News/Monetary Policy
Bulgaria c-bank fx reserves down on Brady payment
BULGARIA - The foreign exchange assets of the Bulgarian National Bank's (BNB) Issue Department fell by a net 167.3 million euros ($146.3 million) after Bulgaria paid coupon on its Brady bonds, a central bank official said on 30 July.
Brazil easily beats IMF primary surplus goal in H1
BRAZIL - Brazil posted a primary budget surplus of 30.42 billion reals ($12.47 billion) in the first half of the year, sharply beating an IMF-agreed target for the surplus with 8.9 billion reals to spare, the Central Bank said today, 30 July.
CNB will publish meeting records after six years
CZECH REPUBLIC - The Czech National Bank (CNB) has decided to publish the records of the bank board meetings. The central bank reacts to the interest and specific needs of economic analysts, economics students and historians of the Czech economy or of…
Blair and Brown set euro vote timetable
UK - Tony Blair and Gordon Brown have drawn up a timetable for a euro referendum and are preparing to make a judgment, probably next year, about whether to call one, reports the Financial Times in London, 27 June.
Five months to E-day and euro use still limited
EUROPE - Five months before the introduction of euro notes and coins, the use of the single currency remains limited in almost every country in the 12-nation eurozone, the European Commission warned yesterday, 27 July.
Peru's new finance minister sees changes at c bank
PERU - Incoming Finance Minister Pedro Pablo Kuczynski said on 26 July that former central bank chief Richard Webb will likely become the new president of the Central Reserve Bank of Peru.
IMF accord enters calculation stage
UNITED STATES - The Brazilian delegation in Washington keeps making ambiguous statements on the possibility of a new accord with the IMF but, according to a source at the IMF, they are "making their calculations".
IMF and World Bank to ease debt rules
US - International finance officials are meeting in Washington today, 26 July, to look at ways to overhaul and simplify the strings attached to the loans they make to poor countries.
S.African central bank says launching MPC review
SOUTH AFRICA - South Africa's central bank said today, 26 July, it was launching a review of the operations of its 14-member monetary policy committee (MPC) which would be completed by the end of September 2001.
Australasian union could see trade double - paper
AUSTRALIA - Australia could enjoy a doubling in trade with New Zealand if the two countries embarked on a path of currency union, a discussion paper presented to a Reserve Bank of Australia conference on 24 July concluded.
Bahrain to set up liquidity management centre
BAHRAIN - Bahrain plans to establish a US$50 million liquidity management centre (LMC) to help meet the needs of Islamic banks and financial institutions.
Hungary publishes euro recommendations for banks
HUNGARY - The National Bank of Hungary (MNB) has published recommendations to commercial banks regarding the introduction of euro coins and notes in 12 EU member states as of 1 January 2002.
Italian bank chief backs Berlusconi's policies
ITALY - Antonio Fazio, the governor of the Bank of Italy, on 24 July gave strong backing to the economic policies of Silvio Berlusconi's new centre-right government, blaming the prime minister's predecessors for giving the country a low rate of economic…
Russia to draft new forex control law by October
RUSSIA - The Russian government intends to draft a new, more liberal law on hard currency controls and regulations by October, the Finance Ministry said yesterday, 24 July.
Australasia must be considered in Asia union
AUSTRALIA - Australia and New Zealand should be considered in any move towards monetary union in Asia, a discussion paper at a Reserve Bank of Australia conference in Sydney on 24 July concluded.
S.Africa's Mboweni urges black empowerment support
SOUTH AFRICA - South Africa's central bank governor Tito Mboweni said that although laws could help address the issue of black empowerment in South Africa, public commitment was crucial.
Central bank guidelines on credit extension
NIGERIA - The Central Bank of Nigeria (CBN) lived up to its billing in pursuit of its function of promoting monetary stability and a sound financial system when last week it rolled out a new guideline on public spending, reports All Africa Global Media,…
Research calls for change to China monetary policy
CHINA - With the development of the capital market, the fluctuation of asset prices will have an increasingly greater influence on the stability of money demand and in turn affect the quantity and mix of money supply. For this, the monetary policy should…
No policy change despite emergency, Bank Indonesia
INDONESIA - The governor of Indonesia's central bank said yesterday, 23 July the country's foreign exchange and monetary policy remained unchanged despite President Abdurrahman Wahid's declaration of a state of emergency earlier in the day.
New London Rep for Bank Indonesia
UK - The London office of Bank Indonesia has a new Chief Representative.
Impact of euro cash set to be 'low'
GERMANY - Deutsche Bank, Germany's biggest bank, has warned against overestimating the potential disruption generated by the change to euro cash at the start of next year. The bank said it was more likely to be a "big bang" with "little impact" on…
Greenspan says monetary policy still works
US - Federal Reserve Chairman Alan Greenspan said today, 24 July, that changes in monetary policy are still able to boost the economy, even as the U.S. economy has continued to drag after a series of Fed rate cuts.
Dutch central bank sold gold last week
NETHERLANDS - Figures from the Dutch central bank on 24 July showed its gold reserves fell by 20 million euros last week.
Asia-Pacific bank governors meet in Australia
AUSTRALIA - Central bank governors and deputies from the Asia-Pacific region met today, 23 July in Australia, but their discussions were held in private and no communique was released.