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Timetable set for Bank Indonesia reform
The Indonesian parliament vowed Thursday to speed up deliberations on crucial changes of management and legal governance at the country's central bank.
Norges Bank supports MeritaNordbanken's buy
The Norwegian central bank, Norges Bank, said Thursday it recommends to the Norwegian banking and insurance authority that Nordic Baltic Holding and its unit MeritaNordbanken (S.MNB) be allowed to acquire Christiania Bank og Kreditkassen (Y.CBK).
Argentina awaits emergency package from IMF
An emergency economic package required by the IMF will be passed in full within 30 days, Jose Luis Machinea, Argentina's economy minister, insisted on Thursday.
NBS raps Slovak government for spending plans
The Slovak central bank (NBS) has raised its 2001 inflation forecast to between 6.8% to 7.7%, local news agency SITA reported on Thursday, citing an NBS document commenting on the government's 2001 budget proposal.
Cuba tests new waters in foreign debt relief talks
Cuban envoys, testing uncharted waters, met foreign government representatives on Thursday to discuss what could amount to a landmark deal to alleviate the pain of Havana's crippling foreign debts.
CNB board makes no policy change at meeting
The Czech central bank (CNB) said on Thursday its regular governing board meeting had ended and no monetary policy decisions had been taken.
Nigeria cenbank cuts lending rate to banks to 14%
The Central Bank of Nigeria announced on Thursday it had slashed its benchmark minimum rediscount rate (MRR) by 200 basis points to 14%, saying this reflected the low level of inflation in the West African country.
Trichet tempers optimism on world economic growth
French central bank governor Jean-Claude Trichet Thursday tempered optimistic forecasts for world growth, saying there remain uncertainties as to economic conditions.
IMF mission leaves Russia with no agreement
Russia is likely to get a frosty reception from the Paris Club of sovereign creditors after an International Monetary Fund mission left Moscow this week without reaching agreement.
Russia's gold reserves up on last week
Russia's gold and foreign currency reserves were $26.5bn on 17 November, up from $26bn on 10 November, the central bank said in a press release on Thursday.
South Korea economy heads for slowdown
South Korea posted a strong growth rate of 9.2% in the third quarter, but analysts warn that the economy could begin looking much weaker in the fourth quarter because of increased bankruptcies for debt-heavy companies and resulting job losses.
SAMA introduces sliding brokerage fees
The Saudi Arabian Monetary Agency has introduced a new sliding scale of brokerage fees taking effect from 1 January 2001.
ECB inflation above target for next 6 months
European Central Bank President Wim Duisenberg said on Thursday it could take six months for Eurozone inflation to fall back to the ECB's 2% goal.
Diusenberg says UK euro tests are irrevelant
European Central Bank chief Wim Duisenberg today dismissed Gordon Brown's five economic tests for joining the single currency as irrelevant and insisted that Britain would have to join the European exchange rate mechanism for two years before adopting…
El Salvador to use dollar as 'parallel currency'
El Salvador will allow the US dollar to circulate freely alongside its own currency in the new year under a monetary law sent to Congress by the president on Thursday.
BoT governor calls for more transparency in banks
Thai central bank governor Chatu Mongol Sonakul Thursday urged for more transparency and stricter supervision in the banking sector to help control the amount of non-performing loans in the system.
Intervention was to punish speculators -Duisenberg
European Central Bank President Wim Duisenberg said on Thursday recent ECB forays into foreign exchange markets were not aimed at pushing the euro to any level but at punishing those speculating against the currency.
Russian and Iranian central banks sign agreement
Today, the central banks of Russia and Iran signed a collaboration agreement. The agreement outlines cooperation between the banks in developing trade and economic cooperation between Russia and Iran.
HKMA Yam on the future of the financial industry
Joseph Yam, chief executive of the Hong Kong Monetary Authority, has written a number of articles in his regular column the HKMA website on the technological revolution now in full flood. In this week's column, he imagines what life might be like for the…
Costa Rica to maintain exchange rate policy
Costa Rica's central bank said on Thursday it would continue with mini-devaluations of its currency against the dollar, despite complaints that it makes local business less competitive.
Economists hit Malaysia's dollar peg
Malaysia should get rid of its currency peg to the dollar and fix the exchange rate to a trade-weighted basket of currencies instead, said several economists speaking at a conference in Kuala Lumpur.
Brussels raises Eurozone inflation forecast
The European Commission revised upwards its inflation forecasts for the euro-zone and said European economic growth, though relatively strong, was unlikely to equal US growth until 2002.
Mboweni says rand's fall due to external factors
The South African rand was pummelled Tuesday by external factors such as escalating tensions in the Middle East, dollar strength, the anticipated outcome of the US elections and a failure by the European Central Bank to intervene on behalf of the…
Indonesia regulators seek banking consolidation
Indonesia might close or merge more than 100 banks within three years in its battle to create a strong financial system, the Indonesian Bank Restructuring Agency said.