News
Global events motivated Turkey's 50bp cut
The global economic slowdown expected to follow the credit crunch was behind the Turkish central bank's decision to cut its benchmark rate by 50 basis points earlier this month, minutes of the monetary policy meeting, published on Friday, reveal.
Why Poland's MPC held rates
According to minutes published on Friday, Poland's Monetary Policy Council (RPP) decided at its meeting on 25 and 26 September that as the medium term probability of inflation running above the inflation target (2.5% year-on-year) had fallen there was no…
Colombia holds rates at 9.25%
The Banco de la Republica decided on Friday to keep its benchmark rate at 9.25%.
Dubai in regulatory pact with US
The Dubai Financial Services Authority (DFSA) has signed a memorandum of understanding with the United States banking supervisors. The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the…
Old Lady could get more privacy under new rules
The Bank of England could soon be able to rescue troubled lenders in secret as a result of the recent Northern Rock crisis.
Sharia banking not "cosmetic" - Indonesia's Siti
"We don't want the sharia units to be mere 'cosmetic lipstick' for the banks, where they say they have such Islamic-based banking businesses but the fact is the units only have an inappropriately small market share," deputy governor of the Bank Indonesia…
Inflation behind first Brazil hold in two years
Fears that economic growth could lead to inflation were behind the Central Bank of Brazil's decision to hold rates for the first time since July 2005 earlier this month, minutes published on Thursday reveal.
Indonesia still vulnerable to shock
Indonesia's current economic conditions mirror those that sparked the 1997-1998 Asian financial crisis and the central bank is working to protect the country from the impact of a potentially similar scenario, Budi Mulya, a director at Bank Indonesia,…
Czechs hold rates at 3.25%
The Czech National Bank decided on Thursday to keep its benchmark two-week repo rate at 3.25%.
Czech Republic breaks free of EBRD support
The Czech Republic has become the first country to opt out of funding from the European Bank for Reconstruction and Development (EBRD), the development bank set up to invest in the central and eastern European transition economies.
UK funds unlikely to have helped in crisis
Alistair Darling, the UK chancellor of the exchequer, implied on Thursday that injecting funds into the money markets would have done little to lessen the impact of the subprime crisis in the UK.
New shocks may emerge, Old Lady warns
Holders of stock, commercial real estate and the US dollar could be the next victims of the banking crisis, the Bank of England predicted in the latest edition of its financial stability report.
New Zealand leaves rates at 8.25%
The Reserve Bank of New Zealand decided on Thursday to hold its benchmark official cash rate at 8.25%.
Chavez takes control of Venezuelan Central Bank
The Venezuelan government has regained control of the central bank following a parliamentary vote on Wednesday.
Fed's regulatory response to subprime revealed
Better consumer information, rules to address unfair lending practices and a more coordinated enforcement of consumer-protection laws are needed to prevent another subprime crisis, according to the Federal Reserve.
Australian inflation stats make rate hike likely
A November rate hike looks a near certainty after Reserve Bank of Australia data showed a higher-than-expected percentage-point jump in inflation.
Scale of subprime unknowable until 2008: Weber
Axel Weber, the president of the Bundesbank, said on Tuesday that the extent of the subprime crisis will remain unknown until at least the end of 2007.
Gono set to put shopping "anarchy" right
Gideon Gono, the governor of the Reserve Bank of Zimbabwe, said that the central bank would soon correct the "anarchy" that erupted after the government ordered retailers to cut prices in June.
Polish governor was sole dissenter on rate vote
Slawomir Skrzypek, the governor of the National Bank of Poland, was the only member of the monetary policy council to vote against the decision to raise the benchmark interest rate to 4.75% in August.
Bank of England reports on the crisis
The Bank of England has acknowledged that the recent banking crisis has revealed that the UK's financial authorities need to strengthen their crisis management arrangements.
Georgian central bank dismisses abolition claims
The National Bank of Georgia said on Monday that rumours in the local media that the central bank was to close because it was on the verge of bankruptcy are groundless.
Fed signals support for superfund
A Federal Reserve official has said that the proposed $75 billion mortgage-securities superfund will help investors and credit markets.
Dodge's comments lead to temporary loonie fall
The Canadian dollar fell against its US counterpart on Monday, after David Dodge, the governor of the Bank of Canada, said that domestic conditions were unrelated to the loonie's recent "abnormally quick" rise against the greenback.
Kenyan central bank set to monitor telecoms IPO
The Kenyan government has handed the Central Bank of Kenya the task of ensuring that the initial public offering (IPO) of Safaricom, the country's leading mobile phone firm, does not adversely impact the financial system.