News
Argentine central bank president under fire
The bicameral congressional committee that will recommend whether Argentine central bank head Pedro Pou should be removed from office for allegedly turning a blind eye to money laundering activities in Argentina will meet for the first time on Feb 20,…
Yugo cbank gets more control with new payment plan
Yugoslavia's central bank said on Feb 16, 2001 its proposal to re-establish foreign currency payments between Serbia and parts of Yugoslavia not using the dinar would allow it to regain control over money transfers countrywide. "Payments will be made…
Bulgaria's BNB in dispute with Mileti Mladenov
The Bulgarian National Bank and the Deposit Guarantee Fund got involved in a strange dispute when the draft law on bank insolvency was discussed by the parliamentary legal committee. The reason for the dispute was that Mileti Mladenov, head of the Fund,…
Indian industry cheers central bank's rate cuts
Indian industry cheered the central bank's decision on Feb 16, 2001 to lower interest rates, saying it would help ease the country's industrial slowdown. The Reserve Bank of India (RBI) said it was cutting its benchmark bank rate to 7.5 percent from 8.0…
Norway downplays cbank critique of state ownership
Reaction in Norway's Labour government to central bank governor Svein Gjedrem's sharp criticism of state ownership in Norwegian companies has been muted so far. A spokeswoman for the Finance Ministry said Feb 16, 2001 there are no plans to issue an…
Thai PM-no interference with cbank-Somkid fin min
Thai Prime Minister Thaksin Shinawatra and his finance minister-designate Somkid Jatusripitak assured investors late on Feb 16 that the incoming government won't intervene in commercial bank interest rates or central bank regulation of financial…
Colombian cbank leaves mon pol unchanged
Colombia's central bank board on Feb 16, 2001 said it wouldn't change monetary policy as recent inflation figures are satisfactory and future goals look attainable. "Given the good performance of the observed and projected inflation rate, the board of…
Irish cbank governor nominated for another term
Ireland's Minister for Finance Charlie McCreevy on Feb 16, 2001 said he has formally asked the president of Ireland, Mary McAleese, to re-appoint Maurice O'Connell as governor of the Central Bank of Ireland for another seven-year term. O'Connell, 65,…
Large value Taiwan note will not trigger inflation
The issuance of a new NT$2,000 note in July 2001 will not trigger inflation, a financial official said Feb 16, 2001. In an attempt to allay fears that the debut of the large-denominated note will accelerate inflation, Wu Shaw-chii, director-general of…
O'Neill signals hands-off stance on world economy
Paul O'Neill, the U.S. Treasury secretary, on Feb 14, 2001 indicated the new Bush administration would take a strongly skeptical view of official intervention in global markets to help stabilize the world economy, the Financial Times reported in its Feb…
China markets watchdog chief warns manipulators
China's chief stock market regulator Zhou Xiaochuan issued a stern warning against price manipulation on Feb 15, 2001, saying stock prices should be based on the quality of listed firms and not "backroom deals". Zhou also pledged to crack down on firms…
MP Sichinga blames BoZ for Union Bank's collapse
East independent member of parliament Robert Sichinga on Feb 14, 2001 blamed Bank of Zambia' (BOZ) for the closure of Union Bank Zambia Limited, the Post of Zambia reported on Feb 15. Sichinga complained that the central bank had failed provide effective…
Chad's economy minister dies in plane crash
Chad's minister for economic development died in a plane crash as he returned from a board meeting of the regional central bank in Congo Republic, government sources said on Feb 15, 2001. In addition to the minister, Ahmat Lamine Ali, a senior government…
IMF's Koehler sees Europe 2001 growth exceeding US
International Monetary Fund Managing Director Horst Koehler said on Feb 15 he saw European GDP growth in 2001 of some three percent against two percent expected for the United States. In a wide-ranging conversation with Italian business daily Il Sole 24…
Swedish cbank board member mulled rate cut-minutes
Sweden's central bank, or Riksbank, said on Feb 15, 2001 its board, which sets monetary policy, had agreed unanimously at its last meeting on Feb 1, 2001 to keep the key repo rate unchanged at 4.00 percent. During the monetary policy discussion, however,…
Fed's Broaddus-Odds high US economic recovery near
The odds that the U.S. economy will recover soon are "reasonably high," Federal Reserve Bank of Richmond President Alfred Broaddus said on Feb 15, 2001. Broaddus told reporters after addressing a forum sponsored by Bennett College and the Greensboro…
Turk cenbank chief sees slower inflation in Q2
Turkish inflation will drop to one percent monthly or less from summer 2001 as a $4 billion IMF-backed plan to cut chronic high inflation progresses, Central Bank head Gazi Ercel said on Feb 15. In an interview, Ercel said a slowdown in the economy and…
Romanian CPI trend downward despite Jan spike-BNR
Inflation in Romania continued at a faster-than-desired pace over the past year but its underlying trend remains downward despite a January 2001 consumer price inflation spike, the central bank (BNR) said on Feb 15, 2001. "Data showed a slower-than…
Gjedrem - Norwegian econ near capacity limits
Norwegian Central Bank Governor Svein Gjedrem, citing high inflation growth, a burgeoning surplus, and increased government spending, indicated late on Feb 15 that Norway is unlikely to follow the lead of other central banks in cutting key lending rates…
Prodi says Britain will lose influence outside eur
European Commission President Romano Prodi warned Britain on Feb 15, 2001 it would lose control over its economy if it remained outside the euro. Challenging the widespread fear in Britain that signing up to the euro would entail a major surrender of…
Fed Poole- forecasts subject to significant error
The consensus view of private sector economists that U.S. gross domestic product will grow 2.1% in 2001 is "reasonable," but also subject to significant error, Federal Reserve Bank of St. Louis President William Poole said on Feb 15, 2000. Thus it's…
Belgium eyes central bank gold profit for pensions
Belgium's government plans to use profits from the past transfer of gold from its central bank to the European Central Bank to start a state pension fund it had hoped to fill with proceeds from the sale of mobile telephone licences, Belgian media…
Mexico says 2000 GDP grew at robust 6.9 pct
Mexico's gross domestic product expanded by 6.9 percent during 2000, the fastest growth rate seen by Latin America's second-largest economy in nearly 20 years even with a year-end slowdown, the Finance Ministry said on Feb 15, 2001. The country's…
Argentine banks fear scandal's impact on economy
Argentina's panic-stricken banking sector called for swift government action on Feb 15, 2001 to resolve a money-laundering scandal that has enveloped the country's top central banker, saying it was threatening to derail the long-stagnant economy's…