News
Fed justifies move to target range
The Federal Open Market Committee (FOMC) shifted from a key rate towards a target range owing to a lack of control over overnight market rates and to highlight the need to step up quantitative easing, the minutes of its December meeting reveal.
Czechs say fighting crisis a priority for EU reign
The Czech Republic will strive to enhance the transparency and stability of the European Union's (EU) financial system during its six-month presidency of the common market, Prague said on Tuesday.
Unexpected cuts highlight Asian export slump
The Taiwanese and Indonesian central banks surprised markets with rate cuts on Wednesday, both made as evidence mounted that 2009 will be a tough year for Asian exporters.
Gaza conflict demands SWF review: Oslo
Kristin Halvorsen, Norway's finance minister, has called for a review of the country's sovereign wealth fund investments as a result of the conflict in Gaza.
Regional Feds announce new chairmen
Three of the 12 regional Federal Reserves have named new chairmen for their boards of directors in 2009.
Fed not out of ammo, says SF's Yellen
The Federal Reserve still has the tools to stimulate the economy even with interest rates at next to zero, said Janet Yellen, the president of the San Francisco Fed.
Hungary likely to miss inflation target - governor
Hungary's central bank is likely to undershoot its inflation target, admitted the governor, Andras Simor.
Bernstein: €9bn needed to save Danish banks
Nils Bernstein, the governor of the Danish central bank called on the public sector to provide Dkr70 billion (€9 billion) capital to the banking sector.
Lower inflation gives Manila scope to cut
Inflation in the Philippines fell by almost two percentage points, affording the central bank the opportunity to consider cutting rates further.
India's central bank cuts again
The Reserve Bank of India cut rates by a percentage point for the second time in less than a month and eased deposit requirements for commercial banks in a bid to limit the impact of the financial crisis.
Euro adds to Slovakia's New Year celebrations
Slovakia became the 16th country to join the Eurosystem on New Year's Day, an achievement few predicted would happen so soon after it joined the European Union less than five years ago.
Shirakawa warns on yen strength
The governor of the Bank of Japan, Masaaki Shirakawa, highlighted the damage the yen's strength was having on the economy and served notice that the central bank stood ready to act.
Polish policymaker flags half-point cut
Marian Noga, often portrayed as a hawk on the National Bank of Poland's ten-member rate-setting panel, said rates could be lowered by half a percentage point at the next meeting.
Korean rate setting to focus on recovery
Monetary policy will be geared towards restoring economic growth the Korean central bank said in a statement on monetary policy for 2009.
Heller on how crisis will impact payments and settlements
Nick Carver spoke with the new head of the secretariat of the Committee of Payment and Settlement Systems about the impact of the credit crisis on market infrastructure and how central banks will respond
Vienna poised to take control of Bank Medici
The Austrian government is preparing to take control of Bank Medici, a Vienna-based private bank, which has revealed losses on funds that invested with Bernard Madoff, the disgraced financier.
Zeti back further stimulus
Malaysia is unlikely to slip into recession despite slowing exports, but the economy may require another round of stimulus measures, the country's central bank chief said on Wednesday.
Obama nominee underlines change at the Fed
The nomination of Daniel Tarullo, law professor at Georgetown University and regulation expert, to the Board of Governors of the Federal Reserve provides early evidence of the way the central bank is being reshaped in the aftermath of the financial…
Should financial economists still get Nobels?
Pablo Triana, a derivatives consultant and author, has written to the Swedish central bank, asking them to stop awarding Nobel prizes in economics to "flawed, unworldly, and dangerous theoretical finance constructs."
GM finance arm gets TARP funding
The finance arm of General Motors, the embattled US automaker, has received financial support under the US Treasury's Troubled Assets Relief Programme (TARP) after gaining approval from the Federal Reserve to become a bank holding company.
Sri Lankan CB takes over private bank
The Central Bank of Sri Lanka has taken over Seylan Bank, the second largest commercial bank in the country.
Sterling edges towards euro parity
The dramatic decline in the value of the British currency showed few signs of abating as it edged towards parity with the euro on Wednesday.
ECB sees uncertainty and weak economy in 2009
Two members of the European Central Bank's (ECB) governing council on Tuesday expressed concerns over the outlook for the European economy in 2009.
Korean state-owned entities to the rescue
The Financial Services Commission (FSC) in Korea has unveiled a financial rescue plan for 2009 aimed at helping local banks improve their balance sheets and reduce their exposure to bad debt.