News
Sweden's Riksbank cuts rates by 0.5%
The Sveriges Riksbank announced on Friday June 6 that it was reducing its repo rate from 3.5 per cent to 3.0 per cent based on the picture of future inflation presented in its Inflation Report and no clear indication of a strengthening in economic…
Stewart to be acting CEO of NY Fed
The Federal Reserve Bank of New York said on Thursday 5 June that Jamie B. Stewart will act as chief executive officer of the bank as of June 11, while the search for the new president continues. He will also serve as a voting member of the Federal Open…
Solomon Islands cb chief won't stand for 3rd term
Ric Hou, the governor of the Solomon Islands central bank has said he will not stand for a third term. He called on his successor to ensure the central bank remains independent of government interference.
Working group meets on Russia, Belarus currency
Russia's president Putin met his finance minister on Monday 9 June to discuss the introduction from 2005 of the Russian rouble to Belarus as a single payment unit, according to a report by Pravda.
Cash crisis forces U.S. to print Saddam banknotes
The acting central bank governor of Iraq, Faleh Salman, says the Bank has been forced to print millions of 250 dinar bank notes with Saddam Hussain's face on them. Presses started up last week, Reuters reported, after Iraqi workers refused to accept the…
BOJ's Fukui may detail plan to buy corporate debt
Governor of the Bank of Japan Toshihiko Fukui is likely to spell out this week details of a plan to buy corporate debt to make it easier for companies to borrow, according to Bloomberg News.
RBA chief Macfarlane denies conflict with gov't
Reserve Bank of Australia governor Ian Macfarlane said on Sunday 8 June that although there may be differences of opinion between the Treasury and the Bank's board there was no conflict between the RBA and the government, according to The Australian.
Anti-money laundering FATF urge Indonesia to act
The Financial Action Task Force on Money Laundering could impose high-risk premiums on all financial transactions by Indonesian financial institutions if the government fails to amend the current anti-money laundering law by September, Dow Jones reports,
UK 'should join euro' when economics are right
The UK chancellor Gordon Brown confirmed on Monday 9 June that only one of the five economic tests had been passed for Britain's entry to the euro. He also set out measures that would increase economic convergence between the UK and eurozone saying he…
More dynamic BOJ sees off media critics
Senior BOJ staff professes themselves pleased with the public relations impact of the more active communications strategy followed since Toshihiko Fukui took over from Hayami-san as governor in March. "Even Yomiuri Shimbun has stopped criticizing us,"…
Danish central bank cuts rates to 2.15%
The Danish central bank has again mirrored the ECB's half point rate cut yesterday by also cutting rates half a percent to 2.15%, according to a Bloomberg report. This is its lowest level in almost two centuries.
Real strengthens as Brazilian cb intervenes
The Brazilian currency, the real, continues to gain as the central bank sells securities, Bloomberg reports. It has outperfomed all major trading currencies this year and gained 22%.
Greenspan found learning a 'troublesome activity'
Alan Greenspan has been providing encouragement to school children, but when they asked whether rates are going up or down he replied smilingly, "Yes", according to a report from This is London.
Afghanistan cb exerts influence over provinces
Leaders in the north of Afghanistan have promised to give full assistance in implementing the central bank's orders, according to a report by the BBC Monitoring Service.
Forex reserves to record highs in India, Pakistan
Forex reserves in India and Pakistan have reached record highs this week, Business Line, India, reports.
Malta central bank anniversary concert
The Central Bank of Malta is to hold an anniversary concert which will include Mozart's Requiem, according to a report by MM News.
New York Fed has problems replacing McDonough
The New York Fed has turned to a headhunter for help to find a successor to its outgoing governor Bill McDonough, the Financial Times reports. Jamie Stewart, the bank's first vice-president, will perform his functions in the interim.
Euro rises as ECB cuts rates by 0.5%
Slowing inflation has prompted the ECB to at last cut rates by half a percentage point to 2%, after persistent pressure from the markets, Bloomberg reports. The immediate consequence was a rise in the euro.
Sterling also rises as BOE leaves rates on hold
The Bank of England left rates unchanged on Thursday, causing the pound to rise against both the dollar and the euro according to a report by Bloomberg. It was governor Sir Eddie George's last appearance on the MPC.
RBNZ lowers rates to 5.25%
Weak consumer confidence caused the Reserve Bank of New Zealand to cut the official cash rate by a quarter of a percentage point to 5.25%, Reuters reports. Although the cut was expected, some economists had predicted it would be greater.
Venezuelan cb urges easing of forex controls
A director of Venezuela's central bank, Armando Leon, has pressed for the government to ease - although not to end - the country's currency control system set up four months ago, in the face of a deepening recession, according to Reuters.
Slovakia's cb favours fast euro entry
The National Bank of Slovakia governor Marian Jusko believes joining the euro will create a "stable economic environment" and consequently favours a fast entry to the euro zone.
Lebanon cb to increase forex reserves
Lebanese central bank governor Riad Salameh intends to increase foreign exchange reserves, currently at $10.2 billion, to absorb excess liquidity owing to the government's failure to launch any Treasury bills this year, according to a report in The Daily…
Australia leaves rates unchanged at 4.75%
The Reserve Bank of Australia has now kept interest rates on hold at 4.75% for a year, the New Zealand Herald reports, as a cut in rates could further raise already worrying levels of consumer debt while a raise would damage exports.