News
BoE holds rates, aids markets
The Bank of England voted on Thursday to keep the base rate at 5.75% after offering the previous day to inject extra funds into the money markets next week if liquidity problems persist.
ECB holds rates, offers injection
The European Central Bank (ECB) decided Thursday to keep its benchmark rate at 4%, after promising extra liquidity to the markets Wednesday.
Ex-Fed governor Gramlich dies
Former Federal Reserve governor Edward Gramlich has died of leukemia. He was 68. Gramlich served the Fed from 1997 to 2005.
Bank of Canada holds rates
The Bank of Canada said on 5 September that it is maintaining its target for the overnight rate at 4.5%. The operating band for the overnight rate is unchanged, and the bank rate remains 4.75%.
Credit crunch has "sown seeds of downturn"
Jon Moulton, a well-known private equity investor, said that the credit crunch had " sown the seeds of a major downturn," the Financial Times reported.
OECD sings praises of central banks
Jean-Philippe Cotis, the chief economist of the OECD, had warm words for central banks Wednesday when he presented the organisation's interim assessment of the global economy in between the spring and autumn editions of the Economic Outlook.
Fed's Lacker "unconvinced" of need for cut
Jeffrey Lacker, the president of the Richmond Federal Reserve intimated that he was not yet convinced of the necessity for a cut in the Fed's overnight policy rate, and said that, although he would back a cut if necessary, he remained wary of inflation.
Israel launches same-day clearing system
The Bank of Israel launched its real-time gross settlement system (RTGS) for bank transfers on 3 September. This is part of the central bank's reforms of Israel's payment and clearing systems.
Australia keeps benchmark rate unchanged
As widely expected, the Reserve Bank of Australia left its overnight cash rate target unchanged on Wednesday at an 11-year high of 6.5%. The central bank had previously raised borrowing costs on 8 August, the first move since November last year.
Thailand encourages e-payment
The Bank of Thailand plans to reduce cash payments and cheque payments by promoting e-payment with consumers and the public and private sectors.
Cost of UK borrowing hits ten-year high
Banks borrowing sterling over a three-month period yesterday found the cost at a near-ten-year high as the major UK financial institutions sought medium-term funding to help them survive the financial volatility in the credit markets.
EU's Almunia expects rates to tighten
Speaking at a conference organised by Nueva Economia, Joaquin Almunia, the EU economic and monetary affairs commissioner, intimated that he expects Eurozone interest rates to tighten further. He also warned that financial market volatility might carry…
Pakistan banking supervision move
The government of Pakistan is planning to take banking supervision away from the central bank and bring banks under the regulatory control of the Securities and Exchange Commission of Pakistan (SECP) through new legislation, the 'Financial Market…
RBI profits soar
The Reserve Bank of India (RBI) has recorded growth of 182% in gross total income to Rs 75,348 crore ($18.4 billion) during 2006-07 from Rs 26,320 crore last year on the back of the sale of State Bank of India (SBI) shares.
New framework for supervision in Nigeria
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) intend to introduce a comprehensive framework for banking supervision and have sent a draft to banks asking for their comments.
Bank-run claims "partially misleading": Bundesbank
The Bundesbank has said newspaper claims that Axel Weber, the president of the central bank, compared the current market turmoil to a classic bank run were "partially misleading".
Strauss-Kahn and Tosovsky vie for top IMF job
Dominique Strauss-Kahn, the former French finance minister, and Josef Tosovsky, the head of the Financial Stability Institute, are the only two candidates for the top job at the International Monetary Fund (IMF).
Gambia holds rates at 15%
The Central Bank of the Gambia said that an increase in food prices meant that it had to keep its benchmark rediscount rate at 15%.
Paramonova to leave Russian central bank
Tatiana Paramonova, first deputy chairman of the Central Bank of Russia (CBR), is to quit her office in September.
Bernanke keeps markets guessing
In a wide-ranging review of the causes of the turbulence in financial markets and the role of housing finance in triggering it, Ben Bernanke, the chairman of the Federal Reserve, committed the Fed to take action as needed to promote financial stability.
Australia announces ATM reforms
The Reserve Bank of Australia said it will introduce reforms that will give the public more information on the cost of using ATMs.
Parliament reads Singapore CB bill
The Parliament of Singapore conducted its first reading of the Monetary Authority of Singapore (MAS) Bill on 27 August.
Barclays revealed as BofE borrower
Barclays, a commercial bank, said Thursday that it was the bank that borrowed £1.6 billion ($3.2 billion) from the Bank of England's standing facility.
Ryback moves to Korean regulator
William Ryback, the former deputy chief executive of the Hong Kong Monetary Authority, is to join the Financial Supervisory Service (FSS), Korea's market regulator.