News
Singapore continues currency appreciation
The Monetary Authority of Singapore said on Thursday that it would continue to strengthen the value of the Singapore dollar relative to its US counterpart.
UK financial sanctions: shift in responsibility
Responsibility for financial sanctions is being transferred from the Bank of England to the Treasury on 24 October.
Crisis shows why we need Basel II, says Committee
The recent banking crisis has underlined the importance of Basel II implementation, according to the Basel Committee on Banking Supervision.
Fed unanimously supported 50 basis point cut
All ten members of rate-setting Federal Open Market Committee (FOMC) were in favour of 50 basis point cut, the minutes of the 18 September meeting reveal.
Latin America set to escape worst of turmoil
Rodrigo de Rato, the managing director of the International Monetary Fund (IMF), expects Latin America to avoid most of the effects of the recent financial turmoil, though its economy may be hampered by the aftermath.
King names lessons learned from crisis
Mervyn King, the governor of the Bank of England, said on Tuesday he had identified three lessons, so far, from the banking crisis.
Sales remain within Gold Agreement Limit
Gold sales by the 16 signatories to the Central Bank Gold Agreement between 27 September 2006 and 26 September 2007 amounted to 475.75 tonnes, 24.25 tonnes shy of the 500 limit, the Bank for International Settlements said on Wednesday.
King speaks on Northern Rock
Three weeks ago, thousands of depositors queued on the streets outside branches of Northern Rock to take their money out. Those scenes, broadcast around the world, were shocking. How did they come about and how can we prevent them in future? My focus…
FSA chief admits failings over Northern Rock
Hector Sants, the chief executive of the Financial Services Authority (FSA) said on Tuesday that it had failed to anticipate the impact of the credit crunch on Northern Rock, a UK mortgage lender.
EU discusses regulatory response to crisis
EU finance ministers met in Luxembourg on Tuesday to consider a regulatory response to the financial crisis.
UK bankers call for global review of credit crunch
The British Bankers' Association (BBA), the trade body for the finance industry in the UK, has said that a worldwide regulatory review would help markets weather the credit crunch.
Lessons for the UK - BBA
The British Bankers' Association (BBA) has suggested a review of the recently revised money market framework and the move towards principles-based regulation.
Currency rise wanted by EU chiefs
Jean-Claude Trichet, the president of the European Central Bank; Jean-Claude Juncker, the prime minister of Luxembourg; and Joaquin Almunia, the European commissioner for monetary affairs said on Monday that they wanted the renminbi, the dollar, and the…
Open-ended guarantee for Northern Rock depositors
At the request of Northern Rock, the UK Treasury has agreed to extend the guarantee arranged in mid-September for retail depositors to any new deposits savers make or have made since 19 September. The guarantee will remain in place "during the current…
Currency diversification by Central Bank of Russia
The Central Bank of Russia has added the Swiss franc to the currency composition of its foreign exchange reserves and is considering other plans to diversify their structure, Alexei Ulyukayev, its first deputy chairman, has said.
World Bank to invest $5 billion in bonds for poor
The World Bank will set up a $5 billion fund to invest in bonds denominated in currencies of poor nations.
Padoa-Schioppa to chair IMFS
Tommaso Padoa-Schioppa, Italy's economy and finance minister, is to head the International Monetary Fund's (IMF) International Monetary and Financial Committee (IMFC).
Israel to print plastic notes
The Bank of Israel said its next issue of 20 sheqel notes will be on polypropylene, a type of plastic.
Ex-Nigerian finance minister rejoins World Bank
Ngozi Okonjo-Iweala, a former finance and foreign minister in Nigeria, is set to become a managing director at the World Bank.
Kenya holds rates at 8.75%
The Central Bank of Kenya decided on Thursday to hold its benchmark rate at 8.75%.
Mark Carney replaces Dodge at the Bank of Canada
Mark Carney, the senior associate deputy minister of finance and a former head of Goldman Sachs in Canada, will become the youngest central bank chief in the G7 when he takes over from David Dodge as Bank of Canada governor in February 2008.
Rules found to hinder remittance payments
Regulatory compliance is the main barrier to doing business in the area of workers' remittance payments, according to a poll of Sibos delegates.
Hedge funds need transparency, not rules
US and EU regulators remain cool on calls for further regulation of the hedge fund sector.
Target2: ready to go
Five years in the making, Europe's new large-value payments system, known as Target2, is ready to go live on 19 November.