Central Banks
FOMC members disagree on risks to growth
Stock markets around the world rose sharply on Wednesday after Donald Kohn, the vice chairman of the Federal Reserve, suggested that the Federal Open Market Committee (FOMC) would cut rates in December. Kohn's comments differ sharply from those made by…
South African inflation rampant despite rate hikes
Two 50 basis point rate hikes have failed to dampen rising inflation in South Africa, new statistics showed on Wednesday.
Poland hikes rates to combat inflation
The National Bank of Poland's rate-setting board voted on Wednesday to raise the benchmark reference rate by 25 basis points to 5% after inflation rose above the central bank's target in October.
EU and China agree measures on "severe" movements
A meeting between Jean-Claude Trichet, the president of the European Central Bank, and his Chinese counterpart, Zhou Xiaochuan, has resulted in the People's Bank of China saying it will co-operate with the EU to avoid "severe" fluctuations in exchange…
Egypt's El-Okdah to serve second term
Farouk el-Okdah, the governor of the Central Bank of Egypt, will head the central bank for another four years, it emerged on Wednesday.
There's a riot goin' on
By analysing so-called "riot points", we can see that the current crisis is spreading and deepening, says Avinash Persaud, the chairman of Intelligence Capital, a financial advisory firm.
Uncertainty clouds outlook for rates in Norway
Svein Gjedrem, the governor of the Bank of Norway, said on Wednesday that the central bank's interest rate decisions may diverge from the forecasted rate path because of the heightened uncertainty caused by the global financial turmoil.
Transition economies set for inflation dilemma
Central and Eastern European economies may have to face steep sacrifice ratios in order to keep inflation within the target range for euro accession, says Kryzsztof Rybiski, the deputy president of the National Bank of Poland.
Abu Dhabi SWF invests $7.5 billion in Citigroup
Abu Dhabi Investment Authority, the world's biggest sovereign wealth fund, has bought an equity stake in Citigroup, the world's biggest bank, of up to 4.9% for $7.5 billion it emerged on Monday.
ECB lends extra €30 billion
The European Central Bank injected an additional €30 billion ($44 billion) into eurozone money markets in a bid to ease recurring tensions in interbank lending.
Britain asks EU to back Rock aid
United Kingdom authorities have requested European Commission approval of their decision to give Northern Rock more than £20 billion-worth ($41 billion) of Bank of England money under the Union's state aid rules.
Unanimity required in subprime response: Noyer
Central banks needed to act unanimously to provide liquidity in the wake of the subprime turmoil because of the globalisation of interbank markets, Christian Noyer, the governor of Banque de France said on Tuesday.
Hurley confident on Irish performance
The Irish economy has performed well in 2007 compared to others, a trend that is set to continue into 2008, says John Hurley, the governor of the Central Bank and Financial Services Authority of Ireland.
Trichet warns on adverse impact of globalisation
Interlinkages in the global economy mean no country can insulate itself from events, says Jean-Claude Trichet, the president of the European Central Bank.
Fed aims to counter tensions with new operations
The New York Federal Reserve said on Monday that it will inject extra funds from now until the new year in a bid to counter "heightened pressures in money markets."
Favoured Rock bid would repay £11 billion
The preferred bid for Northern Rock, led by the Virgin group of companies, would repay £11 billion-worth ($22.7 billion) of the beleaguered mortgage lender's Bank of England debt.
Mexico holds rates at 7.5%
The Bank of Mexico's rate-setting board voted on Friday to hold its benchmark rate at 7.5%.
Hungary holds rates on inflation fears
The National Bank of Hungary's rate-setting board voted on Monday to hold rates at 7.5% after the central bank's inflation report revealed inflation would decline more slowly than anticipated.
Israel holds rates at 4%
The Bank of Israel's rate-setting board voted on Monday to keep rates at 4% for the third consecutive month.
Saudi Arabia - Annual Report 2006/07
Real GDP rose by 4.3% over the course of the 2006/07 financial year.
HKMA predicts impact of capital flow reversal
Improvements in external payment positions and financial strength have increased the resilience of Asian economies to a reversal of capital flows, research published by the Hong Kong Monetary Authority finds.
US downturn's impact limited in East Africa
An economic slowdown in the United States would have ramifications for East Africa but many factors can limit its impact, says Emmanuel Tumusiime Mutebile, the governor of the Bank of Uganda.
Turkey to "monitor closely" second-round hikes
The minutes of the Central Bank of Turkey's November rate-setting meeting have revealed that the potential second round effects of rising food and energy prices will be closely monitored.
Subprime losses could mount to $300 billion
US housing market losses are likely to be in the region of $200 billion to $300 billion, a report by the Organisation for Economic Co-operation and Development (OECD) finds.