Financial Stability
Bangladeshis complain of 'smelly' banknotes
The people of Bangladesh are becoming increasingly unhappy with their banknotes, according to a report by Reuters. Complaints that the paper money can "smell awfully bad" has seen fish-market customers refusing to take notes in their change, insisting…
ESCB-CESR Clearing and Settlement Standards
ESCB-CESR Standards for Securities Clearing and Settlement Systems in the European Union: Consultation announcement, consultative report and scope of application, 1 August 2003. The ESCB and CESR documents entitled "Standards for securities clearing and…
Suriname changing name of its currency
Suriname is changing the name of its currency to the dollar from January when new banknotes will be printed, according to News-Journal. The exchange rate to the dollar will also be changed significantly.
Madagascar launches new currency
The Madagascan franc will be replaced by the launch of a new currency, according to a report by AFP The reference to the franc "lost its raison d'etre since the arrival of the euro", a central bank official said.
The new colour of money, $20 information seminars
The Federal Reserve System is offering information seminars on the new $20 note. The information seminars will discuss the features of the new $20 note and review the operating plan for releasing the new note to the public later this year.
Zimbabwe to abolish notes to ease cash shortage
The Zimbabwean government plans to withdraw the Z$500 note from circulation within 60 days, reports Sapa-AFP. The note will become worthless after this time providing a strong incentive for people to deposit in banks cash they are hoarding.
National Bank of Hungary, ECB banknotes agreement
Agreement has been concluded between the ECB and the Magyar Nemzeti Bank (National Central Bank of Hungary) in the areas of prevention and detection of counterfeiting of euro banknotes, 28 July.
ECB and acceding country central banks agreement
Template Agreement between the European Central Bank and The Acceding Country National Central Bank enhancing the cooperation between the ECB and the ACNCBs in the areas of prevention and detection of counterfeiting of euro banknotes, 28 July.
Reappointments to the RBA's Payments System Board
Australian Treasurer Peter Costello announced the reappointment of three members to the Reserve Bank of Australia's Payments System Board (PSB), 24 July.
RBI asks Indian banks to be ready with RTGS
A meeting held at the Reserve Bank of India urged banks to be ready for the introduction of India's Real Time Gross Settlement, which is expected to begin simulated tests before the year end, according to a report by The Hindu. Deputy governor Vepa…
Bank of England to withdraw Dickens £10 note
The Bank of England intends to withdraw the £10 note featuring Charles Dickens at the end of July. The new style £10 note with a portrait of Charles Darwin will remain in circulation.
ATM figures show Spain top with 1,123 per million
Figures compiled jointly by the ECB and Bank of Israel show that Spain has the highest number of ATM's per capita while Italy made the highest withdrawals from ATM's at €163 per capita, Reuters reported.
Bahamas central bank wants modern payments system
The Bahamas central bank has proposed installing a "real time gross settlement system", says the Nassau Guardia. The bank has invited bids from system suppliers and hopes to implement the project by April 2004.
Ireland's central bank to issue special E10 coin
The central bank of Ireland plans to issue a commemorative 10 euro coin during its presidency of the council of ministers in the first half of next year, BizWorld reports. The coin will mark the enlargement of the European Union.
Cash shortage still grips Zimbabwe
The Reserve Bank of Zimbabwe is printing over R218 million worth of cash to inject in the market and counter the current shortages, SABC News reported. ATM machines are empty in the country and the note printing is unlikely to help inflation currently…
IMF's Krueger welcomes Iraq's new banknotes
Anne Krueger of the IMF on Monday welcomed plans to introduce a new issue of banknotes in Iraq. She commented that "the availability of an adequate supply of domestic currency, one that is both secure and includes appropriate denominations to facilitate…
New Iraq banknotes will replace 'Saddam dinar'
The US-led coalition authority in Iraq plans to print and circulate new Iraqi dinars later this year. The new notes will be swapped for both the "Saddam dinar", which circulates in most of the country, and the older, so-called "Swiss dinar", which is…
CBN rules out virtual banks in Nigeria
In its Draft Guidelines on Electronic Banking, the central bank of Nigeria has said that all banks in Nigeria must not only be fully licensed, they must also have a physical presence in Nigeria, adding that "virtual banks or banks that exist only in…
Federal Reserve web site expands payment systems
The Federal Reserve Board has expanded and updated its web site with Payment Systems information, 3 July.
Philippines may get soiled notes clearing-house
Banking authorities in the Philippines said Thursday a cash management center would be set up in the Bangko Sentral ng Pilipinas. The center will serve as a central clearing-house to take mutilated or "unfit" peso notes out of circulation, ABS-CBN News…
Reform of credit card schemes in Australia
Statement by the Reserve Bank of Australia on credit card reforms, 1 July.
Bank of Lithuania issues its first bimetallic coin
The Bank of Lithuania has issued a 200 litas commemorative coin to celebrate the 750th anniversary of the crowning of King Mindaugas, the Baltic News Service announced. This is Lithuania's first bimetallic commemorative coin (gold and silver).
RBA's credit card court case draws to a close
The Reserve Bank of Australia's (RBA) six-week long Federal Court case with Visa and MasterCard over credit card reforms closed on Friday 27 June. Justice Brian Tamberlin said he hoped to deliver his judgement in two months.
Italy unveils a proposed 1 euro note
Italian Finance Minister Giulio Tremonti has come out in favour of the introduction of €1 notes, RTE News reports. Belgium and Austria have signalled they too favour small denomination notes with at least five eurozone states thought to be backing the…