News

New Czech central bank head faces political row

Czech President Vaclav Havel chose Zdenek Tuma as the country's new central bank governor on Friday, setting up a showdown between Tuma and the government over future interest rate policy.

Polish president debates new c.bank head next week

President Aleksander Kwasniewski will meet Poland's top three political parties next week to discuss candidates for the new central bank chief, opening the way for a parliamentary vote on the issue as soon as December 6-8.

Taiwan cenbank warns speculators of potential risk

Taiwan central bank's abrupt easing of its efforts to defend the Taiwan dollar against the US dollar in yesterday's late trading session, has wrong-footed both institutional and individual speculators who tried to take advantage from the central bank's…

Basis for unified payment system in Russia

In December, the Interagency Smart Cards Commission will present a draft plan for putting together a unified payment system in Russia. The system will be based on the payment system of Sberbank, and the clearance and cash center of the central bank will…

Heavy interest in seized Turkish banks

Turkey's banking watchdog on Friday said there is significant foreign and domestic interest in purchasing some of 10 banks with bad debts of $7bn that it has taken into receivership.

Kabila's Congo relaxes forex regulations

Democratic Republic of the Congo's central bank has eased restrictions on who can trade in foreign exchange and extended a list of transactions in which it can be used, state radio reported on Friday.

India's central bank urges state govts to reform

India's central bank on Friday urged the country's state governments to enact speedy reforms."As a result of financial sector reform, there are more stringent overall limits to fiscal expansion, impinging on both central and state governments," Reserve…

Gerashchenko wanted to keep PwC as auditors

Russia's lower house of parliament, the State Duma, Friday approved Deloitte Touche as the central bank's auditor for 2000, replacing PricewaterhouseCooper's. Speaking after the vote, central bank governor Viktor Gerashchenko said he had hoped to retain…

IBRA speeds up sale of Salim corporate assets

The Indonesian Bank Restructuring Agency (IBRA) is speeding up the sale of corporate assets once owned by the Salim Group even as the two sides prepare to face off in a test of wills that could have severe ramifications for the country's economic…

Indonesia: 'Halt the case against Sjahril'

A lawyer representing suspended Bank Indonesia governor Sjahril Sabirin in the Bank Bali scandal said on Friday that prosecution should be halted since other defendants in the case had been declared not guilty by a district court.

South Korea economy heads for slowdown

South Korea posted a strong growth rate of 9.2% in the third quarter, but analysts warn that the economy could begin looking much weaker in the fourth quarter because of increased bankruptcies for debt-heavy companies and resulting job losses.

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