News
Former World Bank chief moves to Citigroup
Citigroup said this week that James D. Wolfensohn, 71, who left as president of the World Bank last spring after 10 years at the helm, would serve as a global strategy adviser to senior management and clients.
Further rapid fx reserve rise undesirable - PBOC
A further rapid increase in Chinese foreign exchange reserves is undesirable, an official with the People's Bank of China told Market News.
Kosovo to establish central bank by end of 2006
The Banking and Payment Authority of Kosova will be transformed into the Central Bank of Kosovo by the end of next year, the BPK and the Ministry of Economy and Finance were quoted as saying by KosovaLive.
Markets well prepared for rate hike says Stark
Bundesbank Vice-President Juergen Stark said in an interview on Friday 4 November financial markets are well prepared to digest an interest rate hike by the European Central Bank.
Greenspan questions gold holding, notes usefulness
In testimony to Congress on Thursday 3 November Alan Greenspan said why the Fed holds gold is a very interesting question and it's one that has been debated at length on rare occasions within government.
New deputy governor appointed to ECCB
Trevor Brathwaite, Permanent Secretary, Ministry of Finance, International Financial Services and Economic Affairs, St Lucia, was appointed Deputy Governor of the Eastern Caribbean Central Bank (ECCB) this week.
Trichet says ECB ready to raise rates when needed
European Central Bank president Jean-Claude Trichet said Thursday 3 November that the ECB stands ready to raise interest rates whenever this becomes necessary.
PBOC adviser calls for more yuan flexibility
China should allow greater flexibility in the yuan's exchange rate, an influential economist and adviser to China's central bank said in comments published on Wednesday 2 November.
China's current growth rate 'reasonable'
China's economy has already achieved its long-awaited landing and current growth rates around 9 percent are reasonable, the central bank's chief economist said on Wednesday 2 November.
RBNZ chief may raise rates until it 'hurts'
Reserve Bank of New Zealand governor Alan Bollard said in a radio interview he is willing to raise interest rates ``in a way that really hurts,'' to stop people thinking they can keep borrowing money to spend.
Russia's gold, fx reserves exceed foreign debt
The Central Bank of Russia's gold and foreign currency reserves considerably exceed the state foreign debt and total more than $150 billion, President Vladimir Putin has said.
Fed raises rates, maintains 'measured' pace
The Federal Open Market Committee decided on Tuesday 1 November to raise its target for the federal funds rate by 25 basis points to 4 percent. In its statement the FOMC kept its 'measured' stance for removing policy accommodation and warned that energy…
BCCI liquidators drop 'hopeless' court case
The case brought by the liquidators of the Bank of Credit and Commerce International against the Bank of England and 22 of its present and former staff collapsed on Wednesday 2 November when all the allegations were unconditionally withdrawn at the High…
Norges Bank increases interest rates by 0.25%
Norges Bank's Executive Board decided on Wednesday 2 November to raise the sight deposit rate by 0.25 percentage point to 2.25 per cent with effect from 3 November. Output growth is high and may in isolation suggest a more rapid increase in the interest…
IMF wants more accountable Bank of Italy
The International Monetary Fund said on Wednesday 2 November that the Italian government should toughen up a draft reform of the Bank of Italy to make the central bank more transparent and accountable.
SNB maintains policy of 'correcting' rates
Switzerland's central bank will stick to its goal of "correcting" the country's main interest rate to keep inflation from accelerating, Swiss National Bank President Jean-Pierre Roth said Wednesday 2 November.
Japan's Yosano says stable long-term rate critical
Kaoru Yosano, Japan's newly appointed state minister for economic and fiscal policy, said that keeping long-term interest rates stable at low levels is vital to the success of fiscal and budget reforms.
PBOC to expand yuan settlement operations in HK
China's central bank will allow expanded yuan-denominated business in Hong Kong after technical preparations are completed, the People's Bank of China said on Tuesday 1 November.
'We will act' on inflation if needed says Trichet
The European Central Bank sees clear signs that inflation will rise in Europe, president Jean-Claude Trichet told Euro am Sonntag.
SADC economic integration timetable questioned
Southern Africa will be unable to realize its economic integration plans by 2012 if the current pace of implementation is not increased, a senior South African official warned on Monday 31 October.
Fed expected to raise rates again
The Federal Reserve was widely expected to raise US interest rates on Tuesday 1 November, as the American economy continues strong growth.
Russia, China set to sign banking agreement
The Russian central bank and the Chinese Banking Regulatory Commission are expected to sign an agreement during the visit of Russian Prime Minister Mikhail Fradkov to China on 3-4 November.
Venezuela's Chavez plans $5 bn reserves spend
Venezuelan President Hugo Chavez said in a TV broadcast that he plans to take an additional $5 billion in reserves from the central bank next year in order to boost spending on various projects.
PBOC issues new rules on electronic payments
The People's Bank of China has issued new rules regarding electronic payments designed to minimize transaction risk.