Monetary Policy
History shows multiple currencies breed corruption
ARGENTINA - History suggests that multiple currency regimes like Argentina's two-tiered foreign exchange system distort economic activity, invite corruption and in some cases can cause mass amounts of foreign reserves to vanish overnight.
India's central bank issues Net banking guidelines
INDIA - Only banks licensed in India and operating a domestic branch network will be allowed to offer Internet banking in the country, according to guidelines finalised last week by the Reserve Bank of India (RBI).
Thai central bank calls meeting on forex rules
THAILAND - The Bank of Thailand (BOT) said on 21 June it would hold a meeting on Monday (25 June) with the Thai Bankers Association to seek members' views on streamlining reporting rules for non-residents trading the Thai baht.
Indonesia set on sacking central bank board
Indonesia - Indonesia on 21 June insisted on going ahead with the controversial sacking of the central bank board but was prepared to add to a revised law on Bank Indonesia (BI) to ensure its independence.
Sri Lanka modernises central bank with support
SRI LANKA - Sri Lanka will boost the effectiveness of the Central Bank of Sri Lanka (CBSL) with support from a US$30.3 million credit just announced by the World Bank. The Central Bank Strengthening Project provides resources and technical assistance to…
Argentina links to euro
ARGENTINA - The Argentine Senate has approved a new law that will fix its currency to the euro as well as to the dollar.
Court confirms validity of Tuma as CNB head
CZECH REPUBLIC - The Czech Constitutional Court on 20 June confirmed the validity of President Vaclav Havel's appointment of Zdenek Tuma as Czech National Bank (CNB) governor and Ludek Niedermeyer as vice governor.
Speech by Edward George at the Mansion House
SPEECH - The Rt Hon Sir Edward George, Governor of the Bank of England gave a speech at the 2001 Lord Mayor's Dinner for Bankers and Merchants of the City of London, 20 June.
Speech by Gordon Brown at the Mansion House
SPEECH - Gordon Brown, Chancellor of the Exchequer, at the UK Treasury has spoken at the 2001 Lord Mayor's Dinner for Bankers and Merchants of the City of London, 20 June.
Chancellor cautious on early UK euro entry
UK - Gordon Brown, UK Chancellor of the Exchequer, gave a cautious welcome to UK entry to the euro at his mansion house speech on 20 June.
Eichel supports ECB's Duisenberg
GERMANY - German Finance Minister Hans Eichel has lent his support to the European Central Bank's oft-criticized president, Wim Duisenberg, German business newspaper reported on 21 June.
Hungarian parliament passes new central bank act
HUNGARY - The Hungarian parliament passed the new Central Bank Act late evening of 19 June. The new act relegates supervisory authority over the National Bank of Hungary (MNB) to the State Audit Office (ASZ), and replaces the current central bank council…
Single currency for NZ and Aus
NEW ZEALAND - Economists at a Sydney forum discussed a shared currency for New Zealand and Australia on 20 June.
Friedman issues euro warning
US - Top US economist Milton Friedman believes Europe was wrong to introduce the single European currency and predicts it will lead to a raft of economic problems for the region.
Argentina's new measures to combat recession
ARGENTINA - Argentina is preparing to implement it's latest package of measures aimed at wresting the country out of a three-year recession and staving off a potential debt default.
Protest fear forces World Bank switch
SPAIN - The World Bank has decided to hold an annual development conference in cyberspace after protesters threatened to disrupt the event.
Bank of England minutes show rates firmly on hold
UK - The Bank of England has published the minutes to it's Monetary Policy Committee (MPC) meeting held on 5 and 6 June. The minutes show that the MPC were strongly in favour of keeping interest rates on hold.
Euro € - Dutch prepare for switch with free coins
NETHERLANDS - The Dutch government has extravagent plans to prepare its people for the arrival of new euro notes and coins on 1 January 2002. Alone among the participating countries, the Dutch will put free coins in everyone's pocket before the…
Europe can learn from UK's decimal currency switch
UK - The conversion to a decimal currency in Britain in 1971 may have lessons for the introduction of euro notes and coins in January next year.
Arab central bank hits out
UAE - The UAE central bank has lashed out at a US report claiming the Emirates is in 'the second category' in relation to money laundering.
Condition of the U.S. banking system
US - Federal Reserve Board chairman Alan Greenspan testified before the Committee on Banking, Housing, and Urban Affairs at the U.S. Senate on 20 June.
Bank of Japan Monthly Report June 2001
RESEARCH - The Bank of Japan has produced its Monthly Report of Recent Economic and Financial Developments for June 2001.
Mervyn King at the Cardiff Business School, Wales
SPEECH - The Deputy Governor of the Bank of England Mervyn King spoke at Cardiff University on 18 June. He suggested that growing imbalances in the UK economy risk sharp swings in inflation and growth and an uncontrollable fall in sterling.
Euro € - Five economic tests have not started yet
UK - Chancellor Gordon Brown has quashed speculation that assessment of the five tests necessary for Britain's entry in the single currency have already begun and narrowly avoided a 'banana skin' during a BBC radio interview on 18 June.