News
Peru's new President will bring in bank chief
PERU - Alejandro Toledo, the son of a poor mountain sheep herder, won the presidency on 3 June over one-time President Alan Garcia after a campaign that left Peruvians deeply disillusioned. Aides to Garcia attempted to calm the markets by indicating that…
Malaysia's finance minister resigns
Malaysia - Malaysian Finance Minister Daim Zainuddin ended weeks of speculation about his future on 2 June, quitting his post despite Prime Minister Mahathir Mohamad's apparent efforts to retain him.
New governor to Algerian central bank
ALGERIA - Algerian President Abdelaziz Bouteflika named Mohamed Laksassi as the country's new Central Bank governor on 2 June, an official statement said.
Bank of Italy to complete BPM investigation
ITALY - Italy's central bank, Banca d'Italia, is about to complete its investigation on Italian bank Banca Popolare di Milano (BPM), which started four months ago.
SBI official in running for Indian bank job
INDIA - Vepa Kamesam, managing director of the State Bank of India (SBI), is likely to be appointed as deputy governor of the central bank next month, a senior banking source said on 4 June.
Valery Giscard d'Estaing on the euro
EUROPE - One of the co-founders (with Helmut Schmidt of Germany) of the European Monetary System in 1978, former French President Valery Giscard d'Estaing was in London yesterday to deliver the 21st Mais lecture at the City University.
New Bank of England committee member starts today
UK - The Bank of England's nine strong Monetary Policy Committee (MPC) has a new member from today, 1 June. Kate Barker, previously of the Confederation of British Industry, will replace DeAnne Julius who has served on the committee since 1997.
Bank Indonesia tight monetary policy remains
INDONESIA - Indonesia's central bank said on 1 June that the country's political instability would prevent it from loosening monetary policy in the short term, even though the ailing rupiah has shown some strength.
Congo floats its currency
CONGO - The Democratic Republic of Congo has floated its currency and raised the price of fuel in an effort to overcome the economic chaos bequeathed by almost three years of state control and inter-regional war.
Thailand to focus on economic stability
THAILAND - Thai Finance Minister Somkid Jatusripitak said on 1 June that the government did not plan any changes in its fiscal and monetary policies after a new central bank governor takes office.
Thai Baht crisis - 'Losses were typing error'
THAILAND - A committee set up to investigate the 1997 defence of the baht by the Bank of Thailand has amended its report which could potentially clear central bank officials of actions leading to the loss of tens of billions of baht.
NZ Finance Minister rejects Svenson recommendation
NEW ZEALAND - The New Zealand finance minister, Michael Cullen, has rejected a report which claimed Don Brash, Reserve Bank governor, should have his powers curbed.
Second Thailand monetary policy board member quits
THAILAND - Chalongphob Sussangkarn, a member of the Bank of Thailand's Monetary Policy Board, said on 31 May he had submitted his resignation. He cited uncertainty over monetary policy following the ousting of governor Chatu Mongol Sonakul earlier this…
SE Asian central bank governors begin meeting
SINGAPORE - The annual conference of Governors of the South-East Asian Central Banks (SEACEN) needs to focus on ways to maintain its relevance amid a proliferation of regional and international forums, a Singapore government minister said on 31 May.
Armenia to put 50, 000 bank notes into circulation
ARMENIA - The Central Bank of Armenia is putting 50,000 drams bank-notes into circulation beginning on 4 June.
Brazil Central Bank blames prices for rates hike
BRAZIL - Brazil's Central Bank raised interest rates in May for the third consecutive month to head off inflationary pressures and the potential impact of the country's energy crisis on consumer prices, according to the minutes of the May meeting of the…
Polish MPC blamed for keeping interest rates high
POLAND - The Polish central bank came under heavy fire from officials and analysts on 31 May for holding interest rates steady despite saying there was little demand-side price pressure in the economy.
ECB chief predicts success for euro notes launch
EUROPE - Wim Duisenberg, president of the European Central Bank, has insisted that the changeover to euro notes and coins on January 1 2002 would be a success, rejecting pleas for small denomination euro notes to be distributed to the public in advance.
Canada lowers key interest rate
CANADA - Canada's central bank trimmed its key overnight interest rate on 29 May by 25 basis points to 4.5 per cent, stating that while US demand for Canadian products had slowed during the first part of the year, the domestic economy continued to show…
"Wise man" calls for half-point ECB rate cut
GERMANY - One of Germany's senior economic advisers has said that the European Central Bank should cut interest rates by half a percentage point to help boost the economy.
SE Asian ctrl bankers to meet in Singapore Jun 1-2
SINGAPORE - Southeast Asian central bankers will gather in Singapore for a two-day meeting starting on Friday 1 June to discuss developments in the financial markets, the Monetary Authority of Singapore, the meeting's host, said.
Rebuke for UK chancellors ECB reform calls
UK - Gordon Brown has come under criticism from Ernst Welteke, who was speaking yesterday (29 May), for urging the ECB to improve its openness after just three years of operation.
Philippine government plans to raise its PNB stake
Philippines - The Philippine National Bank has said the government planned to increase its stake in the ailing bank, but wasn't keen on taking a majority shareholding.
African bank hit by protests
SPAIN - The African Development Bank (ADB), which works to reduce poverty and help struggling economies, has become a target of anti-capitalist protestors, despite its popularity amongst poor people in Africa.