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Argentina seeks probe into money-laundering
The Argentine government, embroiled in a money-laundering scandal threatening the job of the Central Bank chief, requested on Feb 12, 2001 an investigation involving local and foreign banks and a Mexican drug cartel. Federal Judge Adolfo Bagnasco has…
CNB not to undershoot target again- Frait
The Czech National Bank (CNB) should not undershoot its inflation target in 2001 again and must react in time, said Jan Frait, a member of the CNB Bank board. "There is probably no danger that we undershoot the target once again, otherwise it could be a…
China banks stay stable in Jan 2001 - PBOC report
Statistics released on Feb. 12, 2001 by the People's Bank of China (PBOC) show that in January 2001 China's financial sector continued its healthy and stable development momentum, with money supply, deposits and loans maintaining steady growth. At the…
ECB Hamalainen-Eurozone needs structural changes
The euro zone still needs to make further strides in structural changes if it is to see a potential economic growth rate similar to that of the U.S., European Central Bank executive board member Sirkka Haemaelaeinen said on Feb 12, 2001. "Certainly, we…
Bank of Israel may seek data on high-tech credit
The Bank of Israel's Supervisor of Banks is considering asking commercial banks to report specifically on the extent of their loans to the high-tech sector, a spokesman said on Feb 12, 2001. Loans to the technology sector are currently included within…
Zimbabwe says to lift forex directive on Feb 15
The Reserve Bank of Zimbabwe said on Feb 12, 2001 a directive to commercial banks to sell all foreign currency from clients' export earnings to the central bank or the state oil company would be lifted on Feb 15. "This directive has been issued as a…
Fed's Minehan sees 2001 U.S. growth near 2 pct
Boston Federal Reserve President Cathy Minehan said on Feb 12, 2001 she expects U.S. economic growth to start accelerating again later in 2001, helped by the central bank's January 2001 rate cuts."I expect activity to increase later in the year, and…
Kazakh currency expected to devalue 5% in 2001
Kazakhstan's currency, the tenge, will not devalue by more than 5-6% this year, National Bank head Grigory Marchenko told Interfax news agency. He said that Inflation is targeted to drop to 6-8% this year from 9.8% in 2000. The central bank will be able…
Ecuador cbank sells bankrupt banks property assets
The Ecuadorian Central Bank BCE (Banco Central del Ecuador) has put for sale the headquarters and branches of bankrupt banks, and will use he cash to settle loans made to the BCE to solve liquidity problems. Initially it is offering the assets to…
Indonesia's IBRA chief optimistic on bank sales
The Indonesian Bank Restructuring Agency (IBRA) said on Feb 12, 2001 it was optimistic it would sell stakes in Bank Central Asia (BCA) and Bank Niaga as planned despite concerns some MPs might delay the process. "Yes, in principle I am optimistic," IBRA…
BIS cbankers expect world economy to pick up
Central bankers meeting in Hong Kong on Feb 12, 2001 agreed that the global economy is now slowing but will return to growth in the second half of 2001, said an official who briefed reporters. Andrew Crockett, general manager of the Bank for…
HKMA Background Brief No.1: HK Linked ER System
Since 1983 the Hong Kong dollar has been linked to the US dollar at the rate of HK$7.8 to one US dollar. The link is maintained through the operation of a strict and robust currency board system. This booklet published by the Hong Kong Monetary Authority…
Jakarta sticks to controversial c.bank law changes
Indonesia said on Feb. 12, 2001 it would stick to proposed amendments to the central bank law that would effectively sack the existing board of governors, a move expected to add pressure to already strained relations with the IMF. The International…
Asia response to revised Basel Accord
Asian countries have responded well to proposals for a new regulatory framework strengthening the global banking system and allowing banks more independence in assessing capital risk, according to New York Federal Reserve President William McDonough. …
RBA upbeat but says U.S. still main risk
Australia's central bank painted a cautious picture of the economy on Feb 12, 2001, saying domestic growth had slowed and much depended on the outlook for the United States. Less than a week after slashing official interest rates by half a percentage…
IMF-WB-ADB in bailout package for Sri Lanka
Sri Lanka has been promised a bailout package from the International Monetary Fund, World Bank and the Asian Development Bank (ADB) to help shore up depleted foreign exchange reserves, Central Bank officials said. The officials, who declined to be named,…
Philippine cbank gov urged to quit over Estrada
The governor of the Philippine central bank is at the centre of a storm, for allegedly sleeping on the job while deposed President Joseph Estrada laundered millions of dollars through the local banking system.Several congressmen involved in ousting Mr…
UAE studies licensing new foreign banks-cen bank
The United Arab Emirates is considering allowing more foreign banks to operate in the country after a virtual freeze on new licences, the central bank governor said in remarks published on Feb 11, 2001. "The internal banking structure is strong and able…
Oman allows banks to sell insurance policies
The Central Bank of Oman (CBO) has allowed commercial banks operating in Oman to sell insurance policies in partnership with any insurance companies in the Sultanate. However, the Central Bank has stipulated that the policies must be sold by the…
Peter Nicholl - Success of Bosnia payment system
BiH Central Bank Governor writes about the successful introduction of new payments system in Bosnia and Herzegovina. He says it is the result of teamwork Vice Governor Kemal Kozaric. He said that it was an historical day for BH. Foreign currency reserves…
UAE to assess money laundering
According to Al-Hayat newspaper [Feb. 11, 2001], the Governor of the Emirates Central Bank, Mr. Sultan Bin Nasser Al-Suweidy, said that an international monetary committee will visit the UAE during the period of February 19-21. This committee will assess…
Nigeria CBN prepares banks for universal banking
The Central Bank of Nigeria (CBN) has started processing the banking licences of banks with a view to granting them a general licence for universal banking. This was revealed to finance journalists in Lagos over the weekend [Feb. 10-11, 2001] by the…
Zimbabwe orders banks to remit forex to cenbank
The government of Zimbabwe has directed commercial banks to remit 75 percent of their foreign currency to the Reserve Bank of Zimbabwe until further notice, bank officials said on Feb 10."There was a directive yesterday to the effect that banks should…
ADB appoints new chief economist
The Asian Development Bank has appointed Dr. Arvind Panagariya, Professor of Economics at Maryland University in the United States, as Chief Economist. Professor Panagariya will take up the position in early April 2001.