News
Saccomanni linked to Bank of Italy governorship
Reports emerge of deal between government and central bank to promote Bank of Italy director-general Fabrizio Saccomanni to governor role
Two economists mooted for seat on Fed board
Jeremy Stein and Richard Clarida are being considered for terms on the Federal Reserve board of governors in a bipartisan effort from US lawmakers, writes Blair Baker
Iran says US sanctions on central bank are ‘unfounded’
Central Bank of Iran governor Mahmoud Bahmani denies US will impose sanctions on central bank; says measures would be “unfair”
Kocherlakota speaks out against Fed decision
Minneapolis Fed president Narayana Kocherlakota says rising inflation and lower unemployment in economy did not warrant change in Fed language; says measure constitutes monetary easing
Swiss franc falls on euro peg talk
Swiss franc loses 6.7% against the euro and 6.1% against the dollar as markets digest comments by Swiss National Bank vice chairman Thomas Jordan
Banks blame complexity for slipping tri-party reform targets
Reforms to $1.59 trillion tri-party repo market are set to miss industry deadlines, and could now spill into 2012
Norway’s SWF hit by equity slump
Norwegian Government Pension Fund Global reports small gain as fixed-income investments make up for decline in equity portfolio
Bank of Finland hosts art exhibition
Central bank invited public to view pieces from its extensive art collection; members of the BoF's art club act as guides
Chancellor calls UK bond market a ‘safe haven’
Chancellor of the exchequer George Osborne says decline in gilt yields and credit default swaps signal flight to safety of UK bonds
Cyprus edges closer to ‘junk’ rating
Fitch Ratings lowers Cyprus rating to BBB; outlook negative
Denmark reopens temporary collateral facility
National Bank of Denmark expands collateral framework to include shares of 12 listed companies; 20% haircut will be applied to assets
Riksbank increases outreach efforts
The Riksbank is increasing surveillance of funding markets and interbank markets; talks intensify with domestic banks and other central banks
Lithuania bucks trend to instead predict higher economic growth
Bank of Lithuania predicts higher economic growth in 2011; Mexico joins UK in lowering forecast
Fed spat over timeline for low rates
Target for federal funds rate kept at 0%-0.25% range until "at least" 2013; three committee members wanted ambiguous wording used on timescale
BoE offers gloomy UK growth outlook
Bank of England revises downward gross domestic product forecast for 2011 to 2% after “sluggish growth” outlook; governor Mervyn King says future commitment to low interest rates is not an option
Switzerland takes further action to weaken the franc
Swiss National Bank acts again to try and stem appreciation; says it remains poised to take further measures
Chinese inflation hits new high
The National Bureau of Statistics says consumer price inflation in China rose to 6.5% in July, its highest level since June 2008
Former Bank of Thailand deputy governor named finance minister
Thirachai Phuvanatnaranubala becomes new finance minister; served as deputy governor at central bank
Nigeria unveils payments system overhaul
Payments system faces complete overhaul in 2012; aim is to reduce reliance on cash
Bank Negara Malaysia deputy governor passes away
Mohd Razif bin Abd Kadir dies; served the central bank for 35 years
RBI governor Subbarao’s term extended
Prime minister approves two-year extension to Duvvuri Subbarao’s term as central bank chief
Fed’s international finance division director leaves
Nathan Sheets leaves the Federal Reserve after 18 years; Steven Kamin to step in as acting director
Bond markets rally as ECB moves on Italian and Spanish debt
Yields on Italian and Spanish debt fall as European Central Bank signals it will actively implement its bond purchase programme
Dollar falls on S&P downgrade
Standard and Poor’s makes unprecedented move by becoming the first ratings agency to downgrade the US credit rating; gold hits record high as dollar falls