Central Banking
Bank of Israel reiterates objection to min. wage
The Bank of Israel issued on Dec 28 a report which recommended pegging the minimum wage to the median salary and replace the current system in which it is linked to the average salary.
Central Bank of Nigeria held 224 clearing sessions
The Central Bank of Nigeria (CBN) in Kano has this year held 224 clearing sessions, during which 275,681 instruments valued at about N181 billion were cleared, the CBN Kano branch controller, Mr. Okun Folami, has said.
U.S. slowdown to hit Britain-BoE's George
Bank of England governor Eddie George has warned that fallout from an economic slowdown in the United States will affect Britain in 2001 but will not bring a "nightmare scenario", the BBC said on Dec. 29, 2000.
Asean members sign new swap agreement
The 10 Asean members signed a new Asean Swap Arrangement (ASA) in November, providing a total of US$1 billion of financial support, said Bank Negara Malaysia in a statement on Dec 29, 2000.
Putin says cbank needs to pick up pace of reform
President Vladimir Putin said Dec 29 Russia needs to reform its moribund banks, and he criticized the central bank for failing to develop the banking system. The International Monetary Fund and other foreign lenders have long urged Russia to overhaul its…
US in economic slowdown but far from recession-IMF
The International Monetary Fund has said that the United States is facing a slowdown in growth that will curb the global economic expansion. But the US economy is far from a recession and is nowhere near contracting, added the IMF's first deputy managing…
Philippine c.bank to tap its forex reserves
The Philippine Central Bank said it will tap its foreign-exchange reserves to pay maturing obligations in the first half of 2001. At the same time, the central bank said it will postpone indefinitely a plan to borrow funds from a group of local and…
Bank of Israel cuts interest rates by 0.2%
The Bank of Israel lowered its key lending rate for January by a moderate 0.2 percent to 8% Dec 28, in line with economists' expectations. This is the lowest interest rate in a decade.
Swaziland introduce law against money laundering
Swazi finance minister John Carmichael is expected to table in parliament the long awaited criminal and money laundering bill that would empower prosecutors world-wide to extradite suspected criminals against Swazi laws to stand trial in Swaziland, the…
Governor of Yugoslavia cbank on visit to Slovenia
Governor of National Bank of Yugoslavia Mladjan Dinkic arrived to Slovenia on an invitation of the Governor of the Bank of Slovenia, France Arhar, on afternoon of Dec 27. Representatives of both banks discussed currency rate policy and a number of other…
IMF has nothing against CBR, says Paramonova
The International Monetary Fund has no complaints about the actions of the Central Bank of Russia, Tatyana Paramonova, a first deputy chairman at the Central Bank, said.
BCEAO calls for diversification of production base
The board of directors of the Central Bank of West African States or BCEAO has urged member states to further diversify their production bases, accelerate integration and the implementation of common sector policies within member countries.
Hungary fin min expects good teamwork with c.bank
The existing good working relations with incumbent Finance Minister Zsigmond Jarai will provide the basis for a good partnership between the Finance Ministry and the National Bank of Hungary in the future, Mihaly Varga told reporters on Dec 28.
Banco de Mexico assigns $250 mln in put options
Banco de Mexico said on Dec 28 it placed all $250 million in dollar put options it had offered for January. The options had an average premium of 21.58 pesos per $1,000. The central bank said in a statement that there were four institutions that placed…
HK Exchange Fund may profit despite stocks, euro
Hong Kong's Exchange Fund of financial reserves may show only a modest profit this year due to a substantial fall on the local stock market and a sharp drop in the euro , the de facto central bank said on Dec 28, 2000.
Greek cenbank demands tight budget, wage policy
Bank of Greece Deputy Governor Nicholas Garganas said in a newspaper interview on Thursday that Greece should continue its tight fiscal and wage policy to help bring down inflation.
Tosovsky warns of threats to CNB independence
On Dec 27, Czech National Bank (CNB) governor Josef Tosovsky said attacks on the central bank were increasing and could affect its credibility. The attackers include opposition Civic Democrat (ODS) leader Vaclav Klaus, who blames the CNB's policies for…
HK US dlr clearing volume picking up over time
Hong Kong's recently introduced U.S. dollar clearing system is unlikely to see volume pick up fast in the near-term as clients test the waters and wait for more services to be priced in U.S. dollars, said settlement bank Hong Kong and Shanghai Banking…
Slovenia c.bank eases portfolio investment rules
The Bank of Slovenia said on Dec 22 it would from January 2001 ease restrictions for foreign portfolio investment, part of its programme to harmonise regulations with those of the European Union by the end of 2002.
Zambia technical group to probe kwacha weakness
Zambian Finance Minister Katele Kalumba said on Dec 22 the government had appointed a technical committee to study the kwacha's weakness and recommend ways to stabilise the currency.