News
Embattled King blames legislation for reticence
Mervyn King, the governor of the Bank of England, says the central bank is "hemmed in" by legislation, which "made it almost impossible for us to act as a lender of last resort in the way that I would prefer."
Fed unveils new $5 bill
The Federal Reserve, the American central bank, today unveiled a new, more secure design for the $5 banknote that will be issued and enter circulation in early 2008. A new $100 bill will follow.
Taiwan raises interest rates again
Taiwan's central bank raised its key interest rates by a further 12.5 basis points, after an increase of 25 basis points in June. The move brings the discount rate to 3.25%.
New assurances from Bernanke and Paulson
Ben Bernanke, chairman of the Federal Reserve, told the American Congress today that "significant market stress" had been caused by the credit crisis, but reiterated his assurances that regulators would move to curb fallout from the subprime mortgage…
Dollar drops to record lows against the euro
The dollar fell today to record lows through the $1.40 level against the euro. The American currency continued its slide after the Fed cut interest rates by 50 basis points earlier this week.
Bollard defends monetary policy framework
Alan Bollard, the governor of the Reserve Bank of New Zealand said yesterday that if the central bank were to aim for exchange rate stability the price to be paid would be big swings in interest rates.
New deputy governors for Bank Indonesia
Jakarta's local business newspaper, Bisnis Indonesia, has reported the appointment of two new deputy governors for Bank Indonesia, the country's central bank.
November for Poland's next rate rise?
Marian Noga, a policymaker at Poland's central bank, said in an interview that it is likely the bank will next raise rates in November with two hikes in the new year.
Japan keeps rates on hold
The Bank of Japan's monetary policy board decided to keep rates on hold at 0.5%.
Knut Kjr quits Norway's oil fund
Knut Kjr announced his resignation as head of Norges Bank Investment Management (NBIM), which manages the country's oil-fuelled $330 billion pension fund and the bulk of the central bank's forex reserves.
Former Fed governor seeks gainful employment
In his memoirs, The Age of Turbulence, Alan Greenspan presents himself very much as a global leader; he hobnobs with former UK prime ministers Margaret Thatcher and Tony Blair, features the current prime minister, Gordon Brown, the president of China,…
Bank of England backtracks on money market tactics
In a remarkable about-turn, the Bank of England yesterday moved to inject liquidity into the longer-term money market by announcing plans to provide funds at three-month maturity against a wide range of collateral, including mortgages.
Bernanke's boost for global stock markets
Shares around the world surged on news of the Fed's half-point cut in interest rates.
Bank funding: gone in 15 seconds?
Bank runs, once triggered, are set to become much quicker and less controllable in future.
Bank of England fights to restore financial order
The Bank of England has today lent £4.4bn ($8.8bn) of "exceptional" funds at its benchmark interest rate of 5.75% and says that it will offer the same amount on September 20 in seven-day debt.
Central banks are "just doing their job": Noyer
Christian Noyer, the governor of the Bank of France and a member of the governing council of the European Central Bank (ECB), made a strong defence of recent actions by central banks.
Treasury Committee calls for more MPC transparency
A report from the UK parliament's Treasury Committee, published Tuesday, says that the Bank of England should disclose how members of its rate-setting Monetary Policy Committee (MPC) voted at the same time as it announces its interest rate decisions.
Croatia allows German bank to operate again
Croatia's central bank has given permission for Bayerische Landesbank (BayernLB) to operate in the country again.
Latvia leaves rates unchanged
The Bank of Latvia decided on 13 September to leave key interest rates unchanged, with the refinancing rate remaining at 6%, overnight loans at 7.5% and the overnight deposit rate at 2%.
Fed cuts rates by half a point
The Federal Reserve cut interest rates by 50 basis points at its Tuesday meeting in a bid to limit the impact of recent financial turmoil on the economy.
Bank of England bails out Northern Rock
The governor of the Bank of England, Mervyn King, is coming under increasing criticism over his handling of the crisis.
Bank funding for buyer of Northern Rock?
The Bank of England's emergency facility to Northern Rock will still be available to any buyer of the ailing bank, it was confirmed today.
Overnight UK rates jump
On Monday, overnight sterling lending rates briefly hit levels not seen in over six years,reported Reuters, as the deepening crisis surrounding Northern Rock sparked a scramble among banks for immediate access to cash.
The Maestro defines a bubble
At last we know what a bubble is. Alan Greenspan, who never used the dreaded word while in office to refer to market conditions, always insisted on talking about "froth" in markets.