News
C Bank of Lebanon launches new composite index
LEBANON - Banque du Liban launched a new composite index on 22 August, 2001.
Copom keep rates unchanged at 19% per year
BRAZIL - If the economic climate in Argentina is enough to keep the Central Bank in a state of alert, Brazil's weak second quarter GDP data only added to its concerns about the future of the Brazilian economy.
Australian economy 'immune' to turmoil - Costello
AUSTRALIA - Australia would be immune to looming global economic turmoil, Australian Treasurer Peter Costello said yesterday as the threat of recession looms larger for the US. Mr Costello predicted Australia would top the world economic growth table…
Pakistan forex reserves up $30 mln to $3.289 bln
PAKISTAN - Pakistan's central bank said on 23 August total liquid foreign exchange reserves were $3.289 billion as of 18 August, up by some 30 million dollars from the previous week's $3.259 billion.
Dutch central bank sold gold last week
NETHERLANDS - Data from the Dutch central bank on 21 August showed it sold gold for 39 million euros ($35.65 million) last week as part of its programme to sell 200 tonnes through 2004.
BSP eases ruling on bearer checks
PHILIPPINES - Banks may now resume issuing pay-to-cash checks after the Bangko Sentral ng Pilipinas (BSP) reversed its earlier decision to ban so-called "bearer checks".
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.
Phil Fed - Economists cut US growth forecasts
US - The world's largest economy is likely to grow sluggishly for the rest of this year but will pick up again in 2002, according to a Federal Reserve bank survey of private forecasters released today, 23 August.
EMU debate crucial to long term health of Swedish
SWEDEN - With the Swedish krona suffering from classic symptoms of a small European currency remaining outside of European Monetary Union, its best hope of a sustained recovery may be an acceleration of the EMU debate and entry process, analysts say.
German growth slows to zero
GERMANY - Official figures confirmed the fact that the German economy slowed to a halt in the second quarter of the year.
IMF says cash to reserves, Argentina decides use
ARGENTINA - The International Monetary Fund reiterated on 22 August that the money Argentina will receive under its new $8 billion program will go to central bank reserves, but it is then up to the country to decide how to use it.
Hayami - BOJ won't adopt managed inflation policy
JAPAN - The Bank of Japan can't adopt high inflation targets that would involve measures to artificially reflate the economy, the central bank governor said 23 August.
Seoul pays off its IMF debts
SOUTH KOREA - South Korea has fully repaid the last instalment of a multi-billion dollar loan from the International Monetary Fund.
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.
Brazil rates will only fall after energy crisis
BRAZIL - The government will only be able to cut interest rates when energy supplies return to normal, which will probably only be in the second quarter of 2002, said former Central Bank chairman Carlos Geraldo Langoni on 21 August.
India to showcase dazzling Nizam jewels at last
INDIA - India's most dazzling array of jewellery goes on display for the first time next week amid hefty security for a collection which could be worth more than US $2 billion. The collection has been housed in the vault of India's central bank for years.
US rates cut for seventh time
UNITED STATES - The US Federal Reserve has cut interest rates for the seventh time this year in a continued attempt to revive the US economy.
IMF agrees extra cash for Argentina
ARGENTINA - After 12 tense days of talks, the International Monetary Fund (IMF) agreed to increase its funding to crisis-hit Argentina by $8bn.
IMF News Brief
REPORT - A news release from the International Monetary Fund, 21 August, detailing the recommend addition of US$8 billion to Argentina's stand-by credit.
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.
Croatian cen bank offers euros at 7.50 kuna
CROATIA - The Croatian central bank said on 21 August it would sell an unspecified amount of euros at 7.50 kuna ($0.907) - its second intervention this month to aid the kuna and a first sale of currency at a fixed exchange rate.
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.