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Bank of Korea says fake note cases doubled in 2000
Due to the fast spread of computer scanners and colour printers, the number of note forgery cases more than doubled in 2000, the Bank of Korea said on Feb 8, 2001.The number of note counterfeiting cases jumped to 160 in 2000 from 68 cases in 1999, the…
Suranyi cites record of six years of econ growth
In his farewell speech on Feb. 8, 2001 National Bank of Hungary (NBH) president Gyorgy Suranyi emphasized the sustainable growth achieved in Hungary since 1996. Speaking at a press conference in Budapest, Mr Suranyi, whose term expires on March 1,…
Hungary's Suranyi says pay cuts against the law
A decision by then-finance minister Zsigmond Jarai to slash the bonuses of the leaders of the National Bank of Hungary (MNB) is a signal that Jarai's appointment as MNB governor will reduce the central bank's independence, outgoing governor Gyorgy…
Communications plays key role in mon policy - ECB
Communication policy plays a vital part in supporting the European Central Bank's (ECB) monetary policy by helping the central bank achieve its price stability goal and in assuring public acceptance of policy decisions, the ECB said in its report for…
Sweden should raise rates soon, OECD says
The OECD on Feb 8, 2001 called on Sweden's central bank, which has signalled it plans to keep interest rates on hold for now, to tighten monetary policy soon. The Organisation for Economic Cooperation and Development said in a country report the Riksbank…
CNB Bank Board leaves interest rates unchanged
The Czech National Bank (CNB) Board made no monetary decisions at its session on Feb. 8, 2001, Pavel Zubek of the CNB's PR department told reporters after the session. The Bank Board left rates unchanged at the last monetary session held two weeks ago as…
IMF reviews Pakistan performance for standby loan
Pakistan began talks with an International Monetary Fund mission on Feb. 8, 2001 keen to convince it that a revenue shortfall should not prevent payment of a second tranche of a standby loan, officials and analysts said. Analysts said the mission, led by…
Tanzania's Dec annual inflation drops to 5.5 pct
Tanzania's overall annual inflation rate eased to 5.5 percent in the year to December 2000 from 5.7 percent in November, helped by a marginal drop in food prices, the central bank said on Feb 8, 2001.Food prices account for at least 70 percent of the…
Bank of Korea reduces short-term rate to 5%
The Bank of Korea lowered on Feb. 8, 2001 its key short-term-rate target by a quarter point, signaling the need to bolster the sagging economy had overtaken previous concerns about inflationary pressures. The central bank's monetary policy committee cut…
Taiwan's forex reserves up to $108.05bn in Jan '01
Taiwan's foreign exchange reserves at the end of January 2001 totalled US$108.05 billion, the first rally in seven months, statistics released on Feb. 7 by the Central Bank of China (CBC) showed. The CBC statistics revealed that the amount of Taiwan's…
BOJ Hayami-econ not at risk of deflationary spiral
Bank of Japan Governor Masaru Hayami said Feb. 8 the central bank will stick to its current easy monetary policy to support the economy, but added that the bank would watch carefully for any sign of an economic slowdown. "The BOJ is willing to keep its…
Russian c.bank reserves set post-Soviet record
Russia's foreign currency and gold reserves have hit a new post-Soviet high of $29.5 billion after rising almost one billion dollars in the week to Feb. 2, the central bank said on Feb. 8, 2001. The bank said reserves had risen to the new level from $28…
Nigerian cbank announces new investment instrument
Nigerian Central Bank announced on Feb. 8, 2001 a new long-tenor money market investment instrument to expand the West African country's financial market. The bank said in a statement the new instrument, known as "CBN Certificates", would be available in…
Yemen foreign reserves at record high-central bank
Yemen's foreign reserves have hit $3 billion, the highest level in the poor Arab state's history, the central bank governor said in remarks published on Feb 8, 2001. "The central bank's reserves as of the beginning of 2001 reached around $3 billion and…
ECB slams banks over cross-border payment charges
The European Central Bank on Feb. 8, 2001 accused commercial banks of persistently overcharging retail customers for cross-border payments and said it may have to step in unless fees are cut substantially this year. The ECB said in its February report…
Buba's Stark says ECB should meet less often
The European Central Bank should hold council meetings once a month rather than every two weeks, Bundesbank Vice President Juergen Stark said in remarks published on Feb 8, 2001. Stark, who is not a member of the ECB's council and has no say in ECB…
Bank of England cuts rates by 0.25%
The Bank of England has cut its key UK interest rate by 0.25% to 5.75%. It is the first cut for nearly two years. The decision, announced at noon in London on Feb 8, 2001, followed the latest two day monthly meeting of the Bank of England's Monetary…
Ukraine sticks to inflation forecast despite risks
Ukraine's inflation rate may pick up in the coming months but the government is sticking to its forecast for annual inflation to almost halve this year, the economy ministry said. Rising energy wholesale prices, higher costs for coal used in the smelting…
Kazakh say close to building stable banking sector
Kazakhstan's central bank said on Feb. 7, 2001 the central asian state would finalise the creation of a stable and transparent banking system this year which would boost confidence among private depositors and foreign investors. Deputy National Bank…
Gazi Ercel on Turkey's disinflation programme
Central Bank Governor Gazi Ercel said on Feb. 7, 2001 that important benefits had already been obtained from the disinflation program which was put into practice with a three-year perspective.Releasing a statement on "monetary policy implementation in…
Thai cbank to hold payment system seminar
Thailand's central bank is to gather views on the country's transaction settlement system in a seminar to be held Feb. 20, 2001 the bank said Feb 7. The seminar will be open to both the government and the private sector, including banks and information…
Gerashchenko sees no Russia banking crisis
There is currently no threat of a systemic banking crisis in Russia, Central Bank head Viktor Geraschenko said. "I don't think that a systemic crisis in the banking sector is possible for us right now," Geraschenko said in an interview.