News

HK US dlr clearing volume picking up over time

Hong Kong's recently introduced U.S. dollar clearing system is unlikely to see volume pick up fast in the near-term as clients test the waters and wait for more services to be priced in U.S. dollars, said settlement bank Hong Kong and Shanghai Banking…

Polish refomer Balcerowicz new central bank chief

Poland's best known reformer, Leszek Balcerowicz, admired and despised in equal measure for his rigorous free market beliefs, has again returned to guiding his country's economic transition, this time as central bank chief.

Euro lessens Emu dependence on US - BoF Trichet

Europe's economy has become less dependent on U.S. developments since the launch of the euro in January 1999, Bank of France Governor Jean-Claude Trichet, a member of the European Central Bank's (ECB) Governing Council, said in an interview published Dec…

China cbank spokesman on management of gold

A spokesman for the People's Bank of China (PBOC) said Dec 22 that without authorization from the State Council and ratification of the PBOC, no institutions or organizations are allowed to organize gold trading market.

Havel challenges new central bank law in court

Czech President Vaclav Havel called on the country's top court on Dec 22 to strike down several key passages in a new legislation on the central bank (CNB), saying they violated the constitution.

Romania to create secondary market of govt bonds

One of the priorities of Romania's future Finance Minister Mihai Tanasescu is to create a secondary market as quickly as possible for the sale and purchase of government bonds such as interest treasury bonds or discount treasury certificates.

Pakistan moves to ease banks' liquidity crisis

Pakistan's central bank on Dec 22 asked commercial banks to buy government securities against swap dollar deposits in an attempt to ease a liquidity crisis and meet a key donor condition, bankers said.

Algerian debt falls sharply, foreign reserves rise

Algeria's foreign exchange reserves rose to $9,691 million in October 2000, a 120 per cent increase on the foreign exchange reserves held at the end of 1999, figures published in the December 2000 edition of the IMF's International Financial Statistics …

Taiwan banks ordered to stop forex forward trading

Taiwan's central bank has ordered three foreign banks and one domestic bank, which were allegedly engaged in foreign currency manipulation, to suspend their foreign currency forward transactions, according to banking sources.

IMF stops loans to Indonesia over cbank law plans

The International Monetary Fund won't lend more money to Indonesia until the government finalizes planned changes to the law governing the central bank, Finance Minister Prijado Praptosuhardjo said.

IMF Koehler praises Turkey govt, but action needed

Horst Koehler, managing director of the International Monetary Fund, stressed on Dec 21 that the $7.5 billion in new financing the IMF is providing Turkey is a short-term measure to ensure a liquidity crisis in the banking sector doesn't derail wider…

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