Central Banks

RBI to get real time gross settlement system, RTGS

INDIA - Logica India, the Indian subsidiary of UK-based computer services group Logica Plc, on Tuesday said it had been awarded a $16 million contract from the Reserve Bank of India (RBI) to implement a national real time gross settlement system (RTGS).

ECB gold reserves in 2 Nov week

GERMANY - The Eurosystem's net reserves in gold and gold receivables declined by EUR1 million to EUR128.2 billion in the week ended 2 November, the European Central Bank said Tuesday.

Fraga wants to revoke 500 Finance System norms

BRAZIL - Central Bank President Arminio Fraga said Tuesday that he plans to revoke at least 500 of the approximately 2,000 norms in the National Finance System (SFN) - rules to which Brazilian financial institutions are subject.

IMF sees continued gloom for Germany

GERMANY - The German economy should recover from its slowdown in the first half of next year, but business confidence is frail and the government has little room to pursue fiscal expansion, the International Monetary Fund said yesterday, Wednesday.

IMF Staff Report on Germany

REPORT - IMF Publications Germany: 2001 Article IV Consultation--Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion Series, 7 November.

Bank of England cuts rates by 0.5%

UK - The Bank of England on Thursday cut Britain's interest rates half a point, taking its key repo rate to a 37-year low of 4.0 percent, in a bid to insulate the country from the threat of global recession.

ECB lowers interest rates to 3.25%

EUROPE - The European Central Bank (ECB) has slashed its key interest rate by half a percentage point to 3.25%, its fourth cut this year and bigger than many economists had dared to hope.

Litas banknotes well protected - experts

LITHUANIA - The Lithuanian national currency banknotes have more security features than the new E.U. currency, the euro, the central Bank of Lithuania said following visit by experts from the National Bank of Belgium.

RBI nominee directors to handle risk management

INDIA - Following adverse criticism in the Lok Sabha of the role of RBI and government directors on bank boards, the ministry of finance has decided to concentrate on risk management skills of nominee directors of Reserve Bank of India and the government…

Australia leaves interest rates unchanged

AUSTRALIA - Australia's central bank has opted to keep its interest rates unchanged on Wednesday despite the US Federal Reserve cutting its key overnight rates by 50 basis points to its lowest level in 40 years.

European Parliament Press Release

PRESS RELEASE - Committee on Economic and Monetary Affairs. Euro change-over: MEPs demand bigger effort from banks and retailers, 7 November.

Duisenberg gives green light for ECB rate cut

EUROPE - European Central Bank President Wim Duisenberg appeared Monday to give the green light for an interest rate cut this week as euro-zone finance officials sounded a cautious note about the economic outlook for the 12-member bloc.

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