News
Ex-Fed’s Volcker pans money-market funds
Paul Volcker calls for tougher rules for funds in order to create level playing field
Nigeria downgraded on banking, fiscal fears
Standard & Poor’s lowers Nigeria’s sovereign credit ratings on concern over fiscal flexibility on back of bank bailout
Israel becomes first to raise rates
Bank of Israel tightens on signs economy is recovering
Union boss named New York Fed chair
Denis Hughes gets the nod to head board of governors, Lee Bollinger named deputy
Fischer heralds shift to “flexible” inflation targeting
Bank of Israel’s Stanley Fischer tells Jackson Hole audience that inflation targeting will survive the crisis. More downbeat on global imbalances
Hungary cuts to pre-IMF bailout levels
National Bank of Hungary chops half a point off key rate
Crisis highlighted importance of liquidity: Bernanke
Fed chairman uses Jackson Hole address to stress need for macroprudential approach
Bulgaria’s Iskrov re-nominated hours after resignation
Ruling party renominates Bulgarian National Bank governor for reappointment after declaring second term agreed in May illegal
Cyprus, Romania sign new memorandum of understanding
Central Bank of Cyprus and National Bank of Romania agree revised supervisory memorandum
IMF’s Blanchard warns of tough times ahead
International Monetary Fund’s chief economist says potential output will be permanently damaged by crisis
US budget deficit forecast trimmed
US officials expect the 2009 fiscal deficit to be smaller than originally forecast, after scrapping money earmarked for further bank bailouts
Iskrov quits – for now
Ivan Iskrov, the governor of the Bulgarian National Bank, resigns following political spat over his position, but may soon be reappointed for a second time to serve a second term
Weber: German economy not standing on own feet yet
Bundesbank’s Axel Weber expects timid recovery in Germany
BoJ’s Mizuno warns of fragile recovery
Bank of Japan’s rate-setter warns of fragile recovery, given concerns over external demand
Philippines cb ends of easing cycle
Central Bank of the Philippines central bank ends series of interest-rate cuts, signals lengthy pause
Bank split on QE extension, governor outvoted
Minutes show Bank of England’s Monetary Policy Committee voted six-to-three in favour of £50 billion extension. Others in favour of extension to £200 billion
Ghana appoints former finance deputy to replace Acquah
Bank of Ghana’s governor Paul Acquah to step down in September
Nigeria names and shames debtors
Central Bank of Nigeria list names some of the country’s richest people
Turkey cuts to fresh low
Central Bank of Turkey chops a half point off key rates, indicates further cuts to come
Angola says no devaluation in sight
Central Bank of Angola’s deputy governor says the central bank will withstand “speculative drive” to devalue the kwanza
Fed extends Talf programme
The Federal Reserve extends key loan facility for asset-backed securities, soothing market concerns
UK delivers inflation surprise
United Kingdom’s July inflation figures show prices rose more than expected, but sharp decline predicted in coming months
Weber and Sanio fight back on HRE rescue
Bundesbank’s Axel Weber and BaFin’s Jochen Sanio say they did not mislead the public in the rescue of Hypo Real Estate
Northern Rock drops debt repayment
Northern Rock drops payment on part of its subordinated debt