Financial Stability
IMF's Krueger welcomes Iraq's new banknotes
Anne Krueger of the IMF on Monday welcomed plans to introduce a new issue of banknotes in Iraq. She commented that "the availability of an adequate supply of domestic currency, one that is both secure and includes appropriate denominations to facilitate…
New Iraq banknotes will replace 'Saddam dinar'
The US-led coalition authority in Iraq plans to print and circulate new Iraqi dinars later this year. The new notes will be swapped for both the "Saddam dinar", which circulates in most of the country, and the older, so-called "Swiss dinar", which is…
CBN rules out virtual banks in Nigeria
In its Draft Guidelines on Electronic Banking, the central bank of Nigeria has said that all banks in Nigeria must not only be fully licensed, they must also have a physical presence in Nigeria, adding that "virtual banks or banks that exist only in…
Federal Reserve web site expands payment systems
The Federal Reserve Board has expanded and updated its web site with Payment Systems information, 3 July.
Philippines may get soiled notes clearing-house
Banking authorities in the Philippines said Thursday a cash management center would be set up in the Bangko Sentral ng Pilipinas. The center will serve as a central clearing-house to take mutilated or "unfit" peso notes out of circulation, ABS-CBN News…
Reform of credit card schemes in Australia
Statement by the Reserve Bank of Australia on credit card reforms, 1 July.
Bank of Lithuania issues its first bimetallic coin
The Bank of Lithuania has issued a 200 litas commemorative coin to celebrate the 750th anniversary of the crowning of King Mindaugas, the Baltic News Service announced. This is Lithuania's first bimetallic commemorative coin (gold and silver).
RBA's credit card court case draws to a close
The Reserve Bank of Australia's (RBA) six-week long Federal Court case with Visa and MasterCard over credit card reforms closed on Friday 27 June. Justice Brian Tamberlin said he hoped to deliver his judgement in two months.
Italy unveils a proposed 1 euro note
Italian Finance Minister Giulio Tremonti has come out in favour of the introduction of €1 notes, RTE News reports. Belgium and Austria have signalled they too favour small denomination notes with at least five eurozone states thought to be backing the…
RBI to get real time settlement system by year-end
Business Line reports that Vepa Kamesam, Deputy Governor of the Reserve Bank of India has said India's much awaited 'real time gross settlement system' will become operational before the end of the year.
Argentina to bar provinces from emitting scrip
The Argentine senate is likely to approve a law barring the provinces from producing quasi- currencies as required by the IMF under the loan accord, according to Bloomberg. The proposed law makes the central bank the only entity permitted to produce…
Riksbank new proceedures for discoloured banknotes
New routines for processing discoloured banknotes announced by the Sveriges Riksbank in consultation with banks, 12 June.
France c bank strike may leave cash machines empty
Industrial action by staff at French central bank the Bank of France could leave ATMs short of notes, according to a report in Le Monde.
Fabritius on central banks role in payment systems
In a speech on 'The evolving role of central banks in payment systems: service providers and/or overseers?' Hans Georg Fabritius of the Deutsche Bundesbank said there are two main developments which are already identifiable but which will require further…
Kenya c bank plans Moi-portrait notes phasing out
The central bank of Kenya plans to introduce new banknotes bearing the portrait of founding President Jomo Kenyatta, according to a report on the daily Nation website.
Irish central bank seeks firm to mint euro coins
Strong demand and hoarding of coins has prompted the central bank of Ireland to seek a foreign firm to mint 100 million euro coins, the Irish Times reports. In December, the bank financed an advertising campaign to persuade people to stop hoarding small…
Fed and Bank of Mexico announce clearing system
The Federal Reserve and the Banco de Mexico on Tuesday 10 June announced a new clearing-house system that will lower transaction costs for banks handling an estimated $200bn in commercial payments and remittances each year, according to a report in the…
Nigeria cb shelves plan for 1,000 naira note
Plans to bring in a 1,000 naira note in Nigeria have been put on hold, according to a report by The Guardian, Lagos The note would be worth double the current highest denomination banknote but the plan was shelved due to unfavourable economic conditions.
Cash crisis forces U.S. to print Saddam banknotes
The acting central bank governor of Iraq, Faleh Salman, says the Bank has been forced to print millions of 250 dinar bank notes with Saddam Hussain's face on them. Presses started up last week, Reuters reported, after Iraqi workers refused to accept the…
New standards for Australia's clearers
The Reserve Bank of Australia has released two new standards to govern the Australian stock settlement systems. One is addressed towards central counterparties, the other to securities settlement facilities.
ATM scam losses minimal says UAE cb
The UAE central bank, which has been a victim of an ATM scam, has reassured the public that "the situation is under control" and losses are not serious, according to Gulf News. The bank is taking precautionary measures.
Bulgaria's central bank launches RINGS system
The National Bank of Bulgaria put its new Real-time Interbank Gross Settlement System (RINGS) into effect on Tuesday 3 June, Novinite reports. It will make possible operations with payments in euros following Bulgaria's accession to the European monetary…
RBI defends certain coins as legal tender
The Reserve Bank of India made a statement following rumours that some coins had ceased to be legal tender, the Economic Times reports. Contrary to certain media reports, the central bank said, coins of 5, 10 and 20 paisa can still be used.
Swedish central bank issues commemorative coins
Sveriges Riksbank issues commemorative coins to commemorate the 700th anniversary of the birth of Saint Birgitta, 27 May 2003