News

Cuisia lobbies for BSP chief to stay

Phillipines former central bank governor Jose L. Cuisia, Jr. has openly pledged his support for current governor Rafael B. Buenaventura to stay in his post, despite the resignation of Philippine President Joseph Estrada, who had appointed Buenaventura.

Zimbabwe inflation surges to 70%

Reserve Bank of Zimbabwe governor Leonard Tsumba said in Jan 2001 averageinflation is expected to rise to about 70 percent in 2001 from 55,7percent in 2000, further threatening the fragile economy.

Sarkinas reppointed as Bank of Lithuania governor

The Lithuanian parliament voted Jan. 23 to appoint Reinoldijus Sarkinas for a second five-year term as the governor of the central Bank of Lithuania. His new term begins on Feb. 15, 2001. The motion passed with 74 votes in favour, no votes against and…

Two senior officials appointed at IADB

The Inter-American Development Bank announced on Jan. 24 the appointment of Guillermo Calvo as chief economist and head of the Research Department and Carlos M. Jarque as manager of the Sustainable Development Department.

UAE tightens up on forex

The UAE central bank has issued new directives raising the minimum capital for a new exchange house with limited liability to $13.6m, and the same sum for an existing exchange house to change its status to limited liability. In addition this capital must…

ECB has achieved price stability - Duisenberg

The European Central Bank (ECB) has achieved its overriding goal of achieving price stability in the euro area, reflecting a "substantial accomplishment," ECB President Wim Duisenberg said Jan. 24, 2001. The main focus of the ECB's monetary policy in the…

Slovenia should insist on IMF formula

There are no sound reasons for changing the IMF formula to divide the assets which used to belong to the former Yugoslavia and are currently deposited in the Bank for International Settlements (BIS), said the parliamentary finance committee on Jan. 24.

Hayami rules out early quantitative easing steps

Bank of Japan Gov. Masaru Hayami said Jan. 23 that an instruction issued to bank executives to study ways to boost liquidity in the nation's money market does not mean the central bank will take additional quantitative monetary easing measures any time…

Chile's economy to grow relatively fast - cbank

Chile's Central Bank forecast Jan. 23 economic growth between 5.6 and 5.9 percent for the years 2001 and 2002 respectively, as well as 3.4 and 2.9 percent inflation for the respective periods. In a monetary political report, the bank explained that the…

IBRA - BII,BK Universial May need fresh capital

Indonesian Bank Restructuring Agency Chairman Edwin Gerungan said two nationalized banks may need fresh funds before year-end to ensure their capital adequacy remains within international standards. Edwin said another alternative for PT Bank…

Duisenberg gets chief adviser at ECB

The European Central Bank has appointed Olaf Sleijpen chief adviser of Wim Duisenberg, president of the bank. Sleijpen starts on April 1, 2001. Sleijpen is a 30-year old departmental director of the general secretariat of the Dutch central bank. He also…

IMF concludes Article IV consultation with Panama

On Jan 22, 2001 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Panama. Below is the Public Information Notice issued by the IMF. The IMF points out the slowing growth rate of Panana, but recognise…

Sylvia Piterman leaves Bank of Israel

Sylvia Piterman, who has worked at the Bank of Israel for over 25 years,and almost 10 of those years as Director of the Foreign CurrencyDepartment, will be leaving the bank in the very near future. Following herdeparture Mr. Barry Topf will become Acting…

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