News
ECB Trichet-solid euro in interests of Europe -CNN
European Central Bank council member and Bank of France Governor Jean-Claude Trichet reiterated on Feb. 5, 2001, that a solid euro is in Europe's bests interests. "We call for a solid euro. A solid euro is in the interests of Europe," Trichet said in an…
Future Hungary c.bank head sets EMU roadmap
National Bank of Hungary (NBH) governor designate Zsigmond Jarai said on Feb 5., 2001, that Hungary must forge a path to join the euro zone, including two possible cuts in the monthly devaluation rate of the forint in 2001. "We should mark the route and…
Oil, gas exports up 62.8% in Iran - bank governor
Iran has gained some 18.575 billion U.S. dollars from exports of oil, oil derivatives and gas in the first nine months of the current Iranian year, up 62.8 percent compared with the same period last year, the Islamic Republic News Agency (IRNA) reported…
Zambia c.bnk imposes new rules to defend kwacha
The central Bank of Zambia on Feb. 5, 2001, imposed new rules to defend the battered kwacha, which it says is a victim of speculators and unscrupulous businessmen. In a statement, the bank said it had reduced overall foreign exchange exposure limits for…
Yugoslav substitution of DM for euro in Dec 1 '01
The substitution of the DEM with the Euro in Yugoslavia will start on December 1, 2001, the National Bank of Yugoslavia said on Feb. 5, 2001. The European Central Bank and other credit institutions in the Euro zone will begin the supply with euros to…
Hackers obliterate Egypt central bank website
Computer hackers have obliterated the website of the Egyptian central bank. The cyber attack was launched on the morning of Feb. 2, Ayman el-Sayed, the central bank's webmaster, said. "We are now implementing security measures to avoid this happening in…
Radek Urban leaving Czech National Bank
Radek Urban has left the Czech National Bank where he was executive director of the financial markets department. On March 1 he will joining the asset management department of Ceska Sporitelna in Prague. Mr Urban has played a key role in developing the…
Philippines 1st e-Bank gets go-ahead for e-banking
The Philippines central bank has formally confirmed 1st e-Bank's authority to continue providing electronic banking services via its present cellphone banking system and soon a proposed Internet banking system, 1st e-Bank said in a statement. The BSP…
Thai c.bank chief may be next finmin - Thaksin
Thailand's incoming Prime Minister Thaksin Shinawatra said on Feb. 2 he regarded Bank of Thailand governor Chatu Mongol Sonakul as a candidate for the job of finance minister in his three-party coalition government. Asked who he would pick as his finance…
Swedish Riksbank keeps interest rates unchanged
Sweden's central bank, the Riksbank, pointing to the global and Swedish economic slowdown, said on Feb 2, 2001, it left key interest rates unchanged as widely expected by financial markets. The Riksbank said the repo rate, its chief monetary policy…
Konan Banny worried over political stability
The governor of the Senegal-based Central Bank of West African States, or BCEAO, has said that peace is the precondition for economic progress in Africa. "In my view, African leaders should be concerned only about the struggle for economic progress,"…
Belarus hard currency reserves triple to $150m
Belarus's central bank net hard currency reserves rose to $150 million on January 1, 2001, from $50 million at the start of last year, the bank's head, Pyotr Prokopovich, said on Feb 2. He told a news conference the bank planned to boost net hard…
Yugoslav banks' losses 10.4 bln German marks-cbank
Yugoslavia's central bank said on Feb. 2, 2001, the heavily-indebted banking sector had more than 10 billion German marks ($4.81 billion) in accumulated uncovered losses, the equivalent of some 40 percent of the country's gross domestic product. "Total…
Cash launch to boost public support for euro-Noyer
European Central Bank Vice President Christian Noyer said on Feb. 2 that public support of the single currency would grow with the introduction of euro notes and coins from January 1, 2002. Echoing earlier comments from other ECB officials, Noyer said it…
Bank of Spain says economy slowed in Q4
Spanish economic growth, among the fastest in the euro zone, slowed to an estimated 3.9 percent year-on-year in the fourth quarter of 2000 from 4.1 percent in the third quarter, the Bank of Spain said on Feb. 2, 2001. Gross domestic prorduct (GDP) growth…
Turkmenistan cbank funds Boeing aircraft purchase
Turkmenistan's central bank said on Feb. 2 it helped finance the purchase of a Boeing 757-200 aircraft for Turkmenistan Airlines valued at $70 million. Turkmenistan Airlines borrowed $48.3 million from the central bank to buy the new plane. The airliner…
Lebanon cbank still awaits anti-laundering law
Lebanon's central bank said on Feb. 2, 2001, it would cooperate with global efforts to combat money laudering once parliament approved a law that would open up the country's highly secretive banking system. "Once the law is passed, the central bank will…
New German debt mgmt agency wants shorter maturity
The average time to maturity of current German government bonds should be cut markedly, the chief executives of the country's new private debt management agency told the Friday [Feb 2, 2001] edition of the financial daily Boersenzeitung. This will be one…
IMF praises Moldova, promises to extend $12m Feb
The International Monetary Fund praised Moldova's government policies on Feb. 2, 2001, and said it would disburse the next $12 million tranche in February 2001, the head of the IMF monitoring mission said. "All objectives of the programme are met,"…
Guatemala urged to modernize financial system
The Guatemalan government should modernize its financial system to strengthen the supervision of the country's central bank over the country's financial system, the central bank governor said Feb. 2. Lizardo Sosa, the president of the Bank of Guatemala,…
BI to complete divestment program in 2001-Sjahril
Bank Indonesia Governor Sjahril Sabirin said on Feb. 2 that the central bank would divest all of its ownership in various financial institutions this year. Sjahril said that the divestment of the Bank Indonesia subsidiaries would be conducted either…
Yugoslav central bank propose price liberalization
Yugoslav National Bank Governor Mladjan Dinkic said on Feb. 2, 2001, that the bank's team of experts had on Jan. 30 sent to the Serbian government a proposal for the planned liberalization of prices spread over the next three years to prevent "future…
Reserve Bank of India names executive director
The Reserve Bank of India on Feb. 2, 2001, appointed SL Parmar as executive director with immediate effect. Parmar was chief general manager-in-charge at the bank's administration and personnel management department. There are eight executive directors…