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☆ Banking crisis forces ECB policymakers to rethink rate hikes, but focus still firmly on inflation
▼ + stars: | 2023-04-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A sign for the European Central Bank (ECB) outside the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 2, 2023. Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymakers are reconsidering the path of interest rate hikes in light of last month's banking turmoil, but remain committed to reining in core inflation. However core inflation — which excludes volatile energy, food, alcohol and tobacco prices — rose to an all-time high of 5.7%. But he said policymakers will be examining the data for signs that core inflation is coming down and the bank's medium-term inflation target of 2% is within sight. So yes we are worried about the core inflation not yet peaking," Scicluna said.

☆ ECB’s Kazaks says risk of not doing enough to tackle inflation is higher than doing too much
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB’s Kazaks says risk of not doing enough to tackle inflation is higher than doing too muchMartins Kazaks, governor of the central Bank of Latvia and ECB policymaker, shares his views on the fight against inflation and says more interest hikes will be necessary.

☆ 'Still some way to go' on ECB interest rate hikes, policymaker says
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Still some way to go' on ECB interest rate hikes, policymaker saysEdward Scicluna, governor of the Central Bank of Malta, discusses the outlook for European Central Bank interest rate hikes, indicating that further increases are likely.

☆ Signs that bank lending is decreasing amid rate hikes, ECB policymaker says
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSigns that bank lending is decreasing amid rate hikes, ECB policymaker saysConstantinos Herodotou, governor of the Central Bank of Cyprus and European Central Bank policymaker, says there is evidence that bank lending is softening as a result of ongoing interest rate hikes. However, he adds that the terminal rate for ECB hikes remains data dependent.

☆ Central Bank of Kenya governor: We felt onward shocks from banking sector turmoil
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentral Bank of Kenya governor: We felt onward shocks from banking sector turmoilPatrick Njoroge, governor of the Central Bank of Kenya, discusses inflation, financial stability and how recent volatility in U.S. and European banks has had knock-on effects.

☆ Cuba's losses in case of Castro-era debt opens it up to more lawsuits
▼ + stars: | 2023-04-04 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +2 min

The judge ruled mostly in favor of CRF1, originally called the Cuba Recovery Fund. She said the High Court has jurisdiction, the debt was properly assigned to CRF, and that the former central bank is responsible. Yet she ruled that Cuba itself is not a guarantor of the debt, a win for the communist nation. "BNC was the Central Bank of Cuba and remains responsible for managing these unpaid Cuban debts," he said. Lawyers for CRF said the fund can now proceed to a trial to determine whether it can recover "the sovereign debt that in unequivocally owns.

☆ Cuba wins ruling in UK court battle with creditors over unpaid loans
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 4 (Reuters) - The Cuban government won a ruling on Tuesday that London's High Court has no jurisdiction to hear a lawsuit brought by a creditor over unpaid loans, though the case can continue against Cuba's former central bank. Havana argued at a hearing in January that the High Court had no jurisdiction to hear the case brought by CRF, a Cayman Island-registered company. Judge Sara Cockerill ruled on Tuesday that the High Court had no jurisdiction to hear the case against Cuba, but did in relation to the case against BNC. The case will be keenly watched by other creditors who have struggled to recoup around $7 billion of sovereign debt from Cuba. Charters added: "BNC was the central bank of Cuba and remains responsible for managing these unpaid Cuban debts.

☆ Most Middle Eastern bourses in black on US inflation data
▼ + stars: | 2023-04-02 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Most Gulf currencies are pegged to the U.S. dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Retal Urban Development Co (4322.SE) rising 0.5% and petrochemical maker Saudi Basic Industries Corp (2010.SE) closing 1.7% higher. Oil prices - a key catalyst for the Gulf's financial markets - rose by more than a dollar per barrel on Friday, on tightening supplies and cooling U.S. inflation. The Central Bank of Egypt (CBE) raised its overnight interest rate by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. In Qatar the index (.QSI) dropped 1.2% as natural gas prices remained under pressure.

☆ Egypt's cenbank raises interest rates by 200 bps to tame inflation
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. The bank set the lending rate at 19.25% and the deposit rate at 18.25%. The median forecast in a Reuters poll of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to control surging inflation. In February, headline inflation soared to a five-and-a-half-year high of 31.9% from 25.8% in January. "Real GDP growth is expected to soften in fiscal year 2022/23 compared to the previous fiscal year, before picking up thereafter."

☆ Central Bank of Sri Lanka governor discusses IMF $2.9 billion package
▼ + stars: | 2023-03-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF support will help Sri Lanka build reserves to a more comfortable level: Central bank chiefNandalal Weerasinghe, governor of the Central Bank of Sri Lanka, discusses the country's $2.9 billion bailout package from the International Monetary Fund.

☆ UAE central bank lifts base rate by 25 bps to match Fed –state news agency
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

DUBAI, March 23 (Reuters) - The Central Bank of the United Arab Emirates will raise its base interest rate by 25 basis points to 4.9%, effective Thursday, state news agency WAM said, matching the U.S. Federal Reserve's hike, as the dirham is pegged to the dollar. The central bank will maintain the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the base rate, WAM said. Reporting by Yomna Ehab in Cairo; Writing by Yousef Saba; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse puts new dent in Swiss bank armour
▼ + stars: | 2023-03-17 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

The Swiss National Bank’s intervention this week to prop up Credit Suisse (CSGN.S) was anything but uneventful. To rescue the country’s biggest lender, the government in Bern injected 6 billion Swiss francs in capital while the central bank carved off some 40 billion Swiss francs of toxic assets into a special purpose vehicle. The SNB made more than 5 billion Swiss francs from winding down UBS’s bad bank and the state booked over 1 billion Swiss francs of gains on its equity stake. Nervous clients pulled more than 100 billion Swiss francs from the Zurich-based bank in the fourth quarter of last year and may be hesitant to return. Switzerland’s two biggest banks, UBS and Credit Suisse, each had total asset exposure of between 120% and 140% of the country’s GDP.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ Inflation tops 100% in Argentina as the price of beef spikes
▼ + stars: | 2023-03-15 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Inflation topped 100% in Argentina last month, according to official data published Tuesday. The country logged a three-digit inflation rate for the first time in over 30 years in February. Food prices jumped 10% month-on-month, with beef costs up over 30% in one region. It's the first time since 1991 that Argentina has logged inflation of over 100%, according to Bloomberg data. That surge came despite Argentina's economy ministry's introduction last month of a price control program aimed at slashing the price of popular beef cuts.

☆ U.S. Federal Reserve governors to hold closed-door Monday
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: 1 min

March 12 (Reuters) - The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday. The meeting from 11:30 a.m. (0330 GMT) will primarily review and determine the advance and discount rates to be charged by the Federal Reserve banks, the Fed said in a statement. The central bank offered no further details, but the move follows Friday's collapse of Silicon Valley Bank (SIVB.O), was the biggest failure since the 2008 financial crisis. It roiled global markets, walloped banking stocks and left California tech entrepreneurs worrying about how to make payroll. Reporting by Mrinmay Dey in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ After steep climb in rates, Latam central banks show no signs of reversal
▼ + stars: | 2023-03-07 | by ( Isabel Woodford | ) www.reuters.com time to read: +4 min

The Brazilian central bank's weekly survey of private economists last year foresaw cuts in June 2023, but a recent survey pushed the forecast back to November. The central bank's poll of traders now expects cuts won't come until May, likely making Chile the first mover. "We've had a quite a few hawkish comments from central banks across the region, pushing back against the idea of rate cuts," she added. That gives central banks the message that it's not quite time to think about a more relaxed monetary policy," he said. Political unrest in Peru may have also moved back the goalpost for cuts, with the central bank warning that protests have caused supply chain disruption and impacted consumer prices.

The bank raised its standing deposit facility rate and standing lending facility rate by 100 basis points each to 15.50% and 16.50%, respectively, it said in a statement. The country is awaiting approval of a $2.9 billion IMF bailout package as it endures its worst financial crisis since independence from Britain in 1948. The central bank raised rates by a record 950 basis points last year to tame inflation and then kept them steady until Friday's 100 basis point increase. "There have been some differences between the CBSL and IMF staff on the inflation outlook," the Central Bank of Sri Lanka (CBSL) said in its statement. But depends on whether the market reads this as positive for getting IMF (bailout) in March."

☆ UAE cbank studying options after UAE licensed Russian bank sanctioned
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Feb 24 (Reuters) - The central bank of the United Arab Emirates is studying available options regarding the new status of Russia's MTS bank which it licensed to operate in the Gulf country last year, a state news agency WAM said on Friday. The Russian lender was part of a new sanctions package announced on Friday. "The Central Bank is studying now the available options regarding the new status of the bank and the appropriate decision will be taken in due course, considering the obligations incurred by the branch during the previous period," the statement said. Reporting by Rachna Uppal, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Bearish bets on Asian FX return on renewed woes over Fed rate hikes - Reuters poll
▼ + stars: | 2023-02-23 | by ( Tejaswi Marthi | ) www.reuters.com time to read: +3 min

[1/4] A Singapore dollar note is seen in this illustration photo May 31, 2017. However, recent comments from the Fed about hiking rates for longer dampened sentiment. They turned bearish on the Thai baht , Asia's best-performing currency this year, the Singapore dollar and the Malaysian ringgit for the first time in three months. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. The survey findings are provided below (positions in U.S. dollar versus each currency):Reporting by Tejaswi Marthi in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ The economy is stronger than previously expected and markets are repricing to adjust to blowout data, Fed President Bullard says
▼ + stars: | 2023-02-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

St. Louis Fed President James Bullard says the US economy is proving more resilient than the central bank thought. Bullard says strong labor market data has caused investors to prepare for further tightening. Bullard says markets are reacting to this "blowout" data, which indicates that US economic growth has not slowed enough to pull back on rate hikes. "You have a very strong labor market combined with more momentum coming out of the second half of 2022 than we previously thought," Bullard told CNBC's 'Squawk Box' on Wednesday. "Our risk now is inflation doesn't come down and reaccelerates, and then what do you do?"

NEW YORK, Feb 21 (Reuters) - A U.S. judge said on Tuesday victims of the Sept. 11, 2001, attacks are not entitled to seize $3.5 billion of assets belonging to Afghanistan's central bank to satisfy court judgments they obtained against the Taliban. U.S. District Judge George Daniels in Manhattan said he was "constitutionally restrained" from finding that the Taliban was Afghanistan's legitimate government, a precursor for attaching assets belonging to Da Afghanistan Bank, or DAB. Daniels said letting victims seize those assets would amount to a ruling that the Taliban are Afghanistan's legitimate government. He said U.S. courts lack power to reach that conclusion, noting that Biden administration does not recognize the Taliban as Afghanistan's government. The case is In re Terrorist Attacks on Sept. 11, 2001, U.S. District Court, Southern District of New York, No.

☆ Iran rations euros as fights break out at foreign-exchange offices amid rial's plunge to record lows
▼ + stars: | 2023-02-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Iran will limit the purchase of euros to 500 a year for air passengers. The Central Bank of Iran on Tuesday sharply curtailed the ability to buy euros amid continued weakness in the rial. Iran will limit the purchase of euros to 500 a year for air passengers, according to state-run media cited by Bloomberg. Monday's push to sell rials followed the currency's rapid decline in value, dropping to a record low of 501,300 rials per US dollar. Bloomberg reported that the CBI will also work on stabilizing the rial's value by holding onto foreign currencies brought in by export revenues through industries with access to subsidized fuel.

☆ January's CPI suggests the stock market is far from the bottom and we're set to see a repeat of the 2001 market crash, says a top-ranked stock picker. He shares 3 investment options that are risk-free
▼ + stars: | 2023-02-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

On an annual basis, services inflation was up 7.2%, the worst year-over-year increase since 1982, he noted. "To get services inflation down, you really actually need to create demand destruction. But Johnson believes central bank policies will further impact the stock market heading into the rest of the year. This will put more pressure on the stock market throughout the year, creating a steeper-than-anticipated decline. He believes the stock market will repeat the pattern witnessed in 2000 and 2001.

☆ IMF’s outlook on Russia is too rosy to be true
▼ + stars: | 2023-02-10 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

The international body recently estimated that Russia will avoid a recession in 2023 and expand by 0.3% after shrinking by 2.2% in 2022. The measures will not “significantly” affect Russia’s oil exports, the Fund says. That is a matter of intense debate among economists since oil prices remain below the cap set by the G7. Much will depend on the evolution of oil prices this year. But only a serious oil price rally, improbable in the context of the global economy’s “subpar growth” - to quote the IMF - could justify looking at Russia through rosy glasses.

Nigerians were due to turn in old 1,000, 500 and 200 naira banknotes in exchange for newly designed notes by Friday as part of a central bank initiative to curb cash in circulation and control double-digit inflation. Supreme Court Judge John Inyang Okoro said the decision to suspend the deadline was unanimous, pending a legal challenge from three states who had argued that the note swap plan was causing hardship ahead of the elections. The court is due to hear the states' challenge on Feb. 15. Earlier on Wednesday, the IMF's resident representative in Nigeria urged the Central Bank of Nigeria (CBN) to consider extending the deadline for notes to be swapped given disruption caused by the shortage of new notes. About 1.3 trillion naira ($2.8 billion) in old notes has been deposited into the bank since the announcement in October, according to the bank.

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