Central Banks
Australian inter-bank rates hit 11-year high
Australian three-month bank bill rates reached 7.08% on Tuesday, 58 points above the central bank's benchmark rate and their highest level since July 1996.
Chinese inflation reaches 6.5%
China's consumer price index rose 6.5% in August, prompting speculation that the People's Bank of China will be forced to raise rates again.
Rate signals and CB transparency
Interest rates should be added to the list of signals that central banks can reveal in order to be transparent, according to a paper published by the Centre for Economic Policy Research.
Real economy under threat - Fed's Mishkin
Frederic Mishkin, a member of the Board of Governors at the Federal Reserve, reiterated his view, expressed earlier this month at Jackson Hole, that the subprime crisis will drive down real economic growth.
Deadlock in the inter-bank markets
The continuing difficulties in the global inter-bank markets, which started on 9 August, have already given rise to a mountain of speculation about the possible causes and what central banks should do about the problem.
Subprime reaction mirrors past crises - Greenspan
Alan Greenspan, a former chairman of the Federal Reserve, has said that the reaction of bankers to the subprime crisis is identical to their behaviour during the 1987 crash and the near-collapse of the Long Term Capital Management hedge fund in 1998.
Iran to consider redenomination
The Central Bank of the Islamic Republic of Iran will look into the possibility of knocking three zeros off its rial currency.
Venezuela set to publicise new currency
The Venezuelan Central Bank will launch a nationwide campaign to familiarise consumers with its new notes and coins, which will come into circulation at the start of next year.
Bahrain's payment system a success
The Central Bank of Bahrain said that its real time gross settlement (RTGS) payment system introduced on 9 August, has "dramatically speeded up the flow of money", leading to a more efficient financial sector.
Cyprus holds rates
The Central Bank of Cyprus decided to leave its benchmark rate at 4.5% on Monday.
Turmoil will impact global economy- IMF's de Rato
Rodrigo de Rato, the managing director of the International Monetary Fund, said the recent bout of money-market volatility will affect global growth.
Deputy looks to explain Japan's low inflation
Toshiro Muto, a deputy governor of the Bank of Japan, said he believes there are three reasons why the country's inflation rate has remained low in spite of economic growth.
Bank of Russia to widen eligible collateral
The Central Bank of Russia (CBR) intends to expand the list of paper involved in the refinancing mechanism with 'securities of non-rated borrowers', according to the Russian newspaper Kommersant. "This should make life easier for second- and third-tier…
Riksbank to publish repo path, hikes rates
The executive board of the Riksbank will publish forecasts for the future repo rate path and a number of other important variables in connection with each monetary policy meeting. The central bank decided on Thursday to raise the repo rate by 25 basis…
New governor for Iran
Tahmasb Mazaheri, a former Iranian finance minister, was appointed yesterday as head of the country's central bank.
Poland looking to join ERM2, says Skrzypek
Poland will be able to cut its general government deficit to below 3% of GDP by 2009, as pledged by the government, which would allow it to join the exchange rate mechanism ERM2 the same year, deems National Bank of Poland (NBP) governor Slawomir…
Russia hit by market turbulence
The net capital inflow to Russia hit a record $67.1 billion in the first half of 2007, the Central Bank of Russia (CBR) has said.
Gulf may escape contagion
Rasheed Al Maraj, the governor of the Central Bank of Bahrain, said Gulf markets are unlikely to see a major fallout from the slump in USsubprime mortgages as most local companies have their core businesses in the area.
BoE holds rates, aids markets
The Bank of England voted on Thursday to keep the base rate at 5.75% after offering the previous day to inject extra funds into the money markets next week if liquidity problems persist.
ECB holds rates, offers injection
The European Central Bank (ECB) decided Thursday to keep its benchmark rate at 4%, after promising extra liquidity to the markets Wednesday.
Ex-Fed governor Gramlich dies
Former Federal Reserve governor Edward Gramlich has died of leukemia. He was 68. Gramlich served the Fed from 1997 to 2005.
Bank of Canada holds rates
The Bank of Canada said on 5 September that it is maintaining its target for the overnight rate at 4.5%. The operating band for the overnight rate is unchanged, and the bank rate remains 4.75%.