News
Bank of England committee unanimously backed cut
All nine members of the Bank of England's monetary policy committee voted in favour of cutting rates to 5.5% earlier this month, minutes published on Wednesday reveal.
Federal Reserve hardens rules on subprime lending
The Federal Reserve on Tuesday issued a set of proposals for firmer regulations on subprime lending practices aimed at protecting consumers from unfair and deceptive home mortgage lending and advertising.
China SWF invests $5 billion in Morgan Stanley
The China Investment Corporation (CIC) became the latest sovereign wealth fund to capitalise on commercial banks' subprime losses on Wednesday, injecting $5 billion into Morgan Stanley, an American financial services group. The deal could lead to CIC…
Central bank injections reduce borrowing costs
Central banks' attempts to narrow the spread between their benchmark and money market rates by offering funds at attractive costs have met with some success.
Riksbank holds rates at 4%
The Riksbank's rate-setting board voted on Wednesday to keep its benchmark repo rate at 4% despite higher-than-predicted inflation.
ECB adds an extra €170 billion
The European Central Bank (ECB) on Tuesday injected about €170 billion-worth ($245 billion) of extra funds into eurozone money markets after saying on Monday night that it would offer eurozone banks an unlimited amount of two-week loans at below…
Banks take Old Lady's money
The Bank of England's adoption of a new auction method for open market operations met with success on Tuesday as all of the available funds were allocated.
Canada needs a single securities law, says Dodge
David Dodge, the outgoing governor of the Bank of Canada, said on Monday that a single securities law was needed for Canadian companies to compete.
Slovakia holds rates at 4.25%
The National Bank of Slovakia's rate-setting board on Tuesday opted to keep the benchmark limit rate for two-week repo tenders at 4.25%.
Only banks can fully solve lending problem: King
No amount of central bank liquidity can bring interbank rates back down to normal levels, Mervyn King, the governor of the Bank of England, said on Tuesday.
Old Lady denies reports of government criticism
The Bank of England countered reports published over the weekend that an unnamed senior Bank of England official had said low government morale was blocking plans for a fundamental overhaul of the financial regulatory system.
Near-record inflation forces Oman to limit lending
The Central Bank of Oman upped banks' reserve requirement ratio on Sunday in a bid to curb rampant inflation.
RBNZ set to regulate insurance industry
The Reserve Bank of New Zealand on Monday became responsible for regulating all life, health and general insurance providers.
Hungary holds rates at 7.5%
The National Bank of Hungary's rate-setting council voted on Monday to keep its benchmark base rate at 7.5%.
Greenspan warns of stagflation risk
Alan Greenspan, a former chairman of the Federal Reserve, warned on Sunday that the United States economy was exhibiting the first signs of stagflation.
UK's inflation expectations reach eight-year high
Britons' inflation expectations rose to the highest level for eight years in November, the Bank of England's Inflation Attitudes Survey has revealed.
Chile surprises with decision to hike rates to 6%
The Central Bank of Chile's rate-setting board voted to raise the monetary policy interest rate unexpectedly by 25 basis points to 6% on Thursday.
Numbers of central bankers continue to rise
The 2008 edition of Central Banking Publications's Central Bank Directory, the annual guide to the world of central banking, estimates the number of central bankers in the world at 348,865, a marginal 0.2% increase over last year. This maintains last…
Turkey slashes policy rate to 15.75%
The Central Bank of the Republic of Turkey's rate-setting committee voted on Thursday to cut its benchmark overnight interest borrowing rate from 16.25% to 15.75%.
Kenya leaves rates at 8.75%
The Central Bank of Kenya's rate-setting committee voted on Thursday to hold the benchmark Central Bank Rate at 8.75%.
Officials praise central bankers' collaboration
Central bankers and politicians across the globe offered swift and unanimous approval for Wednesday's concerted effort to inject liquidity in a bid to counter dogged interbank tensions.
Joint effort failing to counter interbank tension
Interbank rates stayed high and markets plummeted on Thursday in spite of the collective action launched by five of the most powerful central banks on Wednesday.
Chinese monetary policy "influenced by US cuts"
Zhou Xiaochuan, the governor the People's Bank of China, said that the recent rate cuts by the Federal Reserve, together with rising domestic consumer prices, would have "considerable influence" over Chinese monetary policy.
UAE governor wants to stay on
Reports that Sultan Nasser al-Suweidi, the governor of the Central Bank of the UAE, was planning to step down when his four-year term ends next week, to be replaced by Saeed Mubarak Rashid al-Hajeri, chairman of Abu Dhabi Commercial Bank, have been…