News
Greek cbank warns of inflationary pressures-paper
Greece's central bank believes the government's target of average 2.3 percent inflation in 2001 may be beyond reach if inflationary pressures in the domestic economy are not reined in, Greek newspaper To Vima reported on Feb 18, 2001. Citing sources, To…
Kenya's cbank to lift protection of local banks
Micah Cheserem, governor of the Central Bank of Kenya, has disclosed that his government might no longer be bound to protect local banks from competitions by international banks, local media reported on Feb 18, 2001. Cheserem made the remarks at the…
Argentine central bank chief dismisses scandal.
Argentina's central bank chief refused calls to resign on Feb 18, 2001, dismissing allegations he failed to police money-laundering in a scandal that has threatened to destabilize Latin America's third largest economy. Pedro Pou wrote in leading daily,…
Fraga says Brazil's economy is not overheating-pap
Brazil is not growing beyond its means, Central Bank President Arminio Fraga said in an interview published on Feb 18, 2001, just days after Latin America's biggest economy posted its fastest growth rate in five years. Official data released on Feb 14…
G20 meet in Istanbul, stability discussed
Officials from the Group of 20 (G20) countries which mixes industrialised and emerging market countries met in Istanbul on Feb 18, 2001 to discuss promoting international financial stability and avoiding crisis. Turkish Treasury Undersecretary Selcuk…
Bank of Uganda Mutebile warns on statistics
Uganda's central bank governor, Emmanuel Tumusiime Mutebile, has warned politicians against interfering with the compilation of statistics. He said independence of the Uganda Bureau of Statistics (UBOS) is the only way correct indicators of the economy…
Buba profit seen at 11bn DM in 2000/2001-magazine
The Bundesbank is set to transfer to the government 11 billion marks ($5.15 billion) in profits both in 2000 and 2001 but the sum will likely be halved next year after the launch of euro cash, the Focus magazine said on Feb 18, 2001. The magazine said,…
Russia will pay debts on time, finance chief
Signalling a renewed spirit of cooperation, a senior Russian government official on Feb 17 told delegates from France, Italy and other countries that his government intends to repay its $38.7 billion (42.35 billion euros) in foreign debt in full and on…
Bush adviser-Sept G7 FX intervention mistake-paper
Lawrence Lindsey, the top economic adviser to U.S. President George Bush, was quoted on Feb 17 as saying intervention by G7 central banks last September to support the euro had been a mistake.The International Herald Tribune also quoted Lindsey as…
U.S. statement on O'Neill-Miyazawa meeting
Following is a statement issued by the U.S. Treasury on Feb 17, 2001 after a meeting between Treasury Secretary Paul O'Neill and Japanese Finance Minister Kiichi Miyazawa. O'Neill and Miyazawa met in Sicily before the start of a meeting of Group of Seven…
UAE central bank posts record high 2000 net profit
The United Arab Emirates (UAE) central bank said on Feb 17, 2001 it recorded its highest net profit at 1.61 billion dirhams ($435.6 million) in 2000, a 16 percent jump over the previous year. The bank said in a statement its assets and liabilities…
ECB'S Welteke assumes U.S. still wants strong dlr
European Central Bank council member Ernst Welteke said on Feb 17, 2001 that he could imagine the United States would remain interested in a strong dollar, according to a spokesman for the central banker. Welteke said a strong dollar policy would help…
G7 make little progress on debt relief
The Group of Seven rich countries failed to come up with any new ideas on debt relief for poor countries at a meeting on Feb 17, 2001 drawing fire from campaigners who had hoped for progress. In a communique released after their meeting, G7 finance…
BoE's George says may have to pen inflation letter
Bank of England Governor Sir Edward George said on Feb 17, 2001 it was possible inflation in Britain would stray a full point away from its target, meaning he would have to write to the government explaining why. UK inflation currently stands at its…
Duisenberg can draw satisfaction from G7 meeting
For European Central Bank President Wim Duisenberg, Feb 17 meeting with the G7 godfathers of global finance in Palermo must have been a thoroughly satisfying experience. None of the finance ministers from the Group of Seven leading industrial countries…
MAS wants more market oriented disclosure regime
The Monetary Authority of Singapore (MAS) announced on Feb 16, 2001 that it will allow fund managers to hold shares in the Singapore Exchange (SGX) beyond the current 5% limit, but up to a cap of 10% and subject to the approval of MAS. MAS also proposed…
Dissent erupts between government, Bank of Japan
Simmering differences between the government and the Bank of Japan over how to revive the economy burst into the on Feb 16, 2001 on the eve of a high-profile meeting of finance ministers and central bankers of the world's seven richest nations. Finance…
Korea c.bank head warns of overheating treasuries
Central Bank of Korea Governor Chon Chol-hwan said on Feb 16, 2001 the local treasury market was showing signs of overheating, comments analysts saw as a bid to shift interest to flagging corporate bond issues. Chon said in a statement the treasury…
Indonesia's Ramli to meet IMF's Fischer next week
Indonesia's chief economics minister, who has complained the International Monetary Fund was pushing Jakarta too hard on some reforms, said on Friday Feb 16, 2001 he would meet the IMF's first deputy managing director next week. Rizal Ramli played down…
IMF Moscow talks progress, stop short of approval
The International Monetary Fund said on Feb 16, 2001 its latest talks did not attain the approval Russia needed to start negotiations on restructuring Paris Club debt. Its discussions in Moscow had yielded "significant progress", however. Officials had…
Mongolia January inflation jumps 5.5 pct from Dec
Mongolia said on Feb 16, 2001 its monthly inflation jumped 5.5 percent in January 2001 compared with December 2000, mainly because of a rise in food and energy prices. The central bank's Monthly Bulletin of Statistics said the rent and energy price index…
Philippine c.bank leaves rates unchanged
The Philippine central bank decided on Feb 16, 2001 to keep its benchmark overnight interest rates unchanged, saying it preferred to monitor U.S. Federal Reserve moves on rates in the next couple of weeks before acting. The key rates were last reduced by…
Zimbabwe reneges on pledge to limit RBZ overdraft
The Zimbabwe government, caught between the need to reduce the cost of its domestic borrowings and its insatiable appetite for funds to fund its recurrent expenditure, plans to waive the 20 percent limit on its overdraft facility at the central bank as…
Financial innovation conference at the FRBNY
The Federal Reserve Bank of New York is holding a conference on financial innovation and monetary transmission on April 5-6, 2001