World's Central Bankers Gather In Tokyo Today For Bis Talks
World's Central Bankers Gather in Tokyo Today for BIS Talks
Tokyo, July 13 (Bloomberg) -- U.S. Federal Reserve Chairman Alan
Greenspan and central bankers from about 30 nations are in Tokyo today
to discuss international monetary and financial cooperation at a meeting
of the Bank for International Settlements.
The meeting of the BIS, a ''central-bankers' bank'' based in Basel,
Switzerland, that sets international guidelines for lenders to follow,
comes as top financial officials from Russia and Indonesia converge on
Tokyo to talk with Japanese government and private-sector officials
about new loan commitments to their countries.
Russia's talks yesterday with the International Monetary Fund for a loan
of as much as $15 billion to bolster reserves and avoid a ruble
devaluation ended ''successfully,'' a Russian government spokesman said.
Government and IMF officials are expected to hold a press conference
later today, said Andrei Trapeznikov, a spokesman for Anatoly Chubais,
Russia's lead negotiator with the IMF.
Indonesian finance and banking officials are also in Tokyo to meet with
lenders today as part of a ''roadshow'' aimed at convincing
international creditors to roll over $8.5 billion in private-sector
debt. That plan would swap foreign debt owned by Indonesian banks for
new loans due in one to four years.
Ginandjar Kartasasmita, the country's coordinating minister for economic
supervision, heads the Indonesian delegation.
Indonesia also expects the IMF this week to approve another $1 billion
loan payment to the economically troubled Southeast Asian nation this
week, Ginandjar said Friday in Washington. Indonesia needs additional
funds beyond the $43 billion already pledged to help stabilize its
economy.
Today's Itinerary
Greenspan and Bank of Tokyo Gov. Masaru Hayami began talks today at 7:55
a.m. local time, before the monthly BIS meeting starts. The BIS
gathering will be the first to be held in Tokyo.
The meeting, to be held at 10 a.m. at the Bank of Japan, will be
attended by central bank officials from the Group of 10 nations, as well
as representatives from Asian lenders that are not BIS members. Also
attending will be Willem Duisenberg, president of the European Central
bank.
The primary topic of discussion will be ''Asia's policy challenges,''
according to a BIS memo obtained by Bloomberg News.
Following a luncheon at 12:30 p.m., the BIS board of directors will meet
at 2:30 p.m.
Governors of the G-10 nations will gather at 2:45 p.m. to choose a new
chairman for the Committee on Payments and Committee on Payments and
Settlements Systems. At the same meeting, the committee will issue a
report on foreign exchange settlement risk. Also, Bank of England Deputy
Gov. David Clementi will present a report on recent rises in equity
prices, according to the BIS memo.
Alfons Verplaetse, president of the BIS and governor of Belgium's
central bank, Andrew Crockett, BIS general manager, and the Bank of
Japan's Hayami will hold a press conference after the meeting.
A cocktail party and dinner will be held starting at 7 p.m. at the Hotel
Okura in Tokyo.
Tomorrow in Tokyo, central bankers from 11 Asia-Pacific countries,
including Australia, China, Indonesia, Japan and Korea, will hold a
meeting.
The BIS, founded in 1930, opened a representative office for Asia and
the Pacific in Hong Kong on Friday. |
