News
Markets underestimate ECB's inflation fears
Bets on interest rate decisions fail to take into account the seriousness of the inflation situation in the eurozone, said Axel Weber, the president of the Bundesbank who also sits on the European Central Bank's (ECB) governing council.
Poland raises rates to 5.5% in surprise move
The National Bank of Poland has voted to raise rates unexpectedly by a quarter point.
Further Fed cuts likely on Kohn comments
Donald Kohn, the vice chairman of the Federal Reserve, has hinted that more rate cuts are needed in order to insure against an economic calamity.
Hungary abandons euro peg
The Hungarian authorities have abandoned the forint's peg to the euro and moved to a floating exchange rate in a bid to lower inflation and speed up euro-accession.
US Treasury supports IMF gold sales, urges reform
The US Treasury has shifted its stance on International Monetary Fund (IMF) gold, saying it will now back the sale of about 8% of the Fund's reserves.
Ex-minister questions Czech independence
Jan Mladek, a Czech member of parliament and former government minister, has claimed that Vaclav Klaus, the president of the Czech Republic, is abusing his power to appoint senior members of the Czech National Bank's staff.
Qatar SWF to invest up to $15 billion in banks
The Qatar Investment Authority will spend between $10 billion and $15 billion buying up stakes in banks, the head of the sovereign wealth fund has revealed.
UK lawmaker laments lack of chief regulator
John McFall, chairman of the Treasury Select Committee which published its comprehensive report on the Northern Rock crisis at the end of February, reiterated his suggestion that the lack of a central figure in charge of Britain's tripartite regulatory…
Hanke attacks Fed at IEA seminar
Professor Steve Hanke of Johns Hopkins University rebuked the Federal Reserve for its conduct of monetary policy at a conference on Tuesday 26 February on "The State of the Economy" hosted by the Institute of Economic Affairs in London.
EU to devise SWF code
The European Commission is to propose a voluntary code of conduct for sovereign wealth funds in a bid to ease fears that their investments could compromise national security interests.
US mulling sanctions for Iranian central bank
The US Treasury Department could impose sanctions on the Central Bank of Iran after allegations emerged that the institution is helping the country's banks avoid American sanctions.
London calling for Czech governor Tuma?
The Czech government has nominated Zdenek Tuma, the governor of the Czech National Bank, to become the next president of the London-based European Bank for Reconstruction and Development (EBRD).
Prices force China to stick with policy stance
A top Chinese central banker confirmed that the People's Bank's monetary policy stance will remain tight after inflation hit a fresh 11-year high.
Fed's Fisher warns on inflation expectations
Richard Fisher, the president of the Dallas Federal Reserve, has said that the Fed must be careful to avoid "stirring the embers of inflation".
SWF round-up
The march of sovereign wealth funds on Western financial institutions continued this week with the announcement the Qatar Investment Authority (QIA) will buy a stake in Credit Suisse, a Swiss bank.
New Czech vice governor appointed
Mojmir Hampl, a board member of the Czech National Bank, has been named as vice-governor of the central bank.
New role for SARB in monitoring capital flows
A further relaxation in South Africa's exchange controls, announced this week, will change the South African Reserve Bank's role in overseeing capital flows.
Muto: a governor-in-waiting?
Japan's ruling Liberal Democratic Party is expected to nominate Toshiro Muto as the next governor of the Bank of Japan. But opposition leaders continue to resist his nomination.
Number of euro counterfeits rise
The number of counterfeited euro banknotes in the second half of 2007 shows an increase when compared to the two preceding half-year periods.
Stagflation problem for the Fed?
The Federal Reserve faces a problem that the United States has not seen for many years: stagflation.
Singapore minister slams SWF "backlash"
Goh Chok Tong, a senior Singapore minister and chairman of the country's central bank, said that arguments against sovereign wealth funds (SWFs) are driven a by "nationalistic backlash".
Colombian central bank enters market again
In efforts to reduce fluctuations in the value of the peso, Colombia's central bank has sold dollar put options for the second time this year.
Philippines looks to end special vehicles
The central bank in the Philippines is seeking to draw a line under special purpose investment vehicles that are a legacy of the Asian financial crisis that erupted more than a decade ago.
Zimbabwe officially enters hyperinflation
The latest inflation numbers in Zimbabwe confirm that the country has entered into hyperinflation.