News
Meyer takes aim at the Greenspan legacy
US - Kansas City Fed President Thomas Hoenig, who broke a recent pattern of Federal Open Market Committee unanimity by voting against a half-percentage-point rate cut on May 15, is not a real FOMC dissident, reports Dow Jones news.
C Bank - Favoured firms made $bn in Milosevic era
YUGOSLAVIA - Yugoslav companies given special privileges during the rule of Slobodan Milosevic creamed off more than 8.3 billion German marks ($3.66 billion) in extra profits, the central bank said on 18 July.
Bank of Italy merger veto curbs ambitions of banks
ITALY - Bank of Italy Governor Antonio Fazio's continued opposition to mergers between leading Italian banks is proving to be a big drag on the sector as domestic mergers and acquisitions are the only way Italian banks can grow to catch up with larger…
Thai bank agrees with cabinet time zone shift idea
THAILAND - The Thai cabinet intends to accelerate economic growth by turning clocks forward one hour, to bring Thai time in line with regional economic powerhouses such as Singapore, Malaysia and Hong Kong, the Bangkok Post reported Wednesday. Thailand's…
Russian C Bank stripped of right to control audits
RUSSIA - On 13 July, the Russian State Duma adopted in third and final reading two bills, entitled On auditing activities and on the state registration of legal entities.
Lebanese prime minister meets US bank delegation
LEBANON - The Lebanese Prime Minister Rafik al-Hariri met a delegation of the U.S. Central Bank on 13 July. They discussed issues concerning the bank situation in Lebanon. Hariri also met the head of the International Trade Chambers' Union Adnan Al…
Reserve bank begins financing tobacco growers
ZIMBABWE - THE Reserve Bank of Zimbabwe (RBZ) has started disbursing 20% pooled foreign exchange proceeds drawn from off-shore facilities to finance tobacco growers, ending several months of waiting by the growers, it has been learnt.
Bank backs Aussie-Kiwi policy
NEW ZEALAND - A journal published by the Hong Kong and Shanghai Banking Corporation (HSBC) has called on Australia and New Zealand to adopt a common monetary policy.
Korea to adopt flexible monetary policies
SOUTH KOREA - Bank of Korea Governor Chon Chol-hwan said 16 July he will be flexible with the bank's monetary policies in view of the uncertainties surrounding both international and domestic economies, and will pay close attention to inflation and real…
South Africa banks fear effects of brain drain
SOUTH AFRICA - South Africa's banks have identified skill shortages as the biggest threat facing the industry.
Dutch Government poised to revamp supervision
NETHERLANDS - Gerrit Zalm, the Dutch finance minister, is considering transforming the financial sector's three existing supervisory bodies into two watchdogs, according to well-informed sources. The reorganisation could mean that the central bank DNB…
No change in Japan gov't economic assessment
JAPAN - Vice Finance Minister Toshiro Muto said on 16 July that the government stands by its assessment of Japan's economy although the Bank of Japan (BOJ) slightly downgraded its economic assessment in its latest monthly report on economic and financial…
Indian committee suggests overseas clearing agent
INDIA - A committee set up to study the Indian financial system's payment and settlement modes has recommended creating an overseas clearing agent and a guarantee fund for foreign exchange clearing, a central bank statement said on 16 July.
Cuban bank to stop services to 'deadbeat'companies
CUBA - The Cuban Central Bank plans to suspend banking services to deadbeat Cuban companies effective in January 2002, a bank spokesman said.
IMF Fischer stresses Turkey econ program on track
US - The International Monetary Fund signalled the beginning of a new public relations campaign to relieve market pressure on Turkey 13 July, with the Fund's second-ranked executive declaring investors aren't giving Ankara enough credit for the reforms…
Swiss Nat Bank supports draft of central bank law
SWITZERLAND - The Swiss National Bank 13 July gave its support to the draft of a new law governing the central bank.
Takenaka 'not dissatisfied' with BOJ's decision
JAPAN - Heizo Takenaka, state minister in charge of economic and fiscal policy, said 13 July he is "not dissatisfied" with the Bank of Japan's (BOJ) decision to keep monetary policy unchanged.
IMF positively assess Ukrainian central bank work
Ukraine - The National Bank of Ukraine [NBU] has been exceptionally successful in its currency rate policy, which is aimed at consistent strengthening of the hryvnya, harnessing the inflation and increasing the currency reserve. The senior permanent IMF…
Russian duma gives easy passage to currency law
RUSSIA - Russia's parliament on 13 July supported President Vladimir Putin's plan to liberalise currency controls, ignoring a central bank request to postpone approval until the autumn.
South African currency hit by risk aversion
South Africa - A general increase in risk aversion by international investors constituted a factor which had recently cast a shadow over the South African currency rand, Reserve Bank governor Tito Mboweni said on 13 July.
Bank directors told to undergo training
PHILIPPINES - The Bangko Sentral has expanded its "fit and proper" rule for bank officers and directors by requiring all appointees to banks' boards to undergo mandatory training in "good corporate governance".
Mon council member resigns at new central bank act
HUNGARY - Professor Janos Kornai, one of Hungary's most prominent economists, has announced his resignation from his position on the monetary council of the National Bank of Hungary (MNB).
Second banker in month nominated to Fed board
US - President Bush announced 10 July that he will nominate former community banker and Senate Banking Committee aide Mark Olson to the Federal Reserve Board.
NZ central bk seeks additional mon policy advisors
NEW ZEALAND - The Reserve Bank of New Zealand on 11 July placed advertisements in local newspapers for one or two recruits to provide additional monetary policy advice to the central bank.