Central Banks
Cost of UK borrowing hits ten-year high
Banks borrowing sterling over a three-month period yesterday found the cost at a near-ten-year high as the major UK financial institutions sought medium-term funding to help them survive the financial volatility in the credit markets.
EU's Almunia expects rates to tighten
Speaking at a conference organised by Nueva Economia, Joaquin Almunia, the EU economic and monetary affairs commissioner, intimated that he expects Eurozone interest rates to tighten further. He also warned that financial market volatility might carry…
Bank-run claims "partially misleading": Bundesbank
The Bundesbank has said newspaper claims that Axel Weber, the president of the central bank, compared the current market turmoil to a classic bank run were "partially misleading".
Gambia holds rates at 15%
The Central Bank of the Gambia said that an increase in food prices meant that it had to keep its benchmark rediscount rate at 15%.
Paramonova to leave Russian central bank
Tatiana Paramonova, first deputy chairman of the Central Bank of Russia (CBR), is to quit her office in September.
Fed Board's Mishkin writes on housing crisis
In a timely paper, Frederic Mishkin, one of five current members of the Federal Reserve's Board of Governors, has emphasised the importance of the housing industry on the US economy. Mishkin said: "The housing market is of central concern to monetary…
Central Bank of Libya - 2005 Annual Report
Legislation passed in 2005 has led to a more independent Central Bank of Libya. The Banking Law Number 1 allowed the central bank greater autonomy in deciding monetary and credit policy, and banking supervision.
Bernanke keeps markets guessing
In a wide-ranging review of the causes of the turbulence in financial markets and the role of housing finance in triggering it, Ben Bernanke, the chairman of the Federal Reserve, committed the Fed to take action as needed to promote financial stability.
Australia announces ATM reforms
The Reserve Bank of Australia said it will introduce reforms that will give the public more information on the cost of using ATMs.
Parliament reads Singapore CB bill
The Parliament of Singapore conducted its first reading of the Monetary Authority of Singapore (MAS) Bill on 27 August.
Barclays revealed as BofE borrower
Barclays, a commercial bank, said Thursday that it was the bank that borrowed £1.6 billion ($3.2 billion) from the Bank of England's standing facility.
Ryback moves to Korean regulator
William Ryback, the former deputy chief executive of the Hong Kong Monetary Authority, is to join the Financial Supervisory Service (FSS), Korea's market regulator.
Banknotes remain important - SA chief economist
Monde Mnyande, the chief economist of the South African Reserve Bank said that the ratio of coins and notes in circulation to gross domestic product has risen since 2004, after the ratio had declined steadily since the mid seventies.
Targeting is the best approach - Canada's Duguay
Pierre Duguay, a deputy governor of the Bank of Canada, said that the central bank would continue to use inflation targeting as part of its monetary policy.
BofE lends £1.6 billion from standing facility
The Bank of England said that a commercial bank borrowed £1.6 billion on Wednesday through the Bank's standing facility, which charges 100 basis points more than the base rate.
Close call on Czech rate decision
The Czech National Bank's monetary policy board voted 4-3 in favour of a quarter-point rate hike on Thursday. The increase raises the benchmark two-week repo rate to 3.25%.
ECB tender reveals illiquidity
The results of the European Central Bank's latest tender indicate conditions in the market for inter-bank lending are still far from normal.
Nigeria halts currency redenomination
The Central Bank of Nigeria has suspended its redenomination of the Naira at the request of the country's president, Alhaji Umaru Musa Yar'Adua.
Japan unaffected by Fed decision says Mizuno
Atsuki Mizuno, a member of the Bank of Japan's monetary policy board, said Thursday a Federal Reserve rate cut would not stop a possible Japanese hike.
Notes on surviving illiquidity
The Cleveland Federal Reserve Board has published a paper that examines crashes and recoveries in illiquid markets.
Albanian governor promotes transparency
Ardian Fullani, the governor of the Bank of Albania, highlighted the central bank's efforts to create a more transparent monetary policy framework in a recent speech.
Estonia delays euro entry
The Bank of Estonia has said that Estonia would not meet EU criteria for eurozone accession in the years 2008-2009 and thus would not be able to adopt the common currency in 2010.
Thailand holds rates
The Bank of Thailand decided Wednesday to keep its benchmark interest rate, the one day repurchase rate, at 3.25%.
Poland increases rates
The National Bank of Poland decided Wednesday to hike interest rates by a quarter despite inflation remaining below the central bank's target rate. The benchmark reference rate is now 4.75%.