News
Hungary raises rates by half a point
The National Bank of Hungary hiked rates by 50 basis points on Monday 31 March from 7.5% to 8%.
Major reforms in view for IMF
The Executive Board of the International Monetary Fund (IMF) has backed a resolution that would achieve a major change in the representation of many emerging countries as well as allowing poorer countries a bigger say in the way the Fund is run.
Treasury shake-up to grant Fed more power
The US Treasury has unveiled a series of recommendations for a major restructuring of financial services regulation, which will allot broad new powers to the Federal Reserve to attack systems risk, including the ability to send SWAT teams into any…
"Unscrupulous dealers" attacking Iceland's economy
David Oddsson, the chairman of the board of directors at the Central Bank of Iceland, suspects that "unscrupulous dealers" are trying to bring down the Icelandic financial system by circulating rumours about the country's bank and central government.
ECB in a quandary as inflation rises sharply
The European Union's statistics office said on Monday 31 March that consumer price inflation accelerated to 3.5% this month from 3.2% in February, the biggest rise since June 1992, further exacerbating the European Central Bank's (ECB) monetary policy…
China stands firm on monetary policy
The People's Bank of China said on Monday 31 March, after its first quarter monetary policy committee meeting, that it would maintain its firm attitude to monetary policy, using instruments "in a measured manner".
Panel considers political fallout of SWFs
Expert panel discuss “The politics of sovereign wealth funds” at Central Banking Publications’ first Sovereign Wealth Management conference in London in March 2008
ECB to add €150 billion as market rates creep up
The European Central Bank (ECB) is to conduct four extra open market operations in a bid to relieve interbank tensions.
Fed's Mishkin makes his point on inflation
In one of his strongest advocacies of inflation targeting since joining the Federal Reserve in 2006, Frederic Mishkin argued that countries should adopt a specific point objective for price stability rather than having a target range.
We need banking secrets to help: Fed's Rosengren
The Federal Reserve's regulatory role has been essential in allowing the central bank to deal with the current turmoil, a top official claimed on Friday.
Decade-high inflation will not impact BoJ policy
The Bank of Japan remains more likely to cut than hike rates this year despite inflation climbing to its highest level since the 1990s in February, according to analysts.
Fed's Stern ponders on asset-price stance
Gary Stern, the president of the Minneapolis Federal Reserve, has acknowledged that the central bank may need to review its policy of non-interference with asset prices in the wake of the recent turmoil.
Ethiopia makes arrests over fake gold scandal
Ethiopian anti-corruption officials arrested 26 people in connection with the discovery of 90 kilos of fake gold in the central bank's vaults.
SWF rules unnecessary: OECD chief
Angel Gurria, the secretary general of the OECD, has called on regulators to resist from unduly hampering sovereign investments.
South African inflation rockets to 9.4%
Soaring food and transport costs prompted South Africa's inflation rate to leap by more than half a percentage point in February.
Polish rate-setter hints at further hikes
A member of the National Bank of Poland's rate-setting board said he expected rates to surpass 6% following the decision to raise rates on Wednesday 26 March.
Qatar confirms SWF partnership with Abu Dhabi
A senior official at Qatar's sovereign wealth fund has said that it will make a series of joint investments with one of Abu Dhabi's four state-run investment vehicles.
Economy not policy accounts for differences: King
The marked contrast in the responses of the Federal Reserve, the Bank of England and the European Central Bank to the credit crunch is down to divergences in the economic conditions facing each central bank rather than policy stances, Mervyn King, the…
Regulator admits culpability for Rock run
The Financial Services Authority (FSA), Britain's financial supervisor, has said it failed to adequately regulate Northern Rock, the now state-owned UK mortgage lender.
ECB's Trichet calls for culture of transparency
Jean-Claude Trichet, the president of the European Central Bank, urged global financial regulators to create a more transparent and less cyclical economic order in the wake of the subprime crisis.
Romania raises rates to 9.5%
The National Bank of Romania hiked rates by half a percentage point for the third straight month as inflation hit 8%.
Estonia's Ross urges fiscal caution
Tallinn must pursue a frugal fiscal policy to ensure it meets the Maastricht criteria for euro adoption, said Marten Ross, a deputy governor at the Bank of Estonia.
Iceland makes emergency hike as krona plummets
The Central Bank of Iceland raised rates by a massive 125 basis points to 15% on Tuesday 25 March, little over a fortnight before its next scheduled rate-setting meeting.
Costs rise for dollar loans despite $50bn auction
The Federal Reserve's latest Term Auction Facility operation failed to quell rising interbank tensions as money-market rates for one-month dollar loans climbed on Tuesday 25 March.