Central Banks
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.
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.
Speed up on SEPA: ECB's Tumpel-Gugerell
Banks need to step up their efforts if they are to be prepared for the launch of the Single European Payments Area (SEPA) on 1 January next year, according to Gertrude Tumpel-Gugerell, a member of the executive board of the European Central Bank.
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…
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 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.
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.
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.
World Bank to invest $5 billion in bonds for poor
The World Bank will set up a $5 billion fund to invest in bonds denominated in currencies of poor nations.
Padoa-Schioppa to chair IMFS
Tommaso Padoa-Schioppa, Italy's economy and finance minister, is to head the International Monetary Fund's (IMF) International Monetary and Financial Committee (IMFC).
Israel to print plastic notes
The Bank of Israel said its next issue of 20 sheqel notes will be on polypropylene, a type of plastic.
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.
Kenya holds rates at 8.75%
The Central Bank of Kenya decided on Thursday to hold its benchmark rate at 8.75%.
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
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.
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).
Mark Carney replaces Dodge at the Bank of Canada
Mark Carney, the senior associate deputy minister of finance and a former head of Goldman Sachs in Canada, will become the youngest central bank chief in the G7 when he takes over from David Dodge as Bank of Canada governor in February 2008.
Rules found to hinder remittance payments
Regulatory compliance is the main barrier to doing business in the area of workers' remittance payments, according to a poll of Sibos delegates.
Target2: ready to go
Five years in the making, Europe's new large-value payments system, known as Target2, is ready to go live on 19 November.
Europe set for SEPA after Sibos session
"SEPA is here! I met it in Boston," declared Jean-Michel Godeffroy, head of payments systems and market infrastructure at the European Central Bank (ECB), as Europe's payment players agreed to send, receive and process euro payments according to new…
Philippines cuts rates
The Central Bank of the Philippines surprised the markets on Thursday by deciding to lower its key policy rates by 25 basis points to 5.75%, for the overnight borrowing rate, and 7.75% for the overnight lending rate.
Egypt to use SIA-SSB payments system
Egypt's central bank picked SIA-SSB, an Italian technology company, to develop its new large-value payments, the company announced at Sibos.