News/Regulation
Polish c bank urges speedy public finance reform
POLAND - Poland's outgoing deputy central bank head Richard Kokoszczynski on 28 August urged the government to reform public finances quickly or face disgruntled capital markets and possible delays in European Union (EU) accession.
Regulators to order banks to publicly reveal more
PHILIPPINES - The Bangko Sentral ng Pilipinas (BSP) will soon implement stricter disclosure requirements for banks as part of its thrust to promote greater transparency in the industry.
C Bank chief, dep premier hold talks with Ato
SOMALIA - The chairman of the Central Bank of Somalia, Dr Mahmud Muhammad Ulusow, yesterday hosted Uthman Hasan Ali Ato for lunch at his [Mogadishu] residence. Mr Ato was accompanied by members of the USC-SNA [United Somali Congress-Somali National…
China to unveil regulations on Taiwan operations
CHINA - After gathering opinions of Taiwanese companies, associations of Taiwanese-invested companies and other business-related groups, China's Cabinet is due to introduce the regulation of governing liaison office establishment of Taiwanese-invested…
Russian bank chief hits at government policy
RUSSIA - Russian bank chief hits at government policy - Economic programme 'not properly thought through', says Gerashchenko.
Central banker discovers service ethos
ARTICLE - Salinee Wangtal, a veteran of the Bank of Thailand, became impressed with how commercial organisations cultivate a service-oriented culture to bolster their image when she had the chance to work in a publicly-listed bank.
Kenya banks take govt to court over rate law
KENYA - Kenyan banks have taken the government to court to challenge a new law to regulate interest rates, as it would apply retroactively to loans already issued, officials said on 21 August.
Oman to enforce anti-money laundering law soon
OMAN - Dr. Sheikh Abdul Malik bin Abdullah al Hinai, Undersecretary for Economic Affairs, said the Sultanate will shortly apply a law to combat money laundering.
Juncker takes hard line on ECB reform
GERMANY - Luxembourg Prime Minister Jean-Claude Juncker was quoted on 22 August as saying a future reform of the European Central Bank's Governing Council should retain the principle of the equality of euro zone countries.
Kurdistan opens new central bank
KURDISTAN - Prime Minister of Kurdistan Regional government (Arbil) Nechirvan Barzany has officially opened the new building of Kurdistan Central Bank in Arbil.
HKMA says bankruptcy law changes 'difficult'
HONG KONG - Hong Kong's bankruptcy laws will unlikely be amended despite a sharp rise in the number of people going broke and companies going under, the city's quasi-central bank said 21 August.
Swiss nat bank to change policy if needed
SWITZERLAND - Swiss National Bank (SNB) Chairman Jean-Pierre Roth told a business journal that the central bank will review policy and make changes if needed in late September.
Indian bankers jittery over proposed laws
INDIA - Rattled by scams, bankers are now jittery that new laws could push them further towards the edge. The financial regulators are now pitching for a change in the statutes that would put the responsibility on banks, financial institutions and other…
Ukraine begins certification of bank liquidators
UKRAINE - In line with the National Bank of Ukraine resolution, only persons who pass a special examination will be allowed to participate in the liquidation or temporary management of banks, a report says.
Head of Latvian c bank prepared to found new party
LATVIA - Bank of Latvia President Einars Repse is ready to undertake formation of a new right-wing party.
Japanese banks seek to avoid disclosure
JAPAN - Japan's banks are seeking to avoid revealing potential losses on their derivative portfolios by lobbying regulatory authorities to postpone legislation that forces them to disclose the market value of their positions.
Economist Webb may be new Peru c bank chief
PERU - President Alejandro Toledo will name economist Richard Webb as the new president of the Central Reserve Bank of Peru, a high-level source is reported to have told Dow Jones Newswires.
Japanese financial regulator reprimands ING Baring
JAPAN - ING Barings Japan, the investment bank, has been reprimanded by the Financial Services Agency (FSA), the country's chief banking regulator, for issuing inaccurate and misleading research, and has also been ordered to tighten internal compliance…
China tighten grip on overseas operations of banks
CHINA - China unveiled rules on 20 August aimed at tightening supervision of the overseas operations of Chinese banks to prevent financial risk.
Turkish police silence chained protester
TURKEY - Turkish police on 20 August detained a man who chained himself to iron railings outside Prime Minister Bulent Ecevit's office in protest at a hard-hitting economic crisis, state-run Anatolian news agency said.
Asian Monetary Fund not a bad idea - US official
USA - The administration of President George W. Bush would support the future establishment of an Asian IMF, a senior U.S. official said today, 17 August.
Fraga says he may stay on in opposition government
BRAZIL - Central Bank chairman Arminio Fraga said on 16 August that he may accept to keep his position after President Fernando Henrique Cardoso's mandate, which ends in 2002.
Philippines Arroyo says peso speculators face jail
PHILIPPINES - Philippine President Gloria Macapagal Arroyo said on 17 August the peso had rebounded because of the central bank's crackdown on currency speculation and warned speculators of harsh punishment, up to life imprisonment, in the future.
Are central bankers too territorial?
UK - A letter published in today's, 17 August, London edition of the Financial Times claims that central bankers hide behind their independence and protect their own turf.