News
Commodity price rises don't spur core inflation
Spikes in commodity prices have tended to have a muted impact on core inflation in recent years, a paper published in the latest of the Bank for International Settlements' Quarterly Review has found.
Rate cuts won't work properly: BoJ's Shirakawa
Masaaki Shirakawa, the governor of the Bank of Japan, has indicated that monetary policy's role in alleviating current conditions is likely to be limited.
Crisis traverses financial system: HKMA's Yam
The boundaries of the global credit crunch go beyond the markets, with the falls in house prices sparking significant slumps in aggregate demand, said Joseph Yam, the chief executive of the Hong Kong Monetary Authority.
BoE's Gieve states case for global action
Ever-more frequent global policy co-ordination will be essential in avoiding future financial crises, Sir John Gieve, the deputy governor responsible for financial stability at the Bank of England, has said.
Hungary continues reversal of drastic hike
The National Bank of Hungary took another step towards reversing its 300 basis-point October hike on Monday, cutting its key rate by a half point.
World Bank governance head to step down
Daniel Kaufmann, the director of global programmes and governance at the World Bank, is to take up a post at the Brookings Institution, a Washington, DC-based think tank.
Nigerian FX markets stall on intervention hopes
Nigeria's foreign exchange markets froze on Tuesday as banks waited to see if the central bank would intervene to halt the naira's fall.
BI surprises with quarter-point cut
Bank Indonesia surprised markets on Thursday with a 25-basis-point cut in its bank rate that boosted local markets.
Lithuania, Turkey in talks with IMF
Lithuania and Turkey have both confirmed that they are in talks with the International Monetary Fund (IMF) about possible loans.
Bernanke urges action on mortgages
Ben Bernanke, the chairman of the Federal Reserve, has called for an acceleration of efforts to stem a rising tide of home foreclosures.
Watchdog raps TARP management
A congressional watchdog has found the US Treasury wanting on a number of issues related to management and oversight of the $700 billion bailout plan known as the Troubled Asset Relief Program (TARP).
Iceland pledges to restart FX market
The Central Bank of Iceland pledged to restore the foreign-exchange market in the country, naming three banks as market makers.
Bank cuts to historic low
The Bank of England cut interest rates to their lowest level since 1951 on Thursday and stressed that further steps would be needed to prevent a deep recession.
Bumper day for cuts, three slash by record margin
The European Central Bank (ECB), the Riksbank and the Reserve Bank of New Zealand backed the biggest rate cuts in their history on Thursday, highlighting the pace at which the threat of a global depression has risen.
Thailand slashes rates on "significant change"
The Bank of Thailand made its biggest-ever rate cut on Wednesday, sparked by what it termed a significant change in the economic environment.
Ex-NY Fed's Corrigan to head new Goldman wing?
Gerald Corrigan, a former head of the New York Federal Reserve, could be about to take the helm at Goldman Sachs's new bank holding company.
Ex-Bank director to lead offshore review
Michael Foot, a former executive director for supervision at the Bank of England, is to head a review of British offshore financial centres.
Zero rates the only way out: ex-MPC members
Central bankers and global regulators must throw out the rule book on moral hazard, and act rapidly and decisively to fix the global financial meltdown, former members of the Bank of England's Monetary Policy Committee have said.
A banker's take on the year to come
The financial crisis is set to escalate in the New Year and it is difficult to see a way out, Matt King, a credit strategist at Citi, a bank, has said.
Australia's point cut marks seven-year low
The Reserve Bank of Australia has slashed its key rate by a full percentage point to 4.25%, its lowest level since December 2001.
Bernanke signals shift to quantitative easing
Ben Bernanke, the chairman of the Federal Reserve, has hinted that the central bank will turn increasingly to its armoury of quantitative easing tools with its stock of rate cuts almost spent.
British PM denies UK close to joining euro
Gordon Brown, the British prime minister, has denied the UK plans to join the eurozone after the European Commission president said Britain was "closer than ever before" to adopting the single currency.
Former Austrian governor dies
Wolfgang Schmitz, a former president of the National Bank of Austria, has died at the age of 85.
Kenya cuts despite inflation's persistence
The Central Bank of Kenya cut its key rate to 8.5% and its cash reserve requirement by a full percentage point on signs of a slowdown on Monday but warned inflation remained a concern.