Central Banking
Thai banks surge on provision rules relaxation
Thai bank shares rose sharply in heavy volume on Jan. 25 on buying by local and foreign investors who decided a recent relaxation of rules over the accounting of loan loss provisions was good for the sector, analysts said. The Bank of Thailand earlier…
Indonesia plans talks with IMF, World Bank
Indonesia will hold talks with top IMF and World bank officials during the World Economic Forum (WEF) in Davos to determine if it can secure funds to help prop up its shattered economy. Chief economics minister Rizal Ramli is due to meet World Bank chief…
Zambia economy on mend,2000 growth seen near 4%
Zambia's economy is on the mend after a strong showing by the key mining sector late last year, and is likely to show growth approaching the government's four percent target for 2000, analysts said on Jan. 25.
Ex-BOJ Wakatsuki - No return to zero rates
The Bank of Japan (BOJ) is likely to keep the key short-term rate target at 0.25 percent for some time, and a return to providing free money was improbable, former BOJ director Mikio Wakatsuki said on Jan. 25. "I think the BOJ will keep the key short…
BoJ Gov dismissed worries over financial stability
Bank of Japan Governor Masaru Hayami has downplayed concerns that the country's financial stability could be put at risk by falling stock prices. Speaking on Jan. 25 at the Upper House audit committee, the central bank chief said, "there is no need to be…
Szapary appointed vice president of Hungary cbank
Gyorgy Suranyi, head of the National Bank of Hungary (MNB), has nominated Gyorgy Szapary to be MNB vice president as of Feb. 21, 2001. Szapary is currently a consultant at the MNB, and held the post of MNB vice-president until 1999. However, Prime…
IMF stresses need for BI independence
The International Monetary Fund (IMF) reiterated on Jan. 25, 2001, the importance of maintaining the independence of Bank Indonesia and its monetary policy to ensure the recovery of the country's economy. "It's important for Indonesia to maintain the…
Colombia cbank sees 01 inflation 7.6% vs 8.0% goal
Colombia's central bank projects inflation to fall to 7.6% this year and 6.9% in 2002, according to the body's December 2000 inflation report, released on Jan. 26, 2001. The 2001 figure is down from the official goal of 8.0% and year 2000 final result of…
Greenspan-quicker Fed transcripts undesirable
Federal Reserve Chairman Alan Greenspan said on Jan. 25 the U.S. central bank should not be forced to more quickly release full transcripts of its monetary policy deliberations. The Fed currently releases the transcripts of Federal Open Market Committee…
Low inflation, US rates led to Brazil rate cut
Falling U.S. rates and confidence that inflation will fall to established targets this year prompted Brazil's central bank to cut interest rates for the second month running on Jan. 17, according to the minutes of the bank's policy meeting released Jan…
Yugoslavia to issue few licences to foreign banks
Yugoslavia's central bank saidon Jan. 25 it would issue only a few licenses to foreign bankswhile others would have to buy into existing ones, as part ofefforts to turn around the massively indebted sector."The National Bank of Yugoslavia will issue a…
M&A Bank attracts attention of Austrian regulator
Unconfirmed reports suggest that the Austrian finance supervisory authority has decided to bring forward a routine inspection of M&A Bank, a Vienna-based institution specialising in managing the assets of wealthy private customers. M&A Bank has attracted…
Kuwait helps defend Lebanese pound with $100m
Kuwait has decided to deposit $100 million with Lebanon's central bank to help defend the Lebanese pound and raise depleted foreign reserves, the office of Prime Minister Rafik al-Hariri said on Jan. 25.Hariri's office said that the Kuwaiti Fund for Arab…
Buba tells Euro politicians to keep hands off ECB
Germany's central bank warned European finance ministers on Jan. 24 not to interfere with the European Central Bank after signs that some politicians were lobbying for more policy influence.The Bundesbank said in its January monthly report that the Euro…
Paramonova-CBR far from saying bank system is well
"The Central Bank of Russia is far from saying the national banking system is well", CBR First Deputy President, Tatyana Paramonova has said. As she spoke at a meeting of Russian and Israeli businessmen in Moscow on Jan. 24, 2000, Paramonova said that a…
IMF welcomes Sri Lankan rupee free float
The International Monetary Fund Jan. 24 welcomed Sri Lanka's free float of the local currency, saying the exchange rate could now be determined more freely by market forces. "The new exchange rate arrangement is in keeping with the broader reform agenda…
Lithuanian cbank considers litas law draft
Lithuania's central bank said on Jan. 24 its board would consider draft amendments to a law on Jan. 25 aimed at clearing the path for a shift in the litas currency's peg to the euro from the dollar. The Bank of Lithuania is looking to shift the peg on or…
Bank of Israel posts $1.6bn excess expense in 2000
The Bank of Israel said on Jan. 24 its expenses exceeded income by 6.7 billion shekels ($1.6 billion) in 2000 compared with an 8.7 billion shekel deficit in 1999. "This was the result of two main factors: The first, an excess of 3 billion shekels in…
Uganda c.bank sells $5m to support the shilling
The Central Bank of Uganda on Jan. 24, 2001, sold $5m to an interbank market already well supplied with dollars in an attempt to strengthen the shilling, dealers said. The shilling closed the day marginally up at 1,810/55 from a morning opening of 1,835…
UK's MPC voted 5-4 to leave rates steady in Jan
Britain's central bank was split almost down the middle over whether to cut interest rates this month, with five of the nine members voting to leave rates steady at 6.0 percent while four wanted to lower borrowing costs. The Bank of England's chief…
Jakarta says FX rules allow for interest rate cuts
Indonesia's chief economics minister said on Jan.24 the central bank's new forex rules would ease inflationary pressure, which would give room for the bank to cut interest rates. "Pressure from imported inflation should ease. This should allow (the…
Manila central bank to tap syndicated loan market
The Philippine central bank said on Jan 24 it may tap the syndicated loan market to pay off $400 million worth of debts maturing next month. Central bank governor Rafael Buenaventura said the government has received positive feedback for the planned…
RBNZ sees reduced inflation risk
New Zealand debt markets ended strongly on Jan. 24 after the Reserve Bank's comments on the inflation outlook were interpreted as having a dovish tone for rates. The central bank, in leaving its official cash rate unchanged at 6.50 percent, said it saw a…
Jakarta court to decide Feb 1 on cbank head's case
Indonesia's Central Jakarta Court said on Jan. 24 it would decide next week whether to continue the corruption trial of central bank governor Syahril Sabirin. Sabirin has labelled absurd the accusations which link him to a long-running scandal over huge…