News/Regulation
UAE studies licensing new foreign banks-cen bank
The United Arab Emirates is considering allowing more foreign banks to operate in the country after a virtual freeze on new licences, the central bank governor said in remarks published on Feb 11, 2001. "The internal banking structure is strong and able…
UAE to assess money laundering
According to Al-Hayat newspaper [Feb. 11, 2001], the Governor of the Emirates Central Bank, Mr. Sultan Bin Nasser Al-Suweidy, said that an international monetary committee will visit the UAE during the period of February 19-21. This committee will assess…
Nigeria CBN prepares banks for universal banking
The Central Bank of Nigeria (CBN) has started processing the banking licences of banks with a view to granting them a general licence for universal banking. This was revealed to finance journalists in Lagos over the weekend [Feb. 10-11, 2001] by the…
China's cbank sets rules for fines and penalties
China's central bank has set new rules specifying the kinds of penalties it can assess, in a bid to standardize its regulatory practices, the official Xinhua News Agency reported on Feb 9, 2001. The People's Bank of China rules specify the sizes of fines…
Argentina to monitor banks amid laundering claims
The Argentine government said on Feb 9, 2001 it had set up a commission to monitor the country's banks in response to a U.S. congressional probe into the role of U.S. banks in laundering dirty money from drug dealing, corruption and organized crime. The…
Singapore banks eye new cap rules
Singapore banks, among the healthiest in Asia, should fare well against their regional competitors under a plan to strengthen international capital adequacy guidelines, the Monetary Authority of Singapore says. The proposal, unveiled recently by a Bank…
Philippine president urges amendments to cbank law
The following is an excerpt from report in English by Philippine newspaper "The Philippine Star" web site on Feb. 7, 2001. The new Philippines President Arroyo urged Congress leaders yesterday to help the country regain investors' confidence by…
Iraq to cooperate with Lebanon on monetary issues
Al-Quds newspaper reports on an understanding signed at the beginning of July 2000 between the Central Bank of Iraq and Lebanese banks and financial institutions on closer commercial co-operation. The newspaper quotes from a statement by Central Bank of…
Gerashchenko sees no Russia banking crisis
There is currently no threat of a systemic banking crisis in Russia, Central Bank head Viktor Geraschenko said. "I don't think that a systemic crisis in the banking sector is possible for us right now," Geraschenko said in an interview.
Kazakh say close to building stable banking sector
Kazakhstan's central bank said on Feb. 7, 2001 the central asian state would finalise the creation of a stable and transparent banking system this year which would boost confidence among private depositors and foreign investors. Deputy National Bank…
PBOC expects lift in capital adequacy ratios
The capital-adequacy ratios of China's four major commercial banks should all reach the current international benchmark of 8% by the end of 2002, state media reported Feb. 6, 2001, citing comments by People's Bank of China Gov. Dai Xianglong. Speaking…
Yugoslav banks' losses 10.4 bln German marks-cbank
Yugoslavia's central bank said on Feb. 2, 2001, the heavily-indebted banking sector had more than 10 billion German marks ($4.81 billion) in accumulated uncovered losses, the equivalent of some 40 percent of the country's gross domestic product. "Total…
Lebanon cbank still awaits anti-laundering law
Lebanon's central bank said on Feb. 2, 2001, it would cooperate with global efforts to combat money laudering once parliament approved a law that would open up the country's highly secretive banking system. "Once the law is passed, the central bank will…
Guatemala urged to modernize financial system
The Guatemalan government should modernize its financial system to strengthen the supervision of the country's central bank over the country's financial system, the central bank governor said Feb. 2. Lizardo Sosa, the president of the Bank of Guatemala,…
BI to complete divestment program in 2001-Sjahril
Bank Indonesia Governor Sjahril Sabirin said on Feb. 2 that the central bank would divest all of its ownership in various financial institutions this year. Sjahril said that the divestment of the Bank Indonesia subsidiaries would be conducted either…
Duisenberg slams plan to curb Buba oversight role
European Central Bank President Wim Duisenberg on Feb. 1, 2001, attacked German government plans to strip the Bundesbank of its banking watchdog duties, saying the move may make it harder to supervise the financial system. In unusually strong tones even…
IMF says Canada must be wary as U.S. slows
The International Monetary Fund said on Feb. 1, 2001, that Canada was well placed to cope with a slowing U.S. economy, but told its central bank to be ready to cut interest rates if the U.S. slowdown became a dive. In its annual staff assessment of the…
Russia c.bank drafts blueprint for banking reform
Russia's central bank has prepared new guidelines for banking sector reform aimed at bringing financial institutions in line with Western standards, a senior central banker said in an interview published on Feb 1, 2000. Central bank deputy chairman…
Pakistan central bank raises paid-up capital limit
Pakistan's central bank has increased the paid-up capital requirement for investment banks to 500 million rupees from 200 million rupees, a central bank spokesman said on Feb 1. But he said the State Bank of Pakistan has given a two-year period to…
Irish cbank chief stays on for extra time
The governor of the Central Bank of Ireland, Mr Maurice O'Connell, is to remain in office for almost an extra year. Mr O'Connell, who was due to retire on April 30, 2001, having completed a seven year term, will now stay in his post until the end of…
Austrian gov't plans new financial market watchdog
Austrian Finance Minister Karl-Heinz Grasser submitted his plans for the creation of a new unified financial market regulatory authority to cabinet on Jan. 30. The proposed body will be responsible for supervising banks, insurers and the securities…
Stock market consolidation to help euro - Reynders
Belgian Finance Minister Didier Reynders said on Jan. 30 that "technical measures" were needed to stimulate foreign investor interest in the euro, singling out further stock market consolidation.Reynders said also that with the introduction of euro notes…