News/Regulation
Kenya unable to pass anticorruption legislation
US - The United States regrets Kenya was unable to pass an anticorruption bill to pave the way for receiving International Monetary Fund (IMF) aid and restarting an economy in its worst shape since the 1960s, the State Department said yesterday, 15…
Ex-SA Reserve Bank deputy gov joins Nedcor
SOUTH AFRICA - Nedcor Group, the South African financial services company, has appointed Timothy Thahane to the boards of several of its companies.
BOT chief says no whitewash
THAILAND - Bank of Thailand Governor MR Pridiyathorn Devakula yesterday, 15 August, denied there would be a "whitewash" of legal cases against former executives of banks and 56 defunct finance companies widely accused of impropriety.
Russian bank tension up as reforms threaten region
RUSSIA - Tension is growing over rival long-delayed measures to reform Russia's banking system as government officials prepare recommendations scheduled to be put forward at the end of September.
Ukrainian president approves anti-poverty strategy
UKRAINE - Ukrainian President Leonid Kuchma has signed a decree approving a strategy to overcome poverty.
Africa urged to speed up market integration
SOUTH AFRICA - Africa must step up efforts to integrate its financial markets, but the creation of a single bourse is still a long way off, African central bankers and exchange officials said on 15 August.
Ex-Buba chief Poehl slams ECB communication policy
GERMANY - Former Bundesbank President Karl Otto Poehl was quoted on 14 August as saying the communication policy of the European Central Bank was clumsy and inflexible.
Former Ukraine Bank official rejects fraud charge
UKRAINE - Official charges have been brought against a former deputy head of the National Bank of Ukraine, Volodymyr Bondar. The Kiev city prosecutor's office charges him with abuse of office inflicting losses of 20m dollars on the state. Bondar himself…
Ex-Im Bank signs MOU with Iranian bank
IRAN - The Export-Import Bank of Korea (Ex-Im Bank) has signed a 500-million-dollar deal with the Central Bank of Iran that would facilitate trade between the two countries.
World Bank-IMF annual meet curtailed
US - The 2001 annual meetings of the World Bank and the International Monetary Fund (IMF), which were scheduled to be held in Washington between 27 September and 3 October, have been curtailed and will now be held for just two days, 29 September and 30.
French drop hope of replacing Duisenberg
GERMANY - France is apparently abandoning its hopes of replacing Dutch European Central Bank President Wim Duisenberg with a French president in 2002, when half of his eight-year term will be up, reports Der Spiegel.
World Bank optimistic on Russian reforms
RUSSIA - The World Bank's chief economist for Russia said he was cautiously optimistic about the outlook for the country, but banking reform and economic diversification were key tasks ahead.
C Bank of Brazil to cut number of market dealers
BRAZIL - The Central Bank has decided to reduce the number of its dealers (banks licensed to act for the Central Bank in the market) from 25 to 22, said bank director Sergio Goldenstein.
Japanese regulator punishes Citibank
JAPAN - The Japanese branch of Citibank, a part of Citigroup, the world's largest financial services company, has been punished by Japan's financial services agency, the country's chief financial regulator, for illegally helping clients to conceal losses.
RBI pulls up IFCI for poor supervision
INDIA - The Reserve Bank of India has come down heavily on the Industrial Finance Corporation of India (IFCI) for poor supervision of its loan portfolio, lack of proper asset liability management (ALM), rollover of sticky accounts and improper asset…
Turkmenistan leader slams central bank chief
TURKMENISTAN - At a government meeting on 6 August, Turkmen President Saparmyrat Niyazov harshly criticized the head of the Central Bank for failing to prevent embezzlement of state funds and for using his position to promote people without merit.
IMF names head of Ukraine representation
UKRAINE - The IMF has appointed Lorenzo Filiuoli as head of the organisation's representation in Ukraine.
President of Haiti appoints new central bank board
HAITI - President Jean-Bertrand Aristide has appointed a new board of directors to head the BRH, the Bank of the Republic of Haiti.
Philippine money laundering probe threshold cut
PHILIPPINES - Lawmakers plan to cut the deposit threshold of bank accounts that can be probed under anti-money laundering legislation.
Reserve Bank executive to have their power reduced
NEW ZEALAND - Brash to be removed as Reserve Bank chairman. The power of the executive team at the Reserve Bank is to be reduced with the introduction of law changes planned for this year.
World Bank appoints new v president and treasurer
US - The World Bank has announced the appointment of Graeme Wheeler as Vice President and Treasurer effective from 3 August. He succeeds Afsaneh Mashayekhi Beschloss, who left the service of the Bank in May 2001.
NZ reserve bank governor's credibility questioned
NEW ZEALAND - The Reserve Bank of New Zealand governor's credibility on economic and social matters has been called into question by the deputy prime minister of New Zealand.
Hungary's National Bank appoints deputy presidents
HUNGARY - The National Bank of Hungary has appointed Henrik Auth and Peter Adamecz as deputy presidents.
New deputy governor to South African Reserve Bank
SOUTH AFRICA - The South African Reserve Bank has appointed Dr Xolile Pallo Guma as its new deputy governor.