News
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.
Brazil makes 17th consecutive rate cut
Brazil's central bank made its 17th consecutive cut in the overnight lending rate on July 18, as inflation continued to be kept in check by the strong exchange rate.
Turkey's reserves hit record high
The Turkish central bank announced on Thursday that its foreign currency reserves had reached a new record level of $118bn on July 6.
FSA urged to take on retail banking regulation
John Tiner, who leaves the UK's Financial Services Authority (FSA) today after four years as chief executive, told an annual meeting that the oversight of retail banking should be consolidated, as the reasons that had led to a separate code were no…
Rate tightening agreed by Polish cb in June
At its most recent meeting, Poland's central bank agreed that rate tightening in the future was necessary, although the bank's policymakers were split over when a move should occur.
Mixed message from Bernanke
Testimony today from Ben Bernanke, the chairman of the Federal Reserve, before the House of Representatives Committee on Financial Services gave a somewhat mixed message as he predicted that while he expects economic growth to pick up slightly next year…
BoE minutes show rate rise split
The Bank of England's Monetary Policy Committee (MPC) voted 6 to 3 to raise interest rates this month, according to the minutes of the July meeting published today. Kate Barker and Paul Tucker voted with the governor, Mervyn King, in favour of a rise of…