Yugoslav minister quits in banks row

BELGRADE, Yugoslavia -- A Yugoslav minister has quit amid protests over a decision to close four banks, the country's central bank governor has said.

Finance Minister Jovan Rankovic had criticised the decision announced on Thursday to shut down Beogradska Banka, Beobanka, Investbanka and Jugobanka.

The proposal was part of World Bank-sponsored reforms of Yugoslavia's fragile financial system.

"You've heard already that Mr Rankovic has resigned," Yugoslav central bank governor Mladjan Dinkic told reporters, Reuters reported.

EXTRA INFORMATION In depth: Yugoslavia in transition

The minister was not immediately available to comment on his reported resignation.

Dinkic was speaking after a meeting with Yugoslav President Vojislav Kostunica and other top Yugoslav and Serbian officials to discuss the closures.

Hundreds of bank employees have barricaded themselves in offices of the banks, which employ about 8,500 people.

Around 200 staff stormed the main office of Beogradska Banka in central Belgrade on Friday morning, Beta news agency said.

Workers at the other banks to be closed also locked themselves inside central offices.

Yugoslav leaders are bidding to bring in a Western-style market economy after the ousting of Slobodan Milosevic.

In the Beogradska Banka office, employees refused to let anyone in or out.

"We are not going to give up on our bank," read a hand-written placard placed on the outside wall of the building.

Investbanka labour union official Gordana Djukelic told Tanjug news agency that 800 of the 1,300 employees in its central office had been on the premises since Thursday evening.

She said staff in the bank's branches in three other towns had announced a hunger strike.