News
Fed's Ferguson takes oath for new term
UNITED STATES - After spending two years in political limbo, U.S. Federal Reserve Vice Chairman Roger Ferguson was sworn in today, 26 July, for a second term on the U.S. central bank board, the Fed said.
Chinese c bank formulates financial insolvent law
CHINA - Wu Xiaolin, the vice president of the People's Bank of China, recently declared that foreign financial organisations will come to Chinese markets after China's entry into WTO. It will make the competition in the financial industry more violent…
Australasian union could see trade double - paper
AUSTRALIA - Australia could enjoy a doubling in trade with New Zealand if the two countries embarked on a path of currency union, a discussion paper presented to a Reserve Bank of Australia conference on 24 July concluded.
Bahrain to set up liquidity management centre
BAHRAIN - Bahrain plans to establish a US$50 million liquidity management centre (LMC) to help meet the needs of Islamic banks and financial institutions.
Hungary publishes euro recommendations for banks
HUNGARY - The National Bank of Hungary (MNB) has published recommendations to commercial banks regarding the introduction of euro coins and notes in 12 EU member states as of 1 January 2002.
Italian bank chief backs Berlusconi's policies
ITALY - Antonio Fazio, the governor of the Bank of Italy, on 24 July gave strong backing to the economic policies of Silvio Berlusconi's new centre-right government, blaming the prime minister's predecessors for giving the country a low rate of economic…
Russia to draft new forex control law by October
RUSSIA - The Russian government intends to draft a new, more liberal law on hard currency controls and regulations by October, the Finance Ministry said yesterday, 24 July.
Australasia must be considered in Asia union
AUSTRALIA - Australia and New Zealand should be considered in any move towards monetary union in Asia, a discussion paper at a Reserve Bank of Australia conference in Sydney on 24 July concluded.
S.Africa's Mboweni urges black empowerment support
SOUTH AFRICA - South Africa's central bank governor Tito Mboweni said that although laws could help address the issue of black empowerment in South Africa, public commitment was crucial.
Central bank guidelines on credit extension
NIGERIA - The Central Bank of Nigeria (CBN) lived up to its billing in pursuit of its function of promoting monetary stability and a sound financial system when last week it rolled out a new guideline on public spending, reports All Africa Global Media,…
Big Chinese banks reduce bad loans increase profit
CHINA - China's four major state-run commercial banks have all reported strong profit for the first half of the year as they continued to reduce a heavy portfolio of bad loans, however their risk management skills are limited.
Research calls for change to China monetary policy
CHINA - With the development of the capital market, the fluctuation of asset prices will have an increasingly greater influence on the stability of money demand and in turn affect the quantity and mix of money supply. For this, the monetary policy should…
No policy change despite emergency, Bank Indonesia
INDONESIA - The governor of Indonesia's central bank said yesterday, 23 July the country's foreign exchange and monetary policy remained unchanged despite President Abdurrahman Wahid's declaration of a state of emergency earlier in the day.
New London Rep for Bank Indonesia
UK - The London office of Bank Indonesia has a new Chief Representative.
Impact of euro cash set to be 'low'
GERMANY - Deutsche Bank, Germany's biggest bank, has warned against overestimating the potential disruption generated by the change to euro cash at the start of next year. The bank said it was more likely to be a "big bang" with "little impact" on…
Greenspan says monetary policy still works
US - Federal Reserve Chairman Alan Greenspan said today, 24 July, that changes in monetary policy are still able to boost the economy, even as the U.S. economy has continued to drag after a series of Fed rate cuts.
Dutch central bank sold gold last week
NETHERLANDS - Figures from the Dutch central bank on 24 July showed its gold reserves fell by 20 million euros last week.
BIS urges watch on Asian c.bank balance sheets
AUSTRALIA - The Bank for International Settlements said today, 24 July, more attention should be paid to the balance sheet independence of central banks in Asia.
Thai c.bank to finalise new forex rules this week
THAILAND - A senior Bank of Thailand (BOT) official said on 24 July changes to forex trade reporting rules for foreigners would go to the governor for approval this week.
Asia-Pacific bank governors meet in Australia
AUSTRALIA - Central bank governors and deputies from the Asia-Pacific region met today, 23 July in Australia, but their discussions were held in private and no communique was released.
Bank Indonesia extends capital adequacy deadline
INDONESIA - Bank Indonesia has extended its deadlines for banks to achieve a minimum capital adequacy ratio (CAR) of 8 per cent.
O'Neill plays down Argentine contagion risk-report
UK - U.S. Treasury Secretary Paul O'Neill sees little likelihood of contagion spreading to other emerging market economies as a result of Argentina's financial crisis, the Economist magazine reported.
Philippine Bank will strictly enforce Forex rules
PHILIPPINES - In a stern warning to banks deemed responsible for several days of volatility in the peso market, the Philippine Central Bank said today, 23 July it will strictly implement existing sanctions against violators of foreign exchange rules,…
O'Neill believes ECB is not fully independent
US - U.S. Treasury Secretary Paul O'Neill said on 23 July that the European Central Bank is not totally independent from the views of the most influential member states of the euro zone.