News
Madigan appointed as key aide to Bernanke
The Federal Reserve Board yesterday named Brian F. Madigan as the chief adviser on interest rates to its chairman, Ben Bernanke.Madigan will take over as director of the division of monetary affairs on 23 July.
New Mexican deputy governor confirmed
Roberto del Cuerto has been approved by the Mexican congress to become one of the central bank's four deputy governors. He will fill a position on the bank's monetary policy board which has been vacant for some months.
Bank of Thailand intervenes to weaken baht
The Bank of Thailand, the country's central bank, announced on 5 June that it has intervened in the currency market in an attempt to slow down the rise of the baht, the national currency.
Bank Indonesia cuts benchmark interest rate
Bank Indonesia, the country's central bank, has cut its benchmark interest rate by a further 25 basis points to 8.25%, the governor Burhanuddin Abdullah announced on 5 July.
Bank of England raises bank rate by 0.25%
The Monetary Policy Committee (MPC) of the Bank of England voted on 5 July to raise the official bank rate by 0.25% to 5.75%. The previous change in bank rate was an increase of 0.25% to 5.5% on May 10 this year.
New head at Canadian regulator
Jim Flaherty, the Canadian finance minister, has announced the appointment of Julie Dickson as the new head of the country's financial services regulator, the Office of the Superintendent of Financial Institutions (OSFI).
Former BaFin employee guilty of embezzlement
A German court has found a former employee of BaFin, Germany's top financial markets regulator, guilty of embezzlement. The employee, whose name was not disclosed, was yesterday sentenced to six years in prison.
ECB leaves rates on hold
After leaving interest rates unchanged on 5 June, European Central Bank (ECB) president, Jean-Claude Trichet, signalled that the central bank will hike rates again later this year.
No change in Australian interest rates
The Reserve Bank of Australia has left interest rates unchanged at 6.25%, where they have remained since November 2006. The decision was widely expected.
FSA report pans sub-prime lenders
A report issued by the Financial Services Authority (FSA) in the United Kingdom adopts a highly critical stance with respect to sub-prime mortgage lenders and advisers. The report says that these parties have failed in their responsibilities to…
Russian inflation at 5.7% in first half of year
Sergei Ignatyev, the chairman of the Central Bank of Russia, said on 4 July that inflation in the consumer price index (CPI) amounted to 5.7% in the period January-June this year. Ignatyev's comments came during a testimony before parliament.
Dubai watchdog issues hedge fund code
The Dubai Financial Services Authority (DFSA) has published a draft Hedge Fund Code for public comment. A consultation paper and a copy of the draft code were made available on the DFSA's website on 4 July.
Unexpected June price rises in Chile
Consumer prices in Chile rose 0.9% in June, representing their biggest monthly rise since September 2005. Food and housing costs were largely responsible for the shock.
No challenge to European at IMF - Paulson
The American Secretary of the Treasury, Henry Paulson, says the United States will not challenge the long-standing tradition of allowing European countires to select the new managing director of the International Monetary Fund.
PBoC continues moderate tightening
The People's Bank of China, the country's central bank, has re-affirmed its decision to tighten monetary policy "moderately" in order to control the growth of lending and investment and prevent the economy overheating.
Mauritius raises rates to 9.25%
The Bank of Mauritius, the country's central bank, announced on 30 June that it had raised its key repo rate by 75 basis points to 9.25% with effect from 2 July. The decision came after the third meeting of the central bank's Monetary Policy Committee …
Bank of Thailand urged to cede supervisory role
Chodechai Suwanaporn, a director of Thailand's Fiscal Policy Office, told a conference at Thammasat University on 3 July that the roles of bank supervision and reserve management should be separated from the Bank of Thailand.
New acting governor for Nepalese central bank
The government of Nepal has appointed Krishna Bahadur Manandar as the acting governor of Nepal Rastra Bank, the country's central bank. The temporary appointment comes after the suspension of governor Bijayanath Bhattarai.
Keeping rates low in Japan "could hurt growth"
Two members of the board of the Bank of Japan have dropped strong hints that the central bank is very much in tightening mode, suggesting that a continuation of low interest will hurt the economy.
Another rate hike in prospect in Poland
The Polish finance ministry has forecast that inflation in June will top the central bank's 2.5% target for the first time in over two years, making a rate rise more likely to ease growing price pressures in the fast-growing economy.
Business sentiment remains upbeat in Japan
The latest edition of the Bank of Japan's widely-followed Tankan business sentiment poll, published on 2 July, shows that businesses remain upbeat about the country's economic prospects.
Olmert ends Bank of Israel's wage dispute
Ehud Olmert, the prime minister of Israel, managed to push through a new wage agreement for the Bank of Israel before relinquishing the finance ministry role he has held in a temporary capacity.
Nepal's central bank governor "suspended"
Bijay Nath Bhattarai, the governor and chairman of Nepal Rastra Bank, the central bank of Nepal, is reported to have been suspended from these positions.
Korea's CPI rises 2.5% in a year
South Korea's consumer price index (CPI) rose to within the central bank's inflation target in June, according to preliminary figures from the country's National Statistical Office.