News
Chiang Mai currency swap deal comes to life
Regional $120 billion currency swap arrangement between ASEAN members and east Asian powerhouses comes into force
Euro should not covet reserve role
Panellists in CentralBanking.com web seminar say becoming a reserve currency would hamper recovery
Serbia’s Jelašić in shock exit
Governor says departure down to personal reasons
Philly Fed’s Plosser tears output-gap reliance apart
Philadelphia Fed’s Plosser cautions against rocking the policymaking boat
Central banks should oversee systemic risk
CentralBanking.com poll shows majority of respondents think central banks together with government bodies should be responsible for monitoring systemic risk
BoJ makes small concessions to government
Minutes from Bank of Japan’s February policy meeting show divide between policymakers on strength of economy, analysts say central stance unchanged
The bitter divide on inflation targeting
Economists are split over a recent suggestion that central banks should raise their inflation targets to allow more room for cuts in crises
Central bankers see reserve future for renminbi
Central Banking Publications poll points to renminbi becoming reserve currency in the long term
Merkel and central bankers clash over Greek fix
Bundesbank shows reluctance to back Merkel; ECB president Trichet pushes for European rescue fund to aid beleaguered eurozone members
King sees “room for improvement” in Bank’s communication
Bank of England governor Mervyn King defends the central bank’s fan charts, which have drawn criticism, but says it can still refine the communication of its forecasts
Bank of Israel back in the black by $374m
Israeli central bank declares a modest profit for last year, following $160m loss in 2008 and $1.4 billion loss the year previous
SNB’s Danthine denies franc float claims
Swiss National Bank governing board member Jean-Pierre Danthine denies his remarks hint at plans to float the Swiss franc
Debt holders must share the pain: Tucker
Bank of England deputy governor Paul Tucker says bondholders must be ready from the start to share in losses should a bank get into trouble
Bolaños will return to head Costa Rican central bank
Former central bank president Rodrigo Bolaños will take over at the helm again, after current chief Francisco de Paula Gutiérrez Gutiérrez announces plan to leave in June
India surprises with 25 basis point hike
Reserve Bank of India ups key and repo rates as inflation bursts through 8.5% ceiling
Greenspan slams systemic risk watchers
Former Fed chairman Alan Greenspan says systemic risk oversight bodies will not catch anything regulators have already missed, calls for contingent capital instead
Zim’s Gono blasts local takeover bill
Reserve Bank of Zimbabwe governor Gideon Gono slams new law that will force foreign-owned firms to transfer 51% of ownership to locals
Only the IMF can save Greece: Berlin
German government backs away from a European bailout for debt-ridden Greece, Fund rescue looks increasingly likely
Top-level Swiss committee to fix "too big to fail"
Liquidity and "too big to fail" will dominate agenda for Steering Committee bridging central bank and regulator’s boards, says FINMA’s Zuberbühler
Fischer accepts second term at Bank of Israel
Bank of Israel governor agrees to stay on for further five years after new central bank law passes in the Knesset calling for Monetary Policy Committee
HKMA restructures banking department
Hong Kong Monetary Authority (HKMA) spins off banking department to tackle workload from Lehman Brothers fallout
Fed chiefs unite in bid to keep wider bank supervision
Current Fed chairman Ben Bernanke and former head Paul Volcker say taking all but the biggest banks away from the central bank would be a mistake
BoJ board split on doubling liquidity scheme
Bank of Japan fixed-rate funds operations scheme to be doubled to ¥20 trillion, two board members dissent
Bank mulls widening collateral pool
Bank of England consults on taking “raw loans” at its discount window facility and calls for more transparency from counterparties, says the move will cement confidence in the financial system