FINANCIAL BRIEFS

FINANCIAL BRIEFS

JAPAN WON'T SET DATE

FOR DECONTROL OF RATESA senior Finance Ministry official said Thursday that Japan would be unable to pledge a specific timetable for deregulating interest rates at bilateral financial talks with the United States slated for Monday and Tuesday in Tokyo.

The official, speaking to reporters on condition of anonymity, said Tokyo is considering lifting regulations on interest rates as early as possible, but added that it was not an easy matter.

Opposition from smaller banks is one of the obstacles to an early lifting of regulations on interest rates, the official indicated.

JAPANESE BANKS FEEL

SHORT-TERM FUND PINCH

TOKYO - Japanese financial institutions seeking to shore up their reserve

balances early in the current maintenance period are feeling squeezed for short-term funds by the Bank of Japan's failure to flood the financial system with liquidity, money market dealers said.

But it is unlikely the Bank of Japan has shifted to a tighter monetary policy but, instead, the central bank is merely keeping the money market from reacting too hastily to the recent sharp appreciation of the yen against the U.S. dollar, the dealers said.

The Bank of Japan let financial institutions build up a total surplus of 1 trillion yen at the start of the April maintenance period, said a dealer at a city bank. Since Wednesday's start of the May period, however, the institutions have been unable to build up their reserve accounts because the central bank has provided little extra funds to the system, he said.

W. GERMANY EXPECTS

MORE '90 TAX RECEIPTS

BONN, West Germany - West Germany expects to receive extra tax receipts of 8.2 billion deutsche marks this year and DM28.4 billion next year, according to the latest government estimates. (DM1.64 equals $1.)

The central government will obtain DM6.8 billion more this year and DM12.5 billion more in 1991, with the balance being received by the individual states and local authorities.

Total tax revenues this year are estimated to total DM545 billion this year and DM583 billion in 1991.

Theo Waigel, finance minister, told journalists that a "long phase of economic growth" is in prospect because of the government's recent taxation system reforms.

SWEDISH CENTRAL BANK

LOWERS DISCOUNT RATE

FRANKFURT, West Germany - The Swedish central bank Thursday lowered its discount rate by 1 percentage point to 11 percent, effective Friday, the West Germany news agency VWD reported.

The Riksbank said a recent easing of call money rates on its money markets made the easing of monetary policy possible, the agency said.

The last change in Swedish rates was a 1.2 percentage point rise to 12 percent to counter a crisis of confidence in the country's government, the bank was quoted as saying.

BUNDESBANK LEAVES

RATES UNCHANGED

FRANKFURT, West Germany - The Bundesbank left interest rates unchanged at its central bank council meeting Thursday, a central bank spokesman said.

The discount rate remains at 6 percent and the Lombard rate at 8 percent.

The Bundesbank last changed rates effective Oct. 6 with a 1 percent rise in both the Lombard and discount rates.