Central Banks
Denmark - Financial Stability Report
Denmark must implement a scheme of temporary capital injections to sound, well-managed banking institutions, says the latest Financial Stability Report from the National Bank of Denmark.
Fed justifies move to target range
The Federal Open Market Committee (FOMC) shifted from a key rate towards a target range owing to a lack of control over overnight market rates and to highlight the need to step up quantitative easing, the minutes of its December meeting reveal.
Unexpected cuts highlight Asian export slump
The Taiwanese and Indonesian central banks surprised markets with rate cuts on Wednesday, both made as evidence mounted that 2009 will be a tough year for Asian exporters.
Gaza conflict demands SWF review: Oslo
Kristin Halvorsen, Norway's finance minister, has called for a review of the country's sovereign wealth fund investments as a result of the conflict in Gaza.
Regional Feds announce new chairmen
Three of the 12 regional Federal Reserves have named new chairmen for their boards of directors in 2009.
Fed not out of ammo, says SF's Yellen
The Federal Reserve still has the tools to stimulate the economy even with interest rates at next to zero, said Janet Yellen, the president of the San Francisco Fed.
Hungary likely to miss inflation target - governor
Hungary's central bank is likely to undershoot its inflation target, admitted the governor, Andras Simor.
Bernstein: €9bn needed to save Danish banks
Nils Bernstein, the governor of the Danish central bank called on the public sector to provide Dkr70 billion (€9 billion) capital to the banking sector.
Lower inflation gives Manila scope to cut
Inflation in the Philippines fell by almost two percentage points, affording the central bank the opportunity to consider cutting rates further.
Romania's Isarescu on euro adoption
Romania's objective of joining the euro area in 2014 is within reach, said Mugur Isarescu, the governor of the National Bank of Romania.
Principles for sound stress testing
A new consultative paper from the Basel Committee on Banking Supervision presents sound principles for the governance, design and implementation of stress testing programmes at banks.
Balassa-Samuelson revisited
A new paper from the Bank for International Settlements finds that Balassa-Samuelson effects are clearly present in 11 euro accession countries and that these explain around 24% of inflation differentials vis-a-vis the euro area.
MPC minutes: Egypt
The Central Bank of Egypt's Monetary Policy Committee decided to keep rates unchanged at 11.5% owing to high inflation, the minutes of the meeting on 25 December explained.
India's central bank cuts again
The Reserve Bank of India cut rates by a percentage point for the second time in less than a month and eased deposit requirements for commercial banks in a bid to limit the impact of the financial crisis.
Euro adds to Slovakia's New Year celebrations
Slovakia became the 16th country to join the Eurosystem on New Year's Day, an achievement few predicted would happen so soon after it joined the European Union less than five years ago.
Polish policymaker flags half-point cut
Marian Noga, often portrayed as a hawk on the National Bank of Poland's ten-member rate-setting panel, said rates could be lowered by half a percentage point at the next meeting.
Korean rate setting to focus on recovery
Monetary policy will be geared towards restoring economic growth the Korean central bank said in a statement on monetary policy for 2009.
Heller on how crisis will impact payments and settlements
Nick Carver spoke with the new head of the secretariat of the Committee of Payment and Settlement Systems about the impact of the credit crisis on market infrastructure and how central banks will respond
Obama nominee underlines change at the Fed
The nomination of Daniel Tarullo, law professor at Georgetown University and regulation expert, to the Board of Governors of the Federal Reserve provides early evidence of the way the central bank is being reshaped in the aftermath of the financial…
Chilean paper on inflation persistence
This paper measures persistence of inflation in Chile and finds that it has increased sharply in recent years.
ECB warns of "downbeat attitude" on SEPA
The European Central Bank has published its sixth progress report on the implementation of the Single Euro Payments Area.
Iraq to cut rates
The Central Bank of Iraq has announced that it will reduce its key policy rate by 1 percentage point to 14%, starting next year.
UAE creates swap lines for local banks
The Central Bank of the United Arab Emirates (UAE) is to provide currency-swap facilities for the UAE dirham and the US dollar to local banks in a bid to inject more liquidity into the country's banking system.
Raza nominated to replace Akhtar
Saleem Raza, a former executive at Citigroup, has been nominated as the new governor of the State Bank of Pakistan, after the unexpected resignation of Shamshad Akhtar.