BoJ
switches to target monetary base
As expected,
the Bank of Japan has reinstated its zero interest rate
policy, but it has done this by switching its operational
target to expand the money supply. 20-March-2001
Study
effects of gold lending says Italy 's Santini
Central banks
must study the effects of gold lending in order to see
if they can raise returns on their portfolios without
disrupting the market said the Banca D'Italia's Santini
yesterday. 20-March-2001
Turkish
cbank to adopt monetary policy committee
PEECH - In his
first speech as governor of the Central Bank of Turkey
on Mar 19, 2001, Sureyya Serdengecti discusses the continuing
liquidity problems faced the the country's state bank
and how this is hampering the implementation of monetary
policy. He says the bank is planning to have a monetary
policy committee to raise transparency and accountability,
in preparation for implementing an inflation targeting
regime. 21-March-2001
BoE
faces £1bn BCCI lawsuit
Following a
ruling on Thursday 22 March, Deloitte and Touche, liquidators
of the Bank for Credit and Commerce Interantional, have
been given leave to sue the Bank of England for its alleged
failures as supervisor of BCCI 23-March-2001
ECB
says central banks should keep oversight role
CENTRAL BANK
RESEARCH - The European Central Bank on Mar 22, 2001 said
that euro zone central banks should maintain a key role
in banking supervision, arguing that their close contacts
with commercial banks were crucial for crisis prevention.
22-March-2001
Kerstin
Hessius to be Stockholm Bourse head
SWEDEN - OM
Gruppen AB on Mar 26, 2001 named former Riksbank Deputy
Governor Kerstin Hessius as the new president of the Stockholm
stock exchange, officially known as Stockholmsboersen.
26-March-2001
Libya
names new bank governor, economy minister
LIBYA - Libya
has split the finance and economy ministry and appointed
a new central bank governor in a minor government reshuffle,
officials said on Mar 26, 2001. 26-March-2001
New
Zealand cbank against introducing MPC
NEW ZEALAND
- The Reserve Bank of New Zealand said in report Mar 26,
2001 that it opposes a recent proposal to change the country's
monetary policy decision-making model in favor of a committee
of experts instead of the existing framework which vests
that authority in the central bank's governor. 26-March-2001
House
committee urges RBA to increase transparency
AUSTRALIA -
A two-year study of international financial markets by
Australia's House of Representatives economics committee
has concluded that the Reserve Bank of Australia has to
explain more about its monetary policy decisions and economic
thinking. 27-March-2001
Laos
cbank governor appointed finance minister
LAOS - In a
government reshuffle which saw Laotian deputy prime minister
and finance minister Bounnyang Vorachit elected prime
minister on Mar 27, 2001, central bank governor Soukan
Mahalath was elected to succeed Bounnyang as the new finance
minister. 27-March-2001
Former
Philippine c. bank chief made consultant
PHILIPPINES
- Former Philippine central bank governor Gabriel Singson
has been appointed presidential consultant on banking
and foreign loans, a presidential palace statement said
on Mar 28, 2001. 28-March-2001
BoF
appoints Pikkarainen to head operations dept
FINLAND - Mr
Pentti Pikkarainen has been appointed head of the Bank
of Finland's market operations department, effective 1
May 2001. He replaces Markus Fogelholm who has been appointed
head of the Finnish Bankers Association. 29-March-2001
Iceland
and Norway introduce 2.5% inflation targets
ICELAND/NORWAY
- Iceland announced on Mar 27 it was getting rid of its
pegged exchange rate, replacing it with a 2.5% inflation
target, similar in institutional design to the Bank of
England's. Two days later Norway's government also introduced
a 2.5% inflation target, in line with 'international practice'
to raise the transparency of monetary policy and facilitate
communications. 29-March-2001
HKMA
to buy office space rather than rent
HONG KONG -
Hong Kong's quasi central bank on Mar 29, 2001 defended
a plan to buy 14 floors in a building in the city's center
for its new offices, saying the move will be cheaper than
to continue renting. The HKMA has been strongly criticised
by MPs who says the cost of the new building is 30% greater
than this year's spending on the health service. Joseph
Yam said this case has implications for the HKMA independence.
29-March-2001
Gaspari
- Slovenia's new central bank governor
SLOVENIA - On
Apr 1, Mitja Gaspari begins a six year term as governor
of the Bank of Slovenia, replacing France Arhar, who headed
the central bank for 10 years. 30-March-2001
Nepal
defence minister quits over cbank chief
NEPAL - Nepali
Defence Minister Mahesh Acharya quit the government late
on Mar 29, 2001 after the Himalayan kingdom's highest
court reversed an earlier decision of his to dismiss the
central bank governor. 30-March-2001
Canadian
regulator fakes website to warn investors
CANADA - The
Ontario Securities Commission, regulator of Canada's largest
stock market, has established a fake website (http://www.NoRiskWealth.ca)
as a cautionary demonstration to gullible online investors
2-April-2001
CFA
franc withstood Ivorian turmoil - central bank
IVORY COAST
- The CFA franc used by eight West African states stood
up well to the turmoil in Ivory Coast after a December
1999 army coup and remains a solid currency, the head
of the countries' common central bank said on Mar 31,
2001. 2-April-2001
China
FX reserves rising to $200bn-BusinessWeek
CHINA - China's
foreign reserves will rise steadily, enabling it to hold
its yuan peg to the dollar in the face of the weakening
yen, US-based BusinessWeek magazine on Apr 3, 2001 quoted
central bank Governor Dai Xianglong as saying. 4-April-2001
Kenya
central bank governor Cheserem replaced
KENYA - Kenya's
widely respected central bank governor Micah Cheserem
has stepped down and been replaced by Nahashon Ngige Nyagah,
the government announced on Kenyan TV on Apr 4, 2001.
5-April-2001
Central
bankers want decision on next ECB chief-FT
EUROPE - The
Financial Times newspaper reported on Apr 9 that pressure
is growing for an early decision to be made on who succeeds
Wim Duisenberg as president of the European Central Bank.
EBRD chief Jean Lemiere re-awakened the controversy in
March when he reminded Mr Duisenberg of his promise to
step down in mid-2002. 9-April-2001
CNB
appoints new executive director for markets
CZECH REPUBLIC
- The Czech National Bank has announced that Tomá
Kvapil will be the new executive director for financial
markets as of Apr 1, 2001, filling the post which was
left vacant when Radek Urban left at the end of February.
9-April-2001
SNB
chief economist George Rich retires Nov 01
SWITZERLAND
- Georg Rich, chief economist of the Swiss National Bank,
has announced that he will take early retirement as of
the end of November 2001. 9-April-2001
Ex-Yugo
states agree on division of gold reserves
YUGOSLAVIA -
The five states that emerged from ex-Yugoslavia have agreed
on the division of gold assets worth some $477 million,
Yugoslavia's central bank governor said on Apr 11. 11-April-2001
Malaysia
ex-cbank chief named Mahathir's adviser
MALAYSIA - Former
Malaysian central bank governor Ali Abul Hassan Sulaiman
has been named as a special economic adviser to Prime
Minister Mahathir Mohamad, the official Bernama news agency
said on Apr 16. 17-April-2001
PBOC
appoints Guo Shuqing as head of forex
CHINA - The
People's Bank of China, China's central bank, has appointed
Guo Shuqing as one of its deputy governors and the head
of the foreign exchange regulatory agency. 17-April-2001
Qatar
comes to defence of Lebanese pound with $60m
LEBANON - Qatar
joined a Gulf Arab consortium in defending the Lebanese
pound by pledging to deposit $60 million with Banque du
Liban, local newspapers said on Apr 18. Earlier in the
month Oman deposited $50m with Lebanon's central bank.
18-April-2001
Brazil
hikes rates to permit future cuts
The Brazilian
central bank pushed up interest rates to 15.75% on Mar
22 portraying this as a defensive more, designed to allow
future rate cuts. On Apr 18 the central bank said it was
hiking its key Selic lending rate further to 16.25%, due
to expected inflation pressures from a weakening currency.
19-April-2001
O'Neill
mystified by Europe's complacency-FT
EUROPE - Paul
O'Neill, U.S. Treasury secretary, said on Apr 19 that
he was "mystified" by European leaders' claims that Europe
would not be affected much by a U.S. downturn, the Apr
20 overseas edition of the Financial Times reported. A
few days later Pedro Solbes hit back saying that Europe's
economic policymakers would know much better what was
right for the Eurozone than the US Treasury. 20-April-2001
Honduras
not ready to adopt dollar-central banker
HONDURAS - A
large trade deficit and limited foreign currency reserves
mean Honduras is not ready to follow in the footsteps
of neighboring El Salvador and dollarize its economy,
Central Bank President Victoria Asfura said on Apr 19.
20-April-2001
Argentina
Cavallo to recommend removing Pou-papers
ARGENTINA -Economy
Minister Domingo Cavallo will recommend the firing of
Central Bank President Pedro Pou, local newspapers reported
on Apr 22. 23-April-2001
Bank
of Israel strike postpones interest rate cut
ISRAEL - In
an unprecedented move, the Bank of Israel said on Apr
22 that it would delay its May interest rate decision
because an internal labour dispute has disrupted the flow
of key statistical information and analysis. 23-April-2001
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