sets up blue-ribbon economic committee
TAIWAN - Taiwan paved the way on 4 July for a multi-party task force to advise how to boost the island's faltering economy, a presidential aide said.
RBNZ introduces E-mail statement service to public
NEW ZEALAND - The Reserve Bank of New Zealand on 4 July started to deliver its press statements to the general public via e-mail for the first time.
Russian gold and currency reserves grow by $500m
RUSSIA - The PR department of the Central Bank has reported that between 15 June and 22 Russia's gold and currency reserves grew from $33.7 billion to $34.2 billion.
Indonesia expects smooth talks with IMF mission
INDONESIA - Indonesia's chief economics minister said on 4 July he expected smooth talks with an IMF team due to arrive this week on a mission aimed at paving the way for resumption of a $5 billion loan programme.