News
Basel Committee announces reform plans
The Basel Committee on Banking Supervision is set to revise elements of its Basel II framework as part of a raft of measures aimed at enhancing stability in the wake of the subprime turmoil.
Indian inflation "unacceptably high": Reddy
Y.V. Reddy, the governor of the Reserve Bank of India, has said that the institution is ready to act on inflation, which hit a fresh three-year high at the end of March.
Former NY Fed chief to author report on crunch
Gerry Corrigan, a former head of the New York Federal Reserve now a managing director at Goldman Sachs, an investment bank, is to lead a study on the current turmoil.
Zoellick urges action on rise in food costs
Robert Zoellick, the president of the World Bank, has called on governments to act on surging food prices now.
SWF to manage India's FX reserves?
Part of India's foreign exchange reserves, owned by the central bank, could be better managed by a sovereign wealth fund, Y.V Reddy, the governor of the Reserve Bank of India, said on Monday.
Little demand for BoE cash
Bids for £15 billion-worth ($29.4 billion) of three-month loans from the Bank of England only just exceeded the amount on offer in spite of strong tensions in sterling interbank markets.
Carney comments indicate Canadian rates to fall
Expectations of further rate cuts in Canada rose on the back of comments made by Mark Carney, the governor of the central bank.
China's Zhou hints at further hikes
Zhou Xiaochuan, the head of the People's Bank of China, signalled that the central bank was set to make its seventh successive rate hike.
Fiji central bank doubles profit
The Reserve Bank of Fiji made a profit of over F$20m ($13.4m) last year, almost double the amount made in 2006.
EU open to sovereign wealth funds
Europe is, and wants to remain, open to sovereign wealth fund investments, said David Wright, a deputy director general, DG internal markets and services, at the European Commission.
G7 backs FSF recommendations
Central bank governors and finance ministers from seven of the world's leading economies have welcomed the Financial Stability Forum's (FSF) regulatory response to the credit crunch and are set to implement several of its recommendations by the end of…
Kenya calls on bankers to disclose loan costs
The Central Bank of Kenya is to ask banks to provide a greater deal of clarity on borrowing costs.
Israel puts plastic notes into circulation
The Bank of Israel on Sunday introduced its first polymer banknote.
Factory-gate inflation rise compounds BoE's woe
Producer prices in the UK leapt to 6.2% for the year to March, the highest rate since 1991.
Eurozone must avoid price spiral: France's Noyer
Christian Noyer, the governor of Banque de France, warned policymakers that the current wave of above-target inflation must not lead to a price and wage spiral.
SA's Mboweni braves political pressure, hikes rate
Tito Mboweni, the governor of the South African Reserve Bank, reaffirmed his commitment to the central bank's inflation target on Thursday, raising rates by half a point to 11.5% in the face of intense political pressure.
Crisis "nothing like" Great Depression: Bernanke
Ben Bernanke, the chairman of the Federal Reserve and a scholar on the Great Depression, has rebuked suggestions that the current financial climate is similar to that of the 1930s.
Iceland raises rates again
The Central Bank of Iceland hiked rates by half a point on Thursday. The move follows an emergency 125 basis point rise a fortnight ago.
Prague backs CNB on move to halt koruna's rise
The Czech government will divert its foreign exchange income from currency markets, on the advice of the country's central bank, which is keen to temper the appreciation of the koruna.
Peru unexpectedly raises rates
The Central Bank of Peru surprised markets on Thursday by backing a 25 basis-point hike and raising the reserve requirement for foreign and domestic currency holdings.
RBI calls for better banking
Shyamala Gopinath, a deputy governor at the Reserve Bank of India, called on banks to improve their standards of customer service.
Crisis worst shock since Great Depression: IMF
The International Monetary Fund (IMF) warned that the US subprime fallout has precipitated the largest financial crisis since the Great Depression and that there is a 25% chance that it will cause a full-blown global recession.
Indonesian governor detained
Burhanuddin Abdullah, the governor of Bank Indonesia, has been detained at police headquarters by the country's anti-corruption agency, Komisi Pemberantasan Korupsi (KPK), a day after parliament approved economics minister Boediono as the next central…
Old Lady lowers rates to 5%
The Bank of England's Monetary Policy Committee (MPC) cut rates by a quarter point to 5% on Thursday.