News
Venezuelan cbank to introduce interbank ref rates
The Central Bank of Venezuela is planning to introduce a new electronic interbank trading system that should result in the creation of interbank rates of reference and greater efficiencies in interbank lending.
Argentine minister says bank chief 'should quit'
Argentina's Interior Minister said Mar 1, 2001 a congressional panel probing allegations the country's Central Bank chief turned a blind eye to money laundering should recommend the banker step aside.
ECB surprises by leaving rates unchanged
The European Central Bank on Mar 1, 2001 surprised financial markets by leaving interest rates unchanged, showing that it was not yet ready to follow a series of recent rate cuts by the world's other top central banks.
OECD's Visco -Fed should not overreact to slowdown
The U.S. Federal Reserve should not cut interest rates too much in the face of its slowing economy in case this jeopardised price stability, the chief economist for the Organisation for Economic Cooperation and Development, Ignazio Visco, warned on Mar 1.
Malaysia bars new foreign banks until 2007
Malaysia's central bank said on Mar 1, 2001 no new foreign banks will be allowed to enter the domestic market until after 2007, giving local banks time to prepare for a decade of trade liberalisation.
Tanzanian banking sector to continue deregulation
Liberalization of Tanzania's financial institutions has set a strong basis for increased investments and economic growth, the country's Finance Minister Basil Mramba has said.
Turkey seeks World Banker's help to recover
Senior Turkish World Banker Kemal Dervis arrived in Ankara on Mar 1, 2001 for talks with the prime minister that many are hoping will herald the formation of a new economic team capable of restoring calm.
IMF establishing international capital market dept
The International Monetary Fund (IMF) will establish an International Capital Markets Department to enhance its surveillance, crisis prevention and crisis management activities, the Fund announced on Mar 1, 2001.
IMF advises integrating Korea finance supervisors
A report from the International Monetary Fund has advised South Korea that the Financial Supervisory Commission and the Financial Supervisory Service merge into a single organization, with the status of its chairman on par with the central bank governor.
World Bank's Dervis accepts Turk cenbank job-TV
Long-serving senior World Bank official Kemal Dervis has accepted the job of Turkey's Central Bank governor, vacated by Gazi Ercel after last week's financial crisis, television station NTV quoted deputy prime minister Mesut Yilmaz as saying on Feb 28,…
BOJ cuts rates on weak economy, deflation fears
The Bank of Japan surprised financial markets and pleased politicians on Feb 28, 2001 by cutting its key interest rates in response to a sudden turn for the worse in the world's second-largest economy.
NZ govt monetary review suggests adopting MPC
A government review of the Reserve Bank of New Zealand's monetary policy by Swedish academic Professor Lars Svensson recommended the setting up of a formal monetary policy committee and altering the RBNZ's inflation objective to more formally target 1.5…
Hungary ctrl bk nominee-dangers of cap mkt opening
Hungarian central bank council member nominee Gabor Oblath warned Feb 27, 2001 of the dangers of the planned liberalization of Hungary's capital markets.
Korean payment system to operate in Vietnam
The Korea Financial Telecommunications and Clearings Institute (KFIC) said on Feb 28 it will hold a ceremony on Mar 6 to mark the operation of a Korean-designed inter-bank payment system that was recently installed at the State Bank of Vietnam.
BOJ says to launch new loan facility on March 16
The Bank of Japan (BOJ) said on Feb 28 it would launch its new standby Lombard-type lending facility on March 16.
S.Africa's Mboweni not worried by Jan CPIX rise
South Africa's central bank governor Tito Mboweni said on Feb 28, 2001 he was not worried by an unexpected rise in the bank's targeted inflation measure during January 2001, and he still expected its target to be met by 2002.
IMF, Kenya to negotiate on reform package
An IMF team will visit Kenya next month to push for further reforms to put the country's aid programme back on track, officials said on Feb 28, 2001.
IMF urges UK maintain cautious fiscal stance
The IMF strongly approves of the UK's current monetary and fiscal policy framework saying that it has contributed to the longest period of sustained non-inflationary output growth in 30 years, but warned Chancellor Gordon Brown not to loosen the public…
East Timor - Central bank precursor inaugurated
The East Timor Central Payments Office, expected to become the territory's central bank, was officially inaugurated Feb 28 by Sergio Vieira de Mello, the chief of the UN Transitional Administration in East Timor.
Turk cbank calms mkts, govt pledges action
Turkey's central bank stabilised markets on Feb 27, 2001 and the government pledged to stand firm and fill vital economic posts swiftly in its fight to rebuild its shattered economic policy.
Bank Indonesia meets Singapore MAS, banks
Bank Indonesia Deputy Governor Miranda Gultom met top bankers in Singapore on Feb 27, 2001 to discuss Jakarta's recent curbs on offshore trading of the rupiah.
Gold lease rates tighten further, spot adds gains
Gold was reversing a recent downward trend in Europe as it rose to fix on Feb 27, 2001 at the highest level since Jan 8, 2001 building on short-covering gains made overnight with more advances on the cards, traders said.
E-banking conference to be held in Philippines
Philippine government officials, bankers, businessmen, academics, and other observers of the Philippine economy will tackle the challenges and opportunities of electronic banking at a conference being held by the Philippines central bank.
Hayami-inappropriate to raise outright JGB buys
Bank of Japan governor Masaru Hayami said on Feb 27, 2001 the central bank's current monetary policy already has some quantitative easing effects and that it is willing to continue this easy monetary policy.