News
Organisation of Islamic Cooperation agrees to strengthen collaboration efforts
Central bank and monetary authority representatives gather in Kuala Lumpur to discuss place of Islamic finance in changing global financial system; reaffirm commitment to strengthening collaboration
Sanusi reveals ‘strategic’ decision to hold renminbi reserves
Governor of the Central Bank of Nigeria explains why he made the decision to convert some of the country’s reserves into renminbi; says Nigeria left it “too late” to buy gold
Barnier leads crackdown on credit rating agencies
European Commissioner publishes proposals that will enable credit rating agencies to be sued by investors if they break EU rules "intentionally or with gross negligence"
Australian regulator releases Basel III liquidity proposals
Australia's prudential regulator publishes discussion paper for liquidity reforms under Basel III; Reserve Bank of Australia announces further details for its committed liquidity facility
Bank of Canada launches first polymer banknote
Bank of Canada issues first new polymer C$100 banknote into circulation; governor Mark Carney says new bills are at the frontier of banknote technology
IMF calls on China to overhaul its financial system
Fund review says China’s real estate sector faces a steady build-up in vulnerabilities; believes reforms to the country’s financial system are crucial to stability in the region
Financial inclusion to figure strongly in new ten-year plan, says Zeti
Bank Negara Malaysia governor Zeti Akhtar Aziz reveals the country’s next 10-year master plan will be unveiled in December; stresses new measures that will focus on enhancing financial inclusion
King sees sharper decline in inflation ahead for UK
Inflation in the UK falls to 5% in October, but Bank of England governor Mervyn King says inflation could drop more “sharply” in the next six months
Central Bank of Egypt denies involvement in illicit money transfer
Central Bank of Egypt says it did not participate in the transfer of funds abroad pertaining to former leader Hosni Mubarak
Lender of last resort not an option for ECB, say analysts
A financial backstop is needed to address the eurozone crisis, analysts say, but full lender of last resort status for the European Central Bank remains politically unpalatable
BoJ's Shirakawa urges greater caution over financial innovation
Bank of Japan governor Masaaki Shirakawa says a better understanding of banks' incentive structures can minimise risks associated with financial innovation
Video: New York Fed’s Marc Saidenberg denies US go-slow on Basel II implementation
New York Fed senior vice-president Marc Saidenberg says US is introducing Basel II at a similar pace to international peers and is also committed to timely implementation of Basel III
ECCB disposes stake in former Stanford bank
Eastern Caribbean Central Bank sells assets from seized Bank of Antigua to Eastern Caribbean Amalgamated Bank
IMF evaluates reform options for SDR basket eligibility criteria
Executive directors meet to discuss staff paper on criteria for broadening the SDR currency basket; “freely usable” criterion set to stay
Sweden will go beyond Basel III capital rules, says Ingves
Riksbank governor Stefan Ingves says Sweden will follow Switzerland and UK in implementing higher capital adequacy requirements than Basel III for largest banks; details to be released soon
German banks face new set of risks as contagion spreads across Europe
Bundesbank 2011 Financial Stability Review says Germany’s banking system will face new burdens as sovereign debt crisis in Europe intensifies
Israel Administrative Council holds first meeting
Bank of Israel holds first Administrative Council meeting after lengthy delay in appointing external members
Zambia governance void continues
Bank of Zambia website lists every position on the board of directors as “vacant”; still no new governor after Caleb Fundanga was fired
Lorenzo Bini Smaghi to leave the ECB
Lorenzo Bini Smaghi will join Harvard University’s Center for International Affairs in January; ends term at ECB more than a year early
Papademos confirmed as Greek prime minister
Former ECB vice-president chosen as prime minister in new coalition government; news received well as stock market jumps
Lagarde holds crucial talks with Beijing
IMF managing director Christine Lagarde meets Chinese premier Wen Jiabao to discuss the country’s economic response to the global slowdown; warns international economy could face lost decade of growth
National Bank of Austria to invest in renminbi-denominated assets
People’s Bank of China and National Bank of Austria sign agreement enabling the Austrian central bank to invest in renminbi-denominated assets
Eurozone fears spread worldwide
Indonesia drops rate in surprise move, Lithuania and Mexico slash growth forecasts as the UK prepares for “Armageddon”
Stark demands financial sector refocus
European Central Bank executive board member Jürgen Stark says financial sector became too “self-referential” in recent decades and must refocus activities on banking services