News/Monetary Policy
Japanese investor waits for Slovak c.bank approval
SLOVAKIA - Japanese company Japan Grade One Co Ltd. that wants to buy Devin banka through a 3-billion SKK capital injection has submitted all necessary documents to the National Bank of Slovakia (NBS) that the central bank needs to officially acknowledge…
German banking fed cuts 2001 growth forecast
GERMANY - The German banking federation (BVB) said on 20 August it had cut its forecast for German growth for 2001 to 1.0 - 1.5 percent from an earlier 1.5 percent.
Indonesia expects IMF deal within days
INDONESIA - A deal to resuscitate Indonesia's loans from the International Monetary Fund, frozen since last year, could be finalised as early as 23 August, according to the Indonesian government.
Bank of Japan targets deflation
JAPAN - Japan's central bank is ready to consider further steps to bolster the country's troubled economy, with an inflation target now a possibility, according to top finance officials.
UAE c bank to launch real time settlement system
UAE - The UAE Central Bank will launch the Real Time Gross Settlement System in the UAE on August 25, 2001.
Back to Bretton Woods
UK - The anti-globalisation protesters have a point, argues Felix Rohatyn a former US ambassador to France, in the London edition of the Financial Times, 20 August. It is time to reform the IMF and World Bank, he says.
IMF and World Bank plan to meet protestors
US - The International Monetary Fund and World Bank have agreed to a public debate with leading anti-globalisation activists during the organisations' annual meetings to be held in Washington next month.
Thailand rejects IMF interest rate advice
THAILAND - Prime Minister Thaksin Shinawatra on 17 August rebuffed an IMF suggestion that Thailand should not rule out cutting interest rates, saying rates were already low enough despite the need to boost the faltering economy.
Cavallo aide pleads for patience on IMF
ARGENTINA - Market expectations on the speed of talks between Argentina and the International Monetary Fund on an expected multibillion-dollar aid package are "a bit exaggerated," an aide to Economy Minister Domingo Cavallo told local radio on 16 August.
BOJ hints at unavoidable recession in Japan
JAPAN - The Bank of Japan has downgraded its assessment of the Japanese economy for the third straight month and hinted strongly that a recession - the country's fourth in a decade - will be unavoidable.
German economy grinds to a halt
GERMANY - The German economy slowed to a halt in the second quarter of the year, according to new preliminary figures from the Bundesbank.
Polish central bank head calls for fiscal reform
POLAND - Leszek Balcerowicz, president of the National Bank of Poland, stressed in a speech made on 10 August to the Polish parliament that tight monetary policy in 2000 had done the most to shelter Poland from worse macroeconomic disturbances that could…
IMF Press Release
USA - World Bank Group and IMF set meetings for 29-30 September 2001.
Anti-globalisation protest IMF/World Bank meeting
US - Nationwide planning by anti-globalisation protesters from across the US is intensifying and becoming increasingly sophisticated in advance of next month's meetings in Washington of the World Bank and International Monetary Fund, reports the…
Bank split over rate cut
UK - The Bank of England's surprise cut in interest rates earlier this month on 2 August was approved by a six-to-three majority, minutes from the rate-setting meeting have revealed.
Euro breaks 90 cents barrier
EUROPE - The euro broke through the 90 cent level today, 15 August, and hit a five-month high against the pound for the third consecutive day as the single currency benefited from losses by the US dollar.
Malaysia c bk campaign to promote Islamic banking
MALAYSIA - Malaysia's central bank said 15 August that it will organise a week-long nationwide campaign to promote Islamic banking and insurance from 26 Oct to 2 Nov.
Japan loosens monetary policy
JAPAN - The Bank of Japan (BoJ) has decided to make borrowing money cheaper as the weight of huge bad debts and sliding prices continues to cripple the country's domestic economy.
Hole-in-the-wall headache behind euro big day
ARTICLE - With the deadline for the introduction into circulation of euro notes less than five months away, Europe is facing its greatest logistical challenge since the D-Day landings.
Bush keeps 'open mind' on Argentina
US - Talks between Argentina, the International Monetary Fund (IMF) and the US Treasury continued on 13 August, as the country sought extra money to help ease its financial crisis.
Euro's launch vital to debate in Sweden
SWEDEN - Goran Persson, Sweden's Social Democratic prime minister, believes the Scandinavian country could be a member of the single currency by 2005 if next January's introduction of euro notes and coins is a success.
Warning by IMF puts BoJ under pressure
JAPAN - Pressure on the Bank of Japan to ease monetary policy at its two-day meeting that starts today has been increased considerably by the International Monetary Fund's reversal of an earlier growth forecast and its warning that Japan would enter a…
EU candidates must join ERM on way to euro-Noyer
GERMANY - European Central Bank Vice President Christian Noyer said on 13 August countries seeking to join the single European currency must first keep their currencies loosely aligned with the euro for two years.
C Bank head says new ex rate system successful
EGYPT - Prime Minister Dr Atif Ubayd 12 August presided over a meeting of the ministerial economic group which reviewed conditions on the exchange rate market and made an evaluation of the first week of the new exchange rate system and providing foreign…