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Instability fundamentals have weathered revolution
The financial fundamentals that hold the key to the dynamics of instability remain despite three decades-worth of structural change in the system, according to research published by the Bank for International Settlements.
Sales remain within Gold Agreement Limit
Gold sales by the 16 signatories to the Central Bank Gold Agreement between 27 September 2006 and 26 September 2007 amounted to 475.75 tonnes, 24.25 tonnes shy of the 500 limit, the Bank for International Settlements said on Wednesday.
King names lessons learned from crisis
Mervyn King, the governor of the Bank of England, said on Tuesday he had identified three lessons, so far, from the banking crisis.
Latin America set to escape worst of turmoil
Rodrigo de Rato, the managing director of the International Monetary Fund (IMF), expects Latin America to avoid most of the effects of the recent financial turmoil, though its economy may be hampered by the aftermath.
Fed unanimously supported 50 basis point cut
All ten members of rate-setting Federal Open Market Committee (FOMC) were in favour of 50 basis point cut, the minutes of the 18 September meeting reveal.
Crisis shows why we need Basel II, says Committee
The recent banking crisis has underlined the importance of Basel II implementation, according to the Basel Committee on Banking Supervision.
Convergence makes Europe more resilient - Trichet
The adoption of the single currency has made the eurozone far more resilient to external developments than its individual member countries were, according to Jean-Claude Trichet, the president of the European Central Bank.
Hong Kong benefits from mainland growth
Hong Kong's status as an international financial centre will be enhanced by the rise of mainland China, according to research published by the Hong Kong Monetary Authority.
Central Bank of Honduras - Annual Report 2006
The Central Bank of Honduras looked to improve payments systems in 2006 with the introduction of rules to regulate low-value electronic payments in the country's banking system.
Reserve Bank of India opposes stabilisation fund
Y V Reddy, the governor of the Reserve Bank of India, has stated that "no serious consideration" is being given to setting up a stabilisation or sovereign wealth fund in India.
Currency diversification by Central Bank of Russia
The Central Bank of Russia has added the Swiss franc to the currency composition of its foreign exchange reserves and is considering other plans to diversify their structure, Alexei Ulyukayev, its first deputy chairman, has said.
Open-ended guarantee for Northern Rock depositors
At the request of Northern Rock, the UK Treasury has agreed to extend the guarantee arranged in mid-September for retail depositors to any new deposits savers make or have made since 19 September. The guarantee will remain in place "during the current…
Currency rise wanted by EU chiefs
Jean-Claude Trichet, the president of the European Central Bank; Jean-Claude Juncker, the prime minister of Luxembourg; and Joaquin Almunia, the European commissioner for monetary affairs said on Monday that they wanted the renminbi, the dollar, and the…
Lessons for the UK - BBA
The British Bankers' Association (BBA) has suggested a review of the recently revised money market framework and the move towards principles-based regulation.
UK bankers call for global review of credit crunch
The British Bankers' Association (BBA), the trade body for the finance industry in the UK, has said that a worldwide regulatory review would help markets weather the credit crunch.
EU discusses regulatory response to crisis
EU finance ministers met in Luxembourg on Tuesday to consider a regulatory response to the financial crisis.
FSA chief admits failings over Northern Rock
Hector Sants, the chief executive of the Financial Services Authority (FSA) said on Tuesday that it had failed to anticipate the impact of the credit crunch on Northern Rock, a UK mortgage lender.
King speaks on Northern Rock
Three weeks ago, thousands of depositors queued on the streets outside branches of Northern Rock to take their money out. Those scenes, broadcast around the world, were shocking. How did they come about and how can we prevent them in future? My focus…
Turmoil will impact exchange rates - IMF's Kato
The re-pricing of risk taking place as a result of the credit crunch will lead to a rebalancing of currencies and growth in the near future, according to Takatoshi Kato, the deputy managing director of the International Monetary Fund (IMF).
Cash costs more than cards in Sweden
Debit and credit card payments have a lower social cost than cash transactions for purchases of more than €8 and €18 respectively, research published by the Riksbank has found.
Latest ECB lending data give cause for concern
Banks across the eurozone have tightened their credit standards for loans to businesses by 31% in response to the credit crunch that has hampered the region's money markets since the start of August, according to data from the ECB
Central Bank of Peru - Annual Report 2006
Peru's economy grew by 8% in 2006, its highest rate for 11 years.
Kenya holds rates at 8.75%
The Central Bank of Kenya decided on Thursday to hold its benchmark rate at 8.75%.
Ex-Nigerian finance minister rejoins World Bank
Ngozi Okonjo-Iweala, a former finance and foreign minister in Nigeria, is set to become a managing director at the World Bank.