News
Bank of Canada restructures to enhance stability
The Bank of Canada on Monday reorganised its senior management structure to better safeguard stability and improve its research capability.
EU says eurozone in recession
A European Central Bank (ECB) rate cut on Thursday - already a strong possibility - now looks a near certainty after the European Commission said the eurozone was likely in recession and predicted the economy would stagnate in the coming years.
Ex-PBoC deputy questions policy after Beijing cut
Wu Xiaoling, a former deputy governor at the People's Bank of China, has said the central bank should not loosen monetary policy further after the institution cut rates and relaxed loan conditions last week.
India acts on stability fears
The Reserve Bank of India has cut rates for the second time in a fortnight and introduced a raft of liquidity measures to shore up financial stability.
Oil price plunge prompts Iraqi cut
The Central Bank of Iraq has cut its benchmark rate by a full percentage point to 15% days after the governor warned that the dismal global outlook and the slump in oil prices could drag the country into recession.
We will need counter-cyclical rules: King
Mervyn King, the governor of the Bank of England, indicated on Monday that Britain could push ahead in implementing its own counter-cyclical capital requirements to prevent another subprime debacle.
Bank of Japan split on rate cut
Bank of Japan policymakers were divided in making the first cut in more than seven years on Friday. The central bank lowered its overnight lending rate from 0.5% to 0.3% due to a "severe" adjustment in the world economy.
Banks' social role key to new rules: ex-FSA head
The revision of the social contract between banks and government should be central to the debate about how to legislate against future crises, Britain's former chief regulator has said.
Interbank rates improve
Beyond the gyrations of the stock markets, there were continued signs that conditions in the interbank markets were on the mend.
Fed hikes cheque processing costs by 41%
In a bid to encourage the move to electronic processing of cheques, the Federal Reserve will increase its charges for the processing of paper by 41% in 2009.
Blanchflower: I told you so on rate cut
David Blanchflower, an external member of the Bank of England's Monetary Policy Committee (MPC), criticised his fellow committee members for not taking a forward-looking approach, which meant rates had stayed too high too long.
Mauritius cuts after special meeting
The Bank of Mauritius has cut its benchmark interest rate by 50 basis points to 7.75% during a specially convened meeting on Friday.
IMF relaxes lending conditions for quick fixes
The International Monetary Fund (IMF) has offered to provide no-strings-attached loans in days to select countries facing liquidity problems.
Fed extends swaps to emerging markets, cuts to 1%
The Brazilian, Mexican, Korean and Singapore central banks on Wednesday became the latest to set up swap arrangements with the Federal Reserve to counter dollar liquidity fears.
Indonesia jails former governor for graft
Burhanuddin Abdullah, a former governor of Bank Indonesia, has been sentenced to five years behind bars for corruption.
MPC's Blanchflower calls for aggressive cuts
The Bank of England needs to sharply reduce the cost of borrowing to prevent a "deep and long-lasting recession", said David Blanchflower, an external member of the Bank's Monetary Policy Committee (MPC).
Fed rate cut of little consequence?
The Federal Reserve's half-point cut to its key rate - the federal funds target - may have triggered a surge in Asian and European stock prices on Thursday. But the policy change may have little bearing on the cost of borrowing it is meant to influence…
Riksbank to lend to corporates
The Riksbank on Wednesday agreed to extend access to its funds beyond the banking sector to large corporates struggling to borrow in the wake of the global market turmoil.
IMF, EU, World Bank to loan Hungary $25bn
The International Monetary Fund (IMF), the European Union (EU) and the World Bank will lend Hungary $25.1 billion in an attempt to avert a financial meltdown.
China cuts again on fears of slump
The People's Bank of China has lowered its key lending rate by 27 basis points to 6.66%.
Norway eases rates and collateral rules
Norges Bank lopped a further half point of its key rate on Wednesday and agreed to accept domestic bonds as collateral regardless of their credit rating.
New Zealand sets up $15bn swap line with Fed
The Reserve Bank of New Zealand on Wednesday became the latest institution to arrange a swap line with the Federal Reserve to counter continuing tensions in dollar funding markets.
Iceland hikes rates by 600bp to access IMF funds
The Central Bank of Iceland has raised rates by a staggering 600 basis points to 18% to meet the conditions of the International Monetary Fund's (IMF) $2.1 billion loan.
IMF kitty may prove insufficient: British PM
The International Monetary Fund (IMF) may have insufficient resources to fight the global credit crisis, Gordon Brown, the British prime minister, warned on Tuesday, saying that a new funding arrangement drawing on countries with substantial reserves was…