Central Banks

Assets are better kept with SWFs

Countries with a large foreign asset base tend to establish sovereign wealth funds as central banks' portfolio diversification tends is limited, says a new paper from the San Francisco Federal Reserve.

ECB to keep one-governor, one-vote system for now

The European Central Bank's (ECB) Governing Council has gone back on the voting structure set out in its statute and opted to keep its one-governor, one-vote regime until the number of eurosystem central banks exceeds 18. The central bank also said that…

Obama picks SEC head and Fed governor

Barack Obama, the US president-elect, has named Mary Schapiro, the chief executive of the Financial Industry Regulatory Authority (FINRA), as the new head of the Securities and Exchange Commission (SEC). The president-elect also appointed Daniel Tarullo,…

Russia, Nigeria devalue, shun "losing battle"

The Nigerian and Russian central banks have both said that they will allow their currencies to depreciate to protect their reserves stockpile. The actions signal Moscow and Abuja have acknowledged that the real values of their currencies have weakened in…

Norway slashes rates on "major shocks"

Norges Bank has followed the Riksbank's lead in chopping 175 basis points off its key rate. Exposure to "new major shocks" sparked the move, which leaves the central bank's key rate at 3%. Elsewhere, three other central banks cut their key rate by 50…

Fed cut a psychological boost but little more

At face value, Tuesday's Federal Open Market Committee statement was an historic move that underlined the US central bank's commitment to do all it can to counter the crisis. But, though the statement met with widespread approval from the markets, it…

Old Lady mulled another mammoth move

The Bank of England's Monetary Policy Committee (MPC), which slashed rates by a percentage point to take them to an all-time low earlier this month, considered backing an even larger move, the minutes of the meeting reveal.

DSK on the Fund's future

Dominique Strauss-Kahn, the managing director of the International Monetary Fund, has said that the objectives of the Fund remain just as relevant today as they did in the 1940s; the question was how to meet them.

FSF Asia-Pacific statement notes strains

The fifth annual meeting of the Asia-Pacific group of the Basel-based Financial Stability Forum noted that although the region had been able to withstand the financial crisis to date a number of strains had begun to appear.

UK inflation falls as King writes letter

British inflation fell in November but remains far above the Bank of England's target, obliging Mervyn King, the governor of the central bank, to write another letter explaining why inflation remains so high and what the Bank is doing to bring it down.

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