News
Saudi, UAE cut by 50 basis points
The Saudi Arabian Monetary Agency (SAMA) and the Central Bank of the United Arab Emirates (UAE) both cut their benchmark rates by half a point on Monday on signs that growth in the two economies, both of which rely heavily on oil exports, will slow in…
Tuvalu applies for IMF membership
Tuvalu is looking to become the 186th member country of the International Monetary Fund (IMF).
Hungary cuts on fears of "sharp downturn"
The National Bank of Hungary on Monday lowered rates for the third time since the start of December on signs of a more severe-than-expected economic slowdown.
Zim to set denomination record for issued note
The Reserve Bank of Zimbabwe is to introduce the highest-ever denomination issued note - worth Z$100 trillion.
Dublin nationalises third-largest lender
The Irish authorities on Thursday took control of Anglo Irish, the country's third-largest lender, on fears that negative market sentiment could spark a run on the bank.
BoA rescued as Congress grants $350bn for Tarp
Washington has granted Bank of America, the United States's third-largest lender, up to $138 billion in federal aid on signs that a batch of assets taken onto the lender's balance sheet following its buyout of failed investment bank Merrill Lynch could…
Basel Committee bids to strengthen Basel II
The Basel Committee on Banking Supervision on Friday issued a string of draft measures aimed at enhancing the Basel II capital framework in light of the credit crunch.
Turkey slashes to record low as growth slumps
The Central Bank of Turkey on Thursday chopped two percentage points off its benchmark rates, taking the measures to their lowest-ever levels.
ECB cuts, Trichet signals more could come
The European Central Bank (ECB) has chopped a half point off its key rate and indicated rates could reach a fresh low in the months to come. The news followed confirmation that eurozone inflation sank below the central bank's target in December.
G30 proposes reforms to punish biggest banks
The biggest financial institutions must be subjected to more stringent regulation and central banks must take a greater role in safeguarding stability, the Group of Thirty, an influential consultative group on economics, has warned.
We should have warned Europe more: IMF's Belka
The head of the International Monetary Fund's European department has acknowledged the Fund failed to adequately warn European states of the risks from the fallout of the financial crisis.
Rouble at fresh low as devaluation continues apace
The rouble slumped to a record low against the greenback on Thursday as the country's central bank stepped up its devaluation of the currency.
Denmark slashes on back of ECB move
The National Bank of Denmark lopped three-quarters of a percentage point of its key rate on Thursday in response to the European Central Bank's (ECB) move.
Anti-Fed senator behind Geithner nomination block
Jim Bunning, a Republican politician who last year labelled the Federal Reserve "a leading cause of the mess we're in", is one of two senators attempting to block Tim Geithner becoming Treasury Secretary on Friday.
Academics advocate discretionary ECB supervision
European Union member states should be allowed to choose whether or not they want to be regulated by the European Central Bank (ECB), academics say.
Lacker pans Fed for risky "fiscal" action
A regional Federal Reserve president has warned that the recent expansion of the Fed's balance sheet is fraught with risks.
Thailand slashes rates, cites demand and exports
The Bank of Thailand surprised markets on Wednesday by slashing rates for the second month in a row on further signs of a slowdown.
Philadelphia Fed promotes five vice presidents
The Philadelphia Federal Reserve has promoted one of its staff to the role of executive vice president, two to the role of senior vice president, and two to vice presidential positions.
Bernanke revisits idea of toxic asset purchases
Ben Bernanke, the chairman of the Federal Reserve, on Tuesday mooted several ways in which American authorities could remove toxic assets from banks' balance sheets. He also said that more capital injections and guarantees may be required to ensure…
Ex-MPC members offer solutions to crunch
A financial stability committee, a derivatives exchange and a pan-EU regulator were among the ideas suggested to stave off future credit crises by an influential group of British-based economists on Tuesday.
Mexico's Ortiz to replace Roth as BIS chair
Guillermo Ortiz, the governor of the Bank of Mexico, is to succeed Jean-Pierre Roth, the head of the Swiss National Bank, as the chairman of the Bank for International Settlements (BIS). He becomes the first governor from an emerging-market economy to…
Fed's Kroszner to step down later this month
Randall Kroszner, a governor at the Federal Reserve, will leave the institution on 21 January to return to academia.
Denmark publishes first lending survey
The National Bank of Denmark on Tuesday published its first-ever lending survey, covering the loan-making activities and policies of the country's banks and mortgage lenders.
Number of forged euro notes hits record high
The number of counterfeit euro banknotes seized soared by 13% in the second half of 2008, the European Central Bank (ECB) said on Monday.