News
Ethiopia devalues birr
Value of Ethiopian currency falls 10% against the greenback
Economists petition lawmakers for Fed independence
Former Federal Reserve governor Frederic Mishkin among the signatories of online petition to keep monetary policy independent
New Zealand issues risk guidelines for non-banks
Reserve Bank of New Zealand expands focus of risk-management rules beyond banks
HKMA’s Yam hints at diversification
Departing Hong Kong Monetary Authority chief says he has “open mind” on whether exchange fund should diversify away from dollar into renminbi
Chile to lend at record-low interest rates until 2010
Chilean banks to be able to borrow at 0.5% until end of year
Foreign demand for euro banknotes on the rise
European Central Bank shows that 2008 saw a strong increase in the demand for euro-cash outside the euro area
Eurozone banks pay heed to ECB’s debit card calls
Euro-area banks proposing system to rival MasterCard and Visa
Russia chops another half point off benchmark rate
Central Bank of Russia cuts key rate to lowest since July 2008
IMF sees world economy coming out of recession
International Monetary Fund says global economy pulling out of recession, but recovery expected to be sluggish
Washington names nine to buy toxic assets
The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation give nine firms the right to buy assets under the legacy securities programme
Bank surprise boosts sterling
Bank of England’s decision to hold quantitative easing programme at £125 billion sends pound up against euro and dollar
Fed’s Kohn sets out case for independence
Federal Reserve’s Donald Kohn appeals to lawmakers to maintain independent central bank
IMF research highlights regulatory governance gap
International Monetary Fund paper criticises non-bank regulators for failing to see stability as part of their mandate, finds frameworks for insurance supervision flawed
UK government wards Bank off leaning against wind
Alistair Darling’s long-awaited proposals beef up bank regulation but say the Bank of England should avoid leaning against the wind with rate moves
Nigeria liberalises FX regime, looks to spur liquidity
The Central Bank of Nigeria’s new governor displays intent to move rapidly to fix the financial sector
Eurosystem compiles cards ‘Doomsday’ book
Oversight report on major card schemes planned for release next year
BIS’s Caruana recommends capital ratios of above 10% in booms
Bank for International Settlements’ Jaime Caruana says that capital ratios for financial institutions could go above 10% in good times
Kenya launches new, improved website
Kenyan central bank enhances web presence
British official attacks EU hedge-fund rules
Lord Myners, a UK Treasury minister, labels Brussels’ draft hedge-fund code “ill considered” and “flawed”
German finance minister warns ECB on liquidity overhang
Peer Steinbrück joins Angela Merkel in warning of potential inflationary impact of central bank’s extraordinary measures
CEBS publishes draft liquidity guidelines
Committee of European Banking Supervisors issues consultation paper on liquidity buffers for financial institutions
Bretton Woods institutions launch website for autumn meetings
The World Bank and the International Monetary Fund set up a site for October gathering
Ex-IMF’s Johnson queries NY Fed’s bubble-bursting claims
Former International Monetary Fund research head challenges New York Fed’s Dudley claim that central bank can burst bubbles
ECB's Tumpel-Gugerell confident of adding sterling to T2S
Tumpel-Gugerell believes Bank of England can be convinced to participate in pan-European securities-settlement platform