News
Bank of Japan stays put
The Bank of Japan left its benchmark interest rate unchanged at 0.5% on Thursday. Only one board member, Atsushi Mizuno, opposed the decision and voted for a rate rise.
Korea raises rates to tame money growth
The Bank of Korea lifted raised interest rates by a quarter percentage point to 4.75% on 12 July. It was the first increase in Korean rates since August 2006.
Twin move leaves Philippine policy "neutral"
The Philippine central bank announced a sharp reduction of rates from 7.5 to 6% on 12 July. The move was, however, accompanied by the abolition of a policy of paying lower interest on large deposits with the central bank.
Draghi sees more efficiencies from bank mergers
Mario Draghi, the governor of the Bank of Italy, says the market expects further savings as banks in Italy consolidate. Speaking at the meeting of the Italian Banking Association in Rome on 11 July, Draghi said savings would come from unifying IT systems…
Central bank sees "soft landing" for Irish housing
With Ireland's economy set fair, the property market is heading for a soft landing, says John Hurley, the governor of Ireland's central bank.
Expectations not perfectly anchored, says Bernanke
Ben Bernanke, the chairman of the Federal Reserve, says inflation expectations in the United States remain "imperfectly anchored", even if they seem much better anchored now than they were a few decades ago.
Euro appreciation reflects strength, says Stark
Jurgen Stark, an executive board member of the European Central Bank (ECB), says the euro's recent appreciation to a record high against the dollar reflects the strength of the region's economy.
Venezuela launches two-pronged inflation attack
Venezuela's central bank is raising interest rates and reserve requirements for banks in an effort to stem inflation. "These measures seek to provide incentives for national saving and adjust liquidity levels, with the goal of growing in a more stable…
Million-dollar-a-minute growth in Chinese reserves
The People's Bank of China accumulated foreign exchange reserves at an average rate of just over $1 million per minute in the first six months of 2007. The central bank said on 11 July that reserves had grown by $266.3bn to $1.33 trillion between January…
Bank of Canada raises raises rates to 4.5%
The Bank of Canada has raised interest rates by 25 basis points despite its currency's recent appreciation again the US dollar which has taken it to its strongest level in 30 years against the greenback. The Bank of Canada said economic growth and…
Gieve says more to be done to hit inflation target
For the second time in as many weeks, John Gieve, the deputy governor of the Bank of England, has suggested that the central bank's Monetary Policy Committee (MPC) has not done enough to bring inflation back to its 2% target.
Malaysian ringgit not misaligned: Dr Zeti
The ringitt, Malaysia's national currency, is not misaligned and reflects fundamentals in the economy, said the governor of Malaysia's central bank, Dr Zeti Akhtar Aziz.
Strauss-Kahn gets EU boost for top Fund job
Dominique Strauss-Kahn, the former French finance minister, looks set to become the next managing director of the International Monetary Fund (IMF) after receiving the support of the finance ministers of the European Union (EU). The current managing…
"Properly manage" baht says Thai finance minister
Thailand's finance minister directed the central bank to "properly manage" the baht, as the currency hit a ten-year high against the dollar.
New French candidate for IMF emerges
A former finance minister of France, Dominique Strauss-Kahn, has emerged as one of the early favourites to become the next head of the International Monetary Fund (IMF). The current managing director, Rodrigo de Rato, announced last month that he would…
New non-executive directors for Bank of England
Roger Carr and Susan Rice have been appointed as non-executive directors of the Bank of England, replacing Sir Graham Hall and Mary Francis.
French honour for Maltese central bank governor
Governor of the Central Bank of Malta, Michael Bonello, has been awarded the Officier de la Legion d'Honneur by the French government.
China's Wu Xiaoling cool on asset prices
The People's Bank of China, the country's central bank, will not use monetary policy directly to target stock market or real estate prices, deputy governor, Wu Xiaoling, said on 7 July.
Pension overhaul at the Bank of England
The Bank of England has traditionally had a generous final salary pension scheme, but it is now reported that it intends to close the scheme and raise the retirement age of new staff from 60 to 65.
South African reserves approach $26 billion
The South African Reserve Bank has announced that net gold and foreign exchange reserves rose last month to $25.94bn from $28.28bn at the end of May. The central bank said gross reserves were up at $28.28bn from $27.85bn the previous month, and net…
Peru's interest rates at six-year high
The Central Bank of Peru unexpectedly raised its reference rate to 4.75% from 4.5% on 5 July, as strong economic growth, boosted by domestic demand and metal exports, threatened rising inflation. The central bank said that the move was "preventative",…
Deputy chief of Korean watchdog cleared
Kim Jung-Hoe, a deputy chief of South Korea's financial regulator, the Financial Supervisory Service, has been cleared by a court of receiving bribes from a businessman.
Balkan central banks agree on regulation framework
The central banks of six Balkan countries and Cyprus on Friday have agreed on a framework of regional cooperation to improve banking supervision, streamline operations and help fight money laundering and the financing of terrorism.
Central banker to head Agricultural Bank
The deputy governor of the People's Bank of China, Xiang Junbo, has been appointed president of the state-owned Agricultural Bank of China, to deal with the bank's $99bn in bad debt and take it public.