News
NY Fed to host credit derivatives powwow
The Federal Reserve Bank of New York is to hold a meeting with major banks to discuss issues in the credit derivatives market in September.
Fazio faces strike ultimatum
The union representing the majority of staff at the Bank of Italy has threatened to call a strike unless Antonio Fazio, the central bank's governor, resigns over the Antonveneta affair.
Filipino rates unmoved despite inflation threat
The Philippines central bank held interest rates steady at its August monetary policy meeting, despite inflation which is expected to be above-target in 2005 and 2006.
Brazil looks to strengthen AML regime
A bill has been presented to the Brazilian Congress which would bolster anti money laundering rules and give the central bank more control over transactions.
Sweden leaves interest rate unchanged
The Swedish Riksbank kept the repo rate unchanged at 1.5% at its meeting on 23 August. CPI inflation remains low at 0.3% in the year to July, but it is expected to return to the target level of 2% over the next two years.
Nigeria in record forex sale
The Central Bank of Nigeria offered $500 million to banks in the foreign exchange market on 23 August, in its largest ever sale of foreign exchange.
China legislates to protect foreign CB assets
The Chinese government is considering legislation which would exempt the assets of foreign central banks from judicial enforcement, according to the China Daily.
Mboweni downplays loan-to-Zimbabwe stories
Tito Mboweni, governor of the South African Reserve Bank (SARB), yesterday told journalists that the size of the loan to the Zimbabwean government that South Africa was considering was "nowhere near" the US$1 billion mark previously reported in the press.
Bank of England to cut financial stability staff
The Bank of England is planning to restructure the division which monitors financial stability, according to a report in the Daily Telegraph. The move could see the elimination of about 20 of the 150 jobs in the department.
The FSA sharpens its claws
The UK Financial Services Authority has signed a new agreement with the City of London police, which enhances its ability to pursue corporate criminals.
Iraq's first Article IV for 25 years
The IMF has issued its first Article IV report on Iraq in 25 years. It reports that economic activity in Iraq has grown significantly in 2004, but that inflation has also been higher than expected at 37% for the year to June, compared with estimates of…
Bank of Italy slaps down investigation story
The Bank of Italy issued its second official statement since the transcripts of Governor Fazio's conversations were leaked to the media; this time, a one-line response to an article in the Corriere della Serra, an Italian daily.
RBI eyes Saturday mornings off
The Reserve Bank of India is considering a proposal to change its working hours, by scrapping weekend work and moving to a five-day working week.
National Bank of Ukraine berates banks
The National Bank of Ukraine has issued a strongly worded warning against to domestic banks engaging in "improper conduct" in foreign exchange markets.
Zimbabwe teeters on the edge of Fund exit
Zimbabwe's deteriorating economy means it faces the risk of expulsion from the IMF, as a team from the Fund arrived on August 22 ahead of the September meeting at which a decision will be made.
Hungary continues to cut rates
The National Bank of Hungary cut its key interest rate on 22 August for the seventh time in 2005, from 6.75% to 6.25%. The 50 basis point cut was the latest in a cycle of decreasing rates which began in November 2003, and was larger than markets were…
Privatisation plans fall short - Serb central bank
The National Bank of Serbia warned the government against reneging on its IMF commitments, in a press release issued on August 19 which criticised the government's progress in privatising the oil industry.
Australia grants access to Visa Debit System
Australia's Payment System Board, which makes payment system regulation and is chaired by Ian Macfarlane, the RBA's governor, decided to impose an access regime on the Visa Debit System in Australia.
Fears over narrow inflation targets
Wolfgang Munchau criticises overemphasis on inflation targets in a column in the Financial Times. Inflation targets have done good work in bringing down inflation and inflation expectations, he says, but with that battle won, perhaps they are no longer…
Kohn to replace Gramlich on loan guarantee boards
Federal Reserve Board Chairman Alan Greenspan on Wednesday 17 August named Governor Donald L. Kohn to replace Governor Edward M. Gramlich as the Chairman's designee on four federal loan guarantee boards, effective 1 September.
Greenspan's marriage proposal - 'so oblique'
A recent interview with Fed chairman Alan Greenspan's wife revealed a few details on the maestro.
Italy's Fazio to quit, but may take a while
An article published this week says Bank of Italy Governor Antonio Fazio will eventually yield to the relentless pressure on him to resign, but it may not happen for some time. One reform that seems almost sure to emerge from the affair is the…
China's 'visionary' Zhou leads yuan float push
An article published on Wednesday 17 August looks at People's Bank of China governor Zhou Xiaochuan in depth. He was a visionary on yuan reform long before it became a global issue, it says, and moved steadily up the banking and finance hierarchy through…
Argentina's central bank deputy dismissed
Argentine President Nestor Kirchner has removed central bank vice-president Ricardo Branda from office. Branda is under formal investigation for alleged corruption.