News
Belarus, Russia can adopt single currency by 2005
RUSSIA - Viktor Gerashchenko, head of the Russian Central Bank, said during his visit to Mahilyow on Mar 30 that Belarus and Russia could adopt a single currency before 2005 provided there were necessary economic conditions.
HKMA Joseph Yam updates his cyberfable
HONG KONG - In March 2000, Joseph Yam, chief executive of the Hong Kong Monetary Authority, presented the first part of his popular satirical internet story. In his weekly viewpoint column published on the HKMA website today, Yam brings up to date with…
ECB keeps rates at 4.75%
EUROPE - The European Central Bank maintained interest rates at 4.75% at its Governing Council meeting on Mar 29, 2001, refusing to follow recent rates cuts of the Federal Reserve and Bank of Japan.
Norges Bank to introduce 2.5% inflation target
NORWAY - Norway's government on Mar 29, 2001 introduced a 2.5% inflation target for the country's central bank, in line with 'international practice' to raise the transparency of monetary policy and facilitiatate communications.
New bill strengthens NBS supervisory powers
SLOVAKIA - The new bill on banks, which was approved by the Slovak government on Mar 28, 2001, should boost the powers of the National Bank of Slovakia to carry out banking supervision.
BoF appoints Pikkarainen to head operations dept
FINLAND - Mr Pentti Pikkarainen has been appointed head of the Bank of Finland's market operations department, effective 1 May 2001.
Iceland floats krona, adopts 2.5% inflation target
ICELAND - On Mar 27, 2001, Iceland decided to float the krona and adopt a 2.5% inflation target. The krona has come under much pressure in recent weeks most recently on Mar 26, forcing the central bank to intervene in the markets to maintain the currency…
Pakistan cbank concerned Afghans using rupee-FT
PAKISTAN - A sharp rise in the amount of Pakistani rupee in circulation has prompted Pakistan's central bank to begin an inquiry into the increasing use of the currency in neighboring Afghanistan, senior bank officials said on Mar 28, 2001, according to…
Oman central bank to host supervision seminar
OMAN - The Central Bank of Oman will host a regional seminar on banking supervision organised by Switzerland's Financial Stability Institute of the Bank for International settlements.
HKMA to buy office space rather than rent
HONG KONG - Hong Kong's quasi central bank on Mar 29, 2001 defended a plan to buy 14 floors in a building in the city's center for its new offices, saying the move will be cheaper than to continue renting.
Lithuania cbank approves 2000 financial statements
LITHUANIA - At its board meeting on Mar 29, 2001, the Bank of Lithuania approved its financial statements for 2000, reporting profits for the year of LTL 126.2 million.
CNB bill to increase bank's accountability-fin min
CROATIA - During a debate in parliament on the new Croatian National Bank bill, deputy finance minister Damir Kustrak said that the bank's independence would be increased but at the same time it would have to be more accountable to parliament.
Ex-Bundesbank chief Poehl - time ripe for ECB cut
EUROPE - Former Bundesbank President Karl Otto Poehl thinks the European Central Bank should cut interest rates in the face of slowing economic growth, he told a Swiss newspaper in an interview published on Mar 28, 2001.
Euro-MP says Czechs must change central bank law
CZECH REPUBLIC - The chairwoman of a European Parliament committee said on Mar 28 that a new Czech law increasing politicians' influence over the central bank must be amended to bring it into line with European Union treaties.
CBR asks government to repay its debts
RUSSIA - Bank of Russia recorded a pretax profit of about R4bn for 2000, Governor Viktor Gerashchenko reported, but the government still needs to repay its debt to the central bank.
Bank of Greece searches for Milosevic millions
GREECE - The Bank of Greece is investigating several Greek banks suspected of receiving funds laundered by Slobodan Milosevic, the former president of Yugoslavia.
Irish cbank sees 2001 growth slowing to 7%
IRELAND - Ireland's central bank said on Mar 28, 2001 it expected the booming Irish economy to experience a slowdown in 2001 GNP growth to around 7.0%, compared to growth of 9.75% in 2000.
RBA launches newly designed website
AUSTRALIA - The Reserve Bank of Australia has launched a major redesign of its website at www.rba.gov.au, increasing the quality and quantity of information, and the ease of access.
BoK criticises govt for interfering in mon policy
SOUTH KOREA - The Bank of Korea has criticized the government for its regular interference in the country's monetary polices.
Asian forum Manila Framework Group meets in China
CHINA - The Manila Framework Group regional financial forum started a two-day meeting in Beijing on Mar 28, 2001 to discuss a range of issues including the impact of the slowing U.S. economy, organisers said.
Former Philippine c. bank chief made consultant
PHILIPPINES - Former Philippine central bank governor Gabriel Singson has been appointed presidential consultant on banking and foreign loans, a presidential palace statement said on Mar 28, 2001.
Outgoing Slovenia c.banker warns against inflation
SLOVENIA - Slovenia's outgoing central bank governor France Arhar said on Mar 28, 2001 the country should limit the growth of wages to battle high inflation.
BOE Julius to leave central bank in 2 months-FT
UNITED KINGDOM - DeAnne Julius, one of the most dovish members of the Bank of England's rate-setting Monetary Policy Committee, is poised to leave the central bank in two months.
Poland cuts interest rates by 100 bp
POLAND - Poland's Monetary Policy Council (MPC) cut its interest rates on Mar 28, 2001 by 100 basis points to between 17 and 21 percent, the National Bank of Poland said in a statement.