News
Singapore's central bank profits more than tripled
The Monetary Authority of Singapore (MAS), the country's central bank, announced on 25 July that its profits more than tripled in the fiscal year through March 2007. This huge increase was due to higher interest payments and gains from asset markets that…
Bank of Italy orders Italease managers to resign
Two senior managers of Banca Italease SpA, a Milan-based leasing company, have been ordered by the Bank of Italy to resign. The central bank said that the company needs to raise capital after it had to spend € 610m ($843m) on unwinding derivatives bets…
Malaysian central bank leaves key rate unchanged
The central bank of Malaysia, Bank Negara Malaysia, has left interest rates unchanged at 3.5%. The decision had been widely expected as inflation has eased substantially to 1.4% in June, after averaging 2% in the first six months of this year.
Bank of Netherlands Antilles to be investigated
The financial supervision exercised by the Bank of the Netherlands Antilles (BNA) is to be checked once more by the Dutch Financial Market Authority (AFM). Last month it was announced that the AFM had found the BNA to be seriously lacking in its…
South African inflation remains well above target
Inflation in South Africa remained well above the central bank's target for inflation in June. It was the third consecutive month that inflation, as measured by the central bank's target measure CPIX index, breached the South African Reserve Bank's (SARB…
Gieve warns of losing inflation battle
John Gieve, a deputy governor at the Bank of England, has warned that the Monetary Policy Committee (MPC) could lose the battle against inflation if it took a more gradual approach to raising interest rates.
India proposes regulation of moneylenders
A panel set up by the Reserve Bank of India, the country's central bank, has published proposals for legislation which would regulate unauthorised moneylenders. These can charge annual interest rates of up to 150% to farmers and other borrowers.
Nepal's cb outlines policy strategy
The Nepal Rastra Bank, the country's central bank, has published details of its policy strategy for the current fiscal year. The central bank says policy will aim to keep inflation under 5% without any change in the compulsory cash ration or the bank…
Malaysia leaves overnight rate unchanged
The monetary policy committee of Bank Negara Malaysia, the country's central bank, announced today that it has left its overnight policy rate unchanged at 3.5%.
Monetary policy announcement delayed by Zimbabwe
The Reserve Bank of Zimbabwe has announced that it is indefinitely postponing its mid-year monetary policy statement, originally due next week. The central bank said it needed more time to analyse the implications of price controls imposed by the…
Philippines to ease rules on bank investments
Amando Tetangco, governor of the central bank of the Philippines, has said rules concerning bank investments in overseas assets are to be eased.
Australia's Stevens warns on CDOs
Glenn Stevens, the governor of the Reserve Bank of Australia, has warned that the country's local government bodies may have invested in collateralised debt obligations (CDOs) without understanding their risks.
Bank of Israel closes "interest rate gap"
The Bank of Israel has announced an interest rate increase of 25 basis points. The hike, which takes rates to 3.75%, was somewhat unexpected as most observers expected rates to remain unchanged.
Economic activity up - Chicago Fed
The National Activity Index for the United States, published today by the Federal Reserve Bank of Chicago, was 0.11 in June compared with -0.32 in May.
Papademos sees increased European potential growth
Lucas Papademos, the vice president of the European Central Bank (ECB), says that some countries in the eurozone have recently seen productivity-driven increases in their potential growth rate.
Inflation spike expected in Sri Lanka
The Central Bank of Sri Lanka has warned of higher inflation in July, indicating that the important Colombo Consumer Price Index is set to spike again.
Hungary keeps rates on hold - as expected
As expected by analysts the National Bank of Hungary, the country's central bank, kept its policy rate unchanged today at 7.75% after its monthly review of interest rates.
China's economy not overheating - official
Yao Jingyuan, the chief economist of China's National Bureau of Statistics, says the country's economy is not overheating. Yoa says economic efficiency is improving and "the economic structure is being optimised."
New FSA chief sounds warning call
The new chief executive of the British Financial Services Authority, Hector Sants, has warned that banks and financial institutions may not have done enough to protect themselves and their investors against the impending market downturn.
Gono questions Mugabe's fuel plan
Zimbabwe central bank governor, Gideon Gono, has warned the government of Robert Mugabe, the country's president, that its plan to ban private fuel purchases in foreign currency could provide a further drag on the world's fastest shrinking economy.
Further rate rise in China
The People's Bank of China has raised its key benchmark bank lending and deposit rates by 27 basis points. It was the third rate hike of the year in the booming economy.
Brash enters Kiwi fracas
Don Brash, the former governor of the Reserve Bank of New Zealand, has entered the ongoing debate about the relations between the central bank and the ministry of finance.
ECB calls for new debit card schemes
The European Central Bank (ECB) would like to see the emergence of new debit card schemes to rival the dominance of Maestro.
Interim board for new Qatari watchdog by December
Qatar's finance ministry will appoint an interim board to manage the proposed single financial sector regulator by December this year.