News/Monetary Policy
CBR likely to amend monetary policy framework
The Bank of Russia last week submitted to the Duma "Guidelines for the government's unified monetary and credit policy in 2001".
El Salvador makes way for US dollar general use
El Salvador is making final preparations to introduce the US dollar into general use in January, importing the US currency and training bank employees how to avoid money laundering and counterfeit schemes, officials said on Wednesday.
Ex-Fed Blinder - Japan needs cheaper yen
Alan Blinder, a former deputy chairman of the Federal Reserve, said Thursday Japan ought to boost demand by making its currency cheaper.
Korea c.bank says holding rates for now
Korea may cut interest rates to ward off a sharp economic downturn but only if prices remain under control, Bank of Korea Governor Chon Chol-hwan said on Thursday.
Venezuela 'overdrive' plan still not in effect
Venezuelan President Hugo Chavez acknowledged Tuesday that a $2.1bn government spending plan he announced two months ago to spur economic growth had still not taken effect.
Kenya bill to control bank interest rates passed
Kenya's parliament today passed with amendments the Donde bill that seeks to regulate interest rates charged by commercial banks.
Vietnam banks dispute compulsory reserve ratios
Commercial banks have criticised the central bank's increase of the compulsory ratio of deposit reserves from this month from 8% to 12% for call and less than 12-month deposits in the dollar.
Irish hoarding of coins poses euro problem
The image of the Irish hoarding their untaxed earnings under the mattress may be apocryphal, but a study published on Monday estimated that as much as I£30m (E38.1m) in coins may be kept in jam jars, glass bottles, biscuit tins even in shoe boxes.
Buba's Stark - US growth slowdown coming true
Bundesbank deputy president Juergen Stark said on Monday he was pleased with the euro's appreciation and said the slowdown in US economic growth appeared to be materialising.
Fed helps Bank with rate study
The Bank of England, the UK central bank, has commissioned an investigation by a senior official of the US Federal Reserve to assess the way it sets interest rates, says an article in today's Financial Times.
US Fed needs to improve communication-Fed's Poole
The Federal Reserve needs to improve its communication skills so that financial markets can better understand what US central bankers are thinking, St Louis Fed President William Poole said on Thursday.
Oil, minimum wage hike led to Brazilian rate hold
Despite a slowdown in inflation in recent months, concerns about the impact of a hike in the minimum salary and volatile oil prices led Brazil's central bank to keep its key interbank interest rate steady, according to minutes of last week's monetary…
Russia and Belarus move towards single currency
The Russian Federation government has approved the draft agreement between Russia and Belarus concerning the introduction of a single currency and the establishment of a single centre of issue of the Union State.
Turk c.bank decision sparks money market turmoil
Turkey's central bank on Thursday shut off the taps of the emergency funding it has carried out over the last six trading days to ease a liquidity crunch sparked by fears of a banking sector crisis.
Comoros economy grew 1.1 % in 1999 -central bank
Economic growth in the Indian Ocean Comoro islands slowed to 1.1% in 1999 from 1.2% in 1998, the central bank said on Thursday.
Moldova central bank cuts main interest rates
Moldova's central bank said on Thursday it had cut its main interest rate for short-term and medium-term credit to 27.5% from 28.5% with immediate effect.
BOJ decides to leave monetary policy unchanged
The Bank of Japan decided at a top policy-making meeting Thursday to leave its monetary policy unchanged until the next session slated for 15 December.
Montenegro won't let Yugo c.bank resume control
Montenegro said on Wednesday it would not allow the Yugoslav central bank to resume control over the coastal republic's monetary policy now that it was firm in its aim to gain independence and international recognition.
Bank of Greece sees lower inflation, wants reforms
Greece's central bank said on Wednesday inflation should drop below 3% in the second half of 2001 but called for faster structural reforms to improve competitiveness once the country enters the Eurozone.
Belgium growth at 3.1% in 3Q down on 2Q
The Belgian economy grew 3.1% on the year in the third quarter, down from 4.6% in the second quarter and from 3.5% in the third quarter of 1999, the Belgian National Bank said Wednesday.
Malaysia can keep lid on interest rates - Zeti
Malaysia can keep a lid on interest rates because of its low inflation and monetary policy is likely to remain accomodative to growth, Bank Negara governor Zeti Akhtar Aziz said on Wednesday.
Bbk Zeitler: Continue reforms to reverse weak euro
The euro's current weakness is "completely surmountable" if national governments in the 11-nation euro area continue to press ahead with structural reforms, Bundesbank council member Franz-Christoph Zeitler said Wednesday.
Sarkissian: Price stability will be maintained
The head of Armenia's central bank said that stability in the financial markets will be maintained when the government spends 8 bln drams from the privatisation fund in order to cover social expenses and other financial inflows in December 2000.