News
Choose Fund head on merit - Colombia's Uribe
Jose Dario Uribe, the governor of the central bank of Colombia, says it is still too early to select a candidate to head the International Monetary Fund (IMF) to succeed Rodrigo de Rato, who will leave the Fund in October.
Tanzanian governor "will not resign"
The governor of the Bank of Tanzania, Daudi Ballali, called a special press conference at the end of last week in which he denounced mounting allegations against him as "malicious lies and fabrications" and said he had no intention of resigning.
Sarkozy tones down ECB rhetoric
French president, Nicolas Sarkozy, appears to have relented to pressure from other European leaders over his repeated criticism of the European Central Bank (ECB). The newly-elected leader said on 16 July that he supported the central bank's independence.
New regulator for Qatar
Qatar is to follow the international trend towards an integrated approach to the regulation of various financial products, services and institutions. Work is under way to create a fully-integrated regulatory and legal environment for financial services.
Dutch finance minister keen on Islamic banking
The Dutch finance minister, Wouter Bos, is calling for an investigation into the possibility of developing Islamic banking in the Netherlands.
Su heads Chinese central bank's Shanghai office
Su Ning, a deputy governor of the People's Bank of China is to be chief of its Shanghai office. Su succeeds Xiang Junbo, who has been appointed as the president of the Agricultural Bank of China.
Sants named as new FSA chief executive
Hector Sants has been appointed chief executive of Britain's Financial Services Authority (FSA). He will take up the post on 20 July 2007, succeeding John Tiner who steps down at the Annual Public Meeting on 19 July.
Zimbabwe to jettison release of inflation data
Recent media reports have highlighted the state of chaos in the management of the Zimbabwean economy, with central bank governor, Gideon Gono, seen as fighting a losing battle again the country's president, Robert Mugabe.
New foreign exchange strategy in New Zealand
Allan Bollard, the governor of the Reserve Bank of New Zealand, announced on 13 July that the central bank will move away from its current practice of matching its foreign assets to its foreign liabilities.
Croatian governor turns away German bank
eljko Rohatinski, the governor of the Croatian National Bank, refused to allow a German bank to return to the country after its role in a crisis five years ago.
Chile announces first rate rise in a year
The Central Bank of Chile raised interest rates for the first time in a year and hinted that there was more to come. In a widely anticipated move, the central bank's five-strong board raised rates 25 basis points to 5.25%.
US watchdogs mull hedge fund regulation
After hearing testimonies on developments in the hedge fund industry, the Financial Services Committee of the American House of Representatives has suggested that tighter regulation of the industry may be required.
Lawmakers turn-up heat on Georgian governor
Speculation that the governor of the National Bank of Georgia, Roman Gotsiridze, may resign intensified after parliament passed a resolution calling for changes at the central bank.
Latvia leaves rates on hold
The Bank of Latvia's Council voted to leave its refinancing rate unchanged at 6% noting that its anti-inflation plan was starting to take effect and there were the first signs of a stabilisation in the real estate market.
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…