News
Nigerian bank responds to central bank call for more female leadership
United Bank for Africa appoints two female board members; follows push from financial sector leadership to increase number of women in senior roles in the industry
Bank of Botswana issues warning over counterfeit notes
Photocopies of 200 pula banknotes discovered; central bank urges public to report suspicious currency to the police
National Bank of Serbia moves to shore up confidence
Executive board raises interest rates and increases dinar reserve requirements; Serbian government says new budget being prepared as IMF delegation arrives
Norway’s pension fund loses $13 billion in second quarter
Continuing problems in the euro area and fears about global economy weigh heavily on the performance of Norway’s sovereign wealth fund, which has switched investment to equities and emerging currencies
UK moves to address Libor debacle
Martin Wheatley presses ahead with UK government investigation into Libor manipulation; may replace the interest rate benchmark
RBA reveals brighter growth outlook
Reserve Bank of Australia improves 2012 growth estimate; strong figures offset by uncertainty regarding external developments and possible upward trend for inflation
Portfolio theory vindicated by crisis, says Markowitz
Nobel prize-winner defends his work on portfolio theory, which critics claim has been discredited by the crisis
Central Bank of Brazil staff strike over pay
Central bankers join widespread Brazilian public sector strike in run up to passage of government budget; lower-level employees walked out with no impact on functioning
Japan holds rates and delays disbursement of fund provision
Bank of Japan maintains benchmark rate at near zero; puts off first issuance of fund provision due to reform plans for Libor
Bollard sets out vision of ‘new world’ economy
Governor of the Reserve Bank of New Zealand warns shift of global economy in favour of emerging Asia brings both risks and benefits; says attitudes towards debt have become more cautious
Updated 50 Bermuda dollar banknote enters circulation
New 50 Bermuda dollar banknote issued by Monetary Authority; includes new image of a longtail bird and reworked prefix on the serial number
Bank of Korea strikes melancholy note in policy announcement
South Korea notes struggling economic scenes both at home and abroad; MPC decides to hold benchmark rate as a consequence
Banque de France predicts output contraction in Q3
Survey on Industry and Services shows French businesses expect growth to contract by 0.1% in third quarter of 2012; figures show steady deterioration in sentiment since mid-2010
King says black clouds remain over UK economy
Governor of the Bank of England reveals lower growth prediction for UK; inflation also expected to fall but King denies country faces a lost decade
Bernanke stresses importance of Fed independence
Chairman of the Federal Reserve highlights provisions in place to safeguard independence of the US central bank; discusses common fiscal authority for Europe
Indian government appoints new RBI director
Arvind Mayaram appointed as new member of Reserve Bank of India’s central board of directors; becomes one of two government representatives on the board
SNB reveals scale of latest foreign exchange purchases
Swiss National Bank posts large increase in foreign exchange holdings from June to July; purchases represent efforts by central bank to prevent safe-haven flows into country
Governor of Bank of Ghana becomes vice-president
Kwesi Bekoe Amissah-Arthur sworn in as deputy to president John Dramani Mahama; no news on replacement at the helm of the central bank
Senior official exodus continues at National Bank of Serbia
Chairmen and two members of the National Bank of Serbia’s Council of the Governor resign in protest at amendments to central bank law; parliament appoints Jorgovanka Tabakovic governor
Kenyan governor under fire over banknote printing contracts
Njuguna Ndung’u faces second public attack from politicians this year; latest complaint concerns handling of tender process for printing Kenyan banknotes
Australia and Sri Lanka leave rates on hold
Reserve Bank of Australia and Central Bank of Sri Lanka highlight worsening economic conditions around the world as they announce benchmark rates will remain unchanged
Serbian vice-governor resigns as amended central bank law passed
Bojan Marković follows Dejan Šoškić and quits central bank; amendments to central bank law passed despite opposition from IMF, European Commission and World Bank
Fed’s Bernanke looks beyond broad market indicators
Fed chairman warns key aggregate metrics can miss economic pain felt by individuals and households; encourages development of economic measures to better assist with policy decisions
China hints at policy adjustments to support economy
People's Bank of China pledges to strengthen the 'fine-tuning' of monetary policy in the country; latest indication of growing anxiety over slowing economy