News
Brazil rates remain at 11.25%
The Central Bank of Brazil's rate-setting board on Wednesday voted unanimously to keep the benchmark Selic rate at 11.25%.
European and US markets fall despite Fed cut
Stocks listed on European and US bourses continued to slide on Wednesday, following the Federal Reserve's emergency 75 basis point cut on Tuesday.
UK's King unlikely to take Fed tack on rate cuts
Mervyn King, the governor of the Bank of England, signalled he would prefer a gradual decline in rates on Tuesday in a speech that noted the risks to inflation as much as those to growth.
Norway keeps rates at 5.25%, warns on prices
The Bank of Norway's rate-setting board on Wednesday left its key policy rate unchanged at 5.25%, despite concern over inflation.
Canadian banks match central bank cut
Canada's biggest banks have lowered lending rates by 25 basis points in spite of speculation before Tuesday's rate cut that they would fail to follow a central bank move.
Deputy confident Russia will withstand turmoil
The Russian finance industry will escape largely unscathed from the credit crunch, though lending conditions may get tighter, said Gennady Melikyan, a first deputy chairman at the Central Bank of Russia.
Fed slashes rates by 75 basis points
The Federal Open Market Committee (FOMC) on Tuesday lowered rates by 75 basis points to 3.5%, the biggest cut since autumn 1984.
Canada cuts rates by 25 basis points to 4%
The Bank of Canada's rate-setting board opted on Tuesday to lower its benchmark overnight rate by 25 basis points to 4%.
Crunch prompts Serbia to review reserves strategy
The National Bank of Serbia has shifted to a more conservative reserves policy in the wake of the credit crunch, Radovan Jelasic, the governor of the central bank said on Friday.
Chinese economist to get senior role at World Bank
In a move set to strengthen ties between the big emerging economies and the Bretton Woods institutions, the World Bank is to appoint Justin Lin, a Chinese economist, as its chief economist.
Japan keeps rates at 0.5%
The Bank of Japan's rate-setting board opted on Tuesday to hold rates at 0.5%.
Rock-bond plan could pay off Bank loan
The British Treasury underlined its commitment to finding a private sector bidder for Northern Rock on Monday, publishing details of a strategy that would require no upfront repayment of the £26 billion ($50.6 billion) owed by the beleaguered mortgage…
Global stocks plummet on US recession fears
Shares in Asia and Europe plunged on Monday amid concern that a United States recession would hit global growth. The Toronto stock exchange was also down by more than 4% at midday trading.
Brown calls for IMF and World Bank reform
The Bretton Woods institutions must adapt to fit the new global economic order where "contagion can move as swiftly as the fastest communication", said Gordon Brown, the British prime minister.
Mexico holds rates at 7.5%
The Bank of Mexico's rate-setting board voted on Friday to keep rates at 7.5%.
Tony Solomon, former NY Fed president, dies
Anthony M. Solomon, a former president of the Federal Reserve Bank of New York, died last Friday, at the age of 88.
Fisher urges Fed to avoid "trigger-happy" cuts
Having an itchy trigger finger with monetary policy risks shooting everyone in the foot, said Richard Fisher, the president of the Dallas Federal Reserve.
ECB poll notes tighter borrowing conditions
In the wake of the credit turmoil, banks have become far less willing to lend to both households and businesses, a European Central Bank (ECB) survey reveals.
Poor growth will curb inflation: Fed's Pianalto
The impact of the housing crisis on the rest of the United States economy will help dampen price hikes, says Sandra Pianalto, the president of the Cleveland Federal Reserve.
British MPC faces tough choices warns deputy Gieve
The Bank of England's monetary policy committee (MPC) faces difficult decisions in the months ahead because of the dual threat of slowing growth and rising inflation, said Sir John Gieve, the deputy governor responsible for financial stability.
Turkey continues to cut rates
The Central Bank of Turkey's monetary policy committee voted on Thursday to lower its benchmark overnight borrowing rate by 25 basis points to 15.5%.
Gulf reserves set to top $2 trillion
If global oil prices remain high, foreign exchange reserves in the six Gulf Cooperation Council (GCC) countries will exceed $2 trillion by the end of this year.
Fed's Bernanke supports fiscal package
Ben Bernanke, the chairman of the Federal Reserve, told United States lawmakers on Thursday that he would support plans for a fiscal package to encourage growth so long as it was implemented quickly, was efficient and was temporary.
Speculation of ECB cut builds on Mersch comments
Comments by Yves Mersch, a member of the European Central Bank's (ECB) governing council, have fuelled speculation that the central bank is set to adopt a more dovish monetary policy stance.