News
India cuts rates by 1%
The Reserve Bank of India slashed its key short-term lending rate by a full percentage point on Monday. It was the central bank's first reduction in rates since March 2004.
Czech banknote wins prize
The International Association of Currency Affairs, an industry body, has announced that the Czech National Bank (CNB) was the runner-up in its Banknote of the Year award for the 1000-krone banknote, issued in April this year.
Flight from Fannie, Freddie may cloud US outlook
Official institutions' flight from US agency debt could hamper the effectiveness of Fannie Mae's and Freddie Mac's role in repairing the US mortgage market.
Singapore, Malaysia guarantee all deposits
Singapore and Malaysia became the latest countries to issue blanket guarantees on all deposits on Thursday.
Qatar takes stake in Credit Suisse
The Qatar Investment Authority, a sovereign wealth fund, has bought a stake in Credit Suisse, Switzerland's second-largest bank.
Bank appoints new financial stability director
The Bank of England has promoted Andrew Haldane, the head of its systemic risk assessment division, to executive director for financial stability.
Ex-Fed's Poole: Treasury coercion may hinder plan
The US Treasury's decision to force some banks to participate in its plan to recapitalise America's banks could prove its undoing, warned Bill Poole, a former president of the St Louis Federal Reserve.
Swiss step in to save biggest bank
The Swiss National Bank on Thursday agreed to buy up to $54 billion in troubled assets from UBS, after the country's government moved to re-capitalise the beleaguered bank.
Bank reforms money market operations
The Bank of England set out plans for three major reforms of its money market operations, including proposals for two new facilities aimed at alleviating the tensions that have kept prices for interbank loans well above historical norms.
Bernanke, Kohn grim on outlook
Ben Bernanke and Don Kohn, the two top officials at the Federal Reserve, have forecast a gloomy outlook for the American economy.
ECB to loan Hungary up to €5 billion
The European Central Bank (ECB) on Thursday granted the National Bank of Hungary a €5 billion ($6.8 billion) credit line following sharp declines in the forint and local stocks the day before.
Tokyo finally nominates deputy
The Japanese government has nominated Hirohide Yamaguchi for the role of deputy governor at the central bank, a position left vacant since March.
ECB makes bold attempt to break credit logjam
The European Central Bank's (ECB) latest action to unblock money markets, announced Wednesday, looks likely to succeed, economists say.
Iceland slashes rates as economy faces meltdown
The Central Bank of Iceland has cut its key rate by 350 basis points on the back of the meltdown in the country's banking sector.
India pledges more liquidity
The Reserve Bank of India on Wednesday took further steps to shore up liquidity, judging that the global turmoil warranted action.
Norges Bank cuts on signs of swift slowdown
Norges Bank on Wednesday lopped half a point off its key rate on signs real economic activity would slow at a faster rate and to a greater degree than predicted.
Fed picks Pimco to run commercial paper facility
The Federal Reserve has picked Pimco, a bond fund, to manage the assets of its Commercial Paper Funding Facility, which accepts unsecured debt notes direct from the issuer.
Russian reserve requirements cut to 0.5%
The Central Bank of Russia on Tuesday slashed its reserve requirements to 0.5%, a move which analysts say could add $2.7 billion-worth of liquidity into the system.
US offers $250bn in capital, markets shrug
Washington's unveiling of a $250 billion plan to recapitalise its banking sector did little to soothe equity-market sentiment on Tuesday, with gains at the opening bell proving short-lived.
Fannie, Freddie debt fears could have sparked run
Central bankers' fears over the collapse of Fannie Mae and Freddie Mac threatened to lead to sales of US agency debt, the scale of which could have sparked a run, the US regulator responsible for the two government-sponsored enterprises (GSEs) has said.
HKMA steps up stability efforts
The Hong Kong Monetary Authority (HKMA) on Tuesday stepped up its efforts to enhance financial stability, issuing a blanket guarantee for customer deposits and offering to re-capitalise its banks.
Asian central banks act on liquidity shortages
Signs of heightening liquidity tensions in Asia emerged on Tuesday, with the Reserve Bank of India adding Rs20,000 crore ($4.16 billion) to its banking system and Bank Indonesia implementing measures to ease stress in foreign-currency markets. Bank…
Canada, Japan outline responses to G7 plan
Canada and Japan, the industrialised countries least affected by the current turmoil, on Tuesday announced their responses to the G7 plan.
US bailout to include "significant" equity stake
The US Treasury is likely to spend a very significant amount of the $700 billion at its disposal on recapitalising the US's battered banking sector, an official who will oversee the Troubled Asset Relief Plan (TARP) told an audience in London on Monday.