Central Banking
Peru's new President will bring in bank chief
PERU - Alejandro Toledo, the son of a poor mountain sheep herder, won the presidency on 3 June over one-time President Alan Garcia after a campaign that left Peruvians deeply disillusioned. Aides to Garcia attempted to calm the markets by indicating that…
Malaysia's finance minister resigns
Malaysia - Malaysian Finance Minister Daim Zainuddin ended weeks of speculation about his future on 2 June, quitting his post despite Prime Minister Mahathir Mohamad's apparent efforts to retain him.
New governor to Algerian central bank
ALGERIA - Algerian President Abdelaziz Bouteflika named Mohamed Laksassi as the country's new Central Bank governor on 2 June, an official statement said.
Bank of Italy to complete BPM investigation
ITALY - Italy's central bank, Banca d'Italia, is about to complete its investigation on Italian bank Banca Popolare di Milano (BPM), which started four months ago.
SBI official in running for Indian bank job
INDIA - Vepa Kamesam, managing director of the State Bank of India (SBI), is likely to be appointed as deputy governor of the central bank next month, a senior banking source said on 4 June.
Valery Giscard d'Estaing on the euro
EUROPE - One of the co-founders (with Helmut Schmidt of Germany) of the European Monetary System in 1978, former French President Valery Giscard d'Estaing was in London yesterday to deliver the 21st Mais lecture at the City University.
New Bank of England committee member starts today
UK - The Bank of England's nine strong Monetary Policy Committee (MPC) has a new member from today, 1 June. Kate Barker, previously of the Confederation of British Industry, will replace DeAnne Julius who has served on the committee since 1997.
Meeting the challenge of the global economy
SPEECH - Lim Hng Kiang, Singapore's second minister for finance has made the opening remarks at the 36th SEACEN Governors' Conference, Singapore. Among other things he discusses the challenges for Asia with the slowing of the US economy and the much…
Bank Indonesia tight monetary policy remains
INDONESIA - Indonesia's central bank said on 1 June that the country's political instability would prevent it from loosening monetary policy in the short term, even though the ailing rupiah has shown some strength.
Congo floats its currency
CONGO - The Democratic Republic of Congo has floated its currency and raised the price of fuel in an effort to overcome the economic chaos bequeathed by almost three years of state control and inter-regional war.
Thailand to focus on economic stability
THAILAND - Thai Finance Minister Somkid Jatusripitak said on 1 June that the government did not plan any changes in its fiscal and monetary policies after a new central bank governor takes office.
Thai Baht crisis - 'Losses were typing error'
THAILAND - A committee set up to investigate the 1997 defence of the baht by the Bank of Thailand has amended its report which could potentially clear central bank officials of actions leading to the loss of tens of billions of baht.
NZ Finance Minister rejects Svenson recommendation
NEW ZEALAND - The New Zealand finance minister, Michael Cullen, has rejected a report which claimed Don Brash, Reserve Bank governor, should have his powers curbed.
Speech by Bank of England Governor
SPEECH - The Governor of the Bank of England, Edward George, has spoken at the Oesterreichische Nationalbank Economics Conference in Vienna.
Support for the European Central Bank
SPEECH - Edward George, the Governor of the Bank of England, has defended the ECB in a speech to Japanese businessmen at the JiJi Press London Top Seminar, The Savoy Hotel, London on 30 May 2001.
Public finances in a small developing economy
BOOK - The Governor of Central Bank of Barbados, Marion V. Williams, has written a book titled Managing Public Finances in a Small Developing Economy - The case of Barbados.
Second Thailand monetary policy board member quits
THAILAND - Chalongphob Sussangkarn, a member of the Bank of Thailand's Monetary Policy Board, said on 31 May he had submitted his resignation. He cited uncertainty over monetary policy following the ousting of governor Chatu Mongol Sonakul earlier this…
SE Asian central bank governors begin meeting
SINGAPORE - The annual conference of Governors of the South-East Asian Central Banks (SEACEN) needs to focus on ways to maintain its relevance amid a proliferation of regional and international forums, a Singapore government minister said on 31 May.
Armenia to put 50, 000 bank notes into circulation
ARMENIA - The Central Bank of Armenia is putting 50,000 drams bank-notes into circulation beginning on 4 June.
Brazil Central Bank blames prices for rates hike
BRAZIL - Brazil's Central Bank raised interest rates in May for the third consecutive month to head off inflationary pressures and the potential impact of the country's energy crisis on consumer prices, according to the minutes of the May meeting of the…
Polish MPC blamed for keeping interest rates high
POLAND - The Polish central bank came under heavy fire from officials and analysts on 31 May for holding interest rates steady despite saying there was little demand-side price pressure in the economy.
ECB chief predicts success for euro notes launch
EUROPE - Wim Duisenberg, president of the European Central Bank, has insisted that the changeover to euro notes and coins on January 1 2002 would be a success, rejecting pleas for small denomination euro notes to be distributed to the public in advance.
Euro is a safeguard for UK
ARTICLE - Soon to depart Bank of England MPC member DeAnne Julius sees the euro as a safeguard for UK industry. Speaking recently she considers her own future, Britain's European prospects and the set-up at the ECB.
System approach for measuring the Euro area NAIRU
RESEARCH - This working paper from the ECB is co-written by Silvia Fabiani and Ricardo Mestre. The paper attempts to extend the analysis of a euro area-wide measure of the NAIRU, using time-series techniques rather than more structural approaches.