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☆ Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying
▼ + stars: | 2023-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Alexander Manzyuk | ReutersGold demand soared to an 11-year high in 2022 on the back of "colossal central bank purchases, aided by vigorous retail investor buying," according to the World Gold Council. Annual gold demand jumped 18% to 4,741 tons (excluding over-the-counter or OTC trading) across the year, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1,337 tons. "Central bank net purchases in Q4 totalled 417t, lifting H2 total buying to 862t. The majority of the central bank buying in 2022 came from emerging markets, with the Central Bank of Turkey the largest buyer at a record 542 tons. This means that the purchasing power of non-U.S. buyers is reduced and harms global gold demand.

☆ Nigeria's Atiku joins calls to extend deadline on old banknotes
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

LAGOS, Jan 28 (Reuters) - Nigerian opposition presidential candidate Atiku Abubakar urged the central bank on Saturday to extend a Jan. 31 deadline to phase out old high-value banknotes, a measure many Nigerians fear will disrupt business in the cash-reliant economy. The central bank started releasing newly designed notes last month but many Nigerians say they are not yet available in banks. The Central Bank of Nigeria (CBN) says recalling the notes is part of plans to reduce the use of cash. About 1.3 trillion naira in old notes has been deposited into the bank since the announcement in October, the bank said this week. Nigerian legislators have also asked the central bank to extend the Tuesday deadline.

LONDON, Jan 27 (Reuters) - The High Court in London ruled on Friday that a prominent Russian businessman could not pause an $850 million fraud lawsuit brought by two Russian banks because of British sanctions. Boris Mints and his sons Dmitry, Alexander and Igor are being sued by National Bank Trust, which is 99% owned by the Central Bank of Russia, on behalf of Bank Otkritie, once Russia’s largest private lender before it collapsed in 2017. The judge said her written ruling containing her reasons for refusing to pause the case would be published on Friday afternoon. She also granted permission to appeal against her decision to both the Mints family and the banks, saying: "It is plainly a case with far wider implications." Reporting by Sam Tobin; Editing by Elizabeth Piper and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla is back on top in Cathie Wood's flagship ARK ETF as the famed money manager shakes up her largest holdings
▼ + stars: | 2023-01-27 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Tesla reclaimed the top spot among the holdings of Cathie Wood's flagship Ark Innovation ETF. The money manager sold nearly $42 million of Exact Sciences in the past week, booting it from the top position. Zoom has been bumped to Ark Innovation ETF's second largest holding, with Exact Sciences now in third place. The money manager offloaded 1.2 million shares since the beginning of the year. Cathie Wood's Ark Innovation ETF has climbed 31% in the past month, and is on track for one of its strongest months ever.

☆ Sri Lanka holds rates steady to rein in inflation, as expected
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: 1 min

COLOMBO, Jan 25 (Reuters) - Sri Lanka's central bank held interest rates steady for a third straight meeting on Wednesday, as widely expected, saying the prevailing tight monetary stance is critical to reining in inflationary pressures. The Central Bank of Sri Lanka had increased rates by a massive 950 basis points between August 2021 to July 2022 to tame stubbornly high inflation. The Standing Lending Facility (LKSLFR=ECI) rate was held steady at 15.50% while the Standing Deposit Facility Rate (LKSDFR=ECI) was kept unchanged at 14.50%. Thirteen out of 14 economists and analysts polled by Reuters expected CBSL to hold rates. Reporting by Swati Bhat and Uditha Jayasinghe; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Lael Brainard among leading contenders for top White House economic post
▼ + stars: | 2023-01-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Lael Brainard, vice chair of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, Nov. 14, 2022. Federal Reserve Vice Chair Lael Brainard is a top candidate to take the most important economic position in the White House. Biden named Brainard vice chair at the Fed in 2022; she also was considered as a possible successor to Fed Chair Jerome Powell, whom Biden reappointed last year. Brainard is one of multiple candidates being considered and interviews for the position are continuing, according to a White House spokesman familiar with the matter. For her part, Brainard could garner support from progressives who are in favor of strong bank regulation and easier monetary policy.

☆ Top business leaders and policymakers discuss monetary policy at the World Economic Forum
▼ + stars: | 2023-01-20 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 3 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Joumanna Bercetche, top business leaders and policymakers discuss surging inflation at Davos, Switzerland, and whether a radical rethink is needed by central banks. Joining CNBC is Larry Summers, Charles W. Eliot University professor at the Harvard Kennedy School of Government, Thomas Jordan, chairman of the Swiss National Bank, Kjerstin Braathen, CEO of DNB ASA, and Julio Velarde, governor of the Central Bank of Peru. Subscribe to CNBC on YouTube.

☆ Fed Governor Waller backs quarter-point interest rate hike at next meeting
▼ + stars: | 2023-01-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Christopher Waller said Friday he favors a quarter percentage point interest rate increase at the next meeting, as he waits for more evidence that inflation is heading in the right direction. Other officials, such as Philadelphia Fed President Patrick Harker, have pointed to a 0.25 percentage point increase at the Jan. 31-Feb. 1 FOMC meeting, but Waller is the highest-ranking member to be that explicit. While the market and the Fed appear to be on the same page with where rates go in the short term, there is divergence further out. Waller said the divergence is largely about perception for where inflation is going to go. "The market has a a very optimistic view that inflation is just going to melt away.

☆ BOJ may have crafted new tool for post-YCC era - analyst
▼ + stars: | 2023-01-20 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

The BOJ maintained ultra-low interest rates on Wednesday, including a 0.5% yield cap, but crafted a new policy tool to defend the ceiling and keep yields across the curve from rising too much - without having to ramp up its bond purchases. Specifically, the BOJ amended rules for an existing market operation tool, so it can pump funds extending up to 10 years in variable rates to financial institutions against collateral. Unlike its bond-buying operation, the fund-supply tool allows the central bank to push down borrowing costs with a wall of money - without having to worry about drying up bond market liquidity with its massive purchases, analysts say. "With this new tool, the BOJ may have prepared for when it ends YCC and begins normalising monetary policy," Inoue told Reuters on Thursday. "If the BOJ sees the need to set a new policy rate for shorter-maturity yields after ditching the 10-year yield target, this fund-supply operation could come in handy," he said.

☆ Kenya central bank governor: We've been managing our debt situation quite effectively
▼ + stars: | 2023-01-18 | 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 EmailKenya central bank governor: We've been managing our debt situation quite effectivelyPatrick Njoroge, the governor of the Central Bank of Kenya, speaks to CNBC's Karen Tso at Davos 2023.

☆ Fed's Bowman says there's 'a lot more work to do' to bring down inflation
▼ + stars: | 2023-01-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Federal Reserve Governor Michelle Bowman said Tuesday she expects more interest rate increases ahead, with higher rates to prevail for a while until inflation is subdued. "I am committed to taking further actions to bring inflation back down to our goal," the central bank official said in remarks prepared for a speech in Florida. Policy will be guided by incoming economic data for indications of how Fed policy is impacting growth, she added. Bowman spoke the same day as Fed Chairman Jerome Powell addressed the Fed's Swedish counterpart, the Riksbank. She said she understands that Fed policy could slow the economy and in particular the labor market, but insisted that doing nothing carried higher costs.

☆ Raphael Bostic says Fed needs to 'stay the course' despite lower wage gains
▼ + stars: | 2023-01-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

"It doesn't really change my outlook at all," Bostic told CNBC's Steve Liesman during a live interview at a conference in New Orleans. Still, Bostic said he expects another rate increase of either a quarter or half percentage point when it releases its decision Feb. 1. Bostic is a nonvoting member this year of the rate-setting Federal Open Market Committee; he will vote again in 2024. Fed officials at their December meeting expressed concern that the public might misinterpret the Fed's move to a small rate hike — 0.5 percentage point from four straight 0.75 percentage point moves — as an easing in policy. Bostic emphasized that the Fed can't "claim victory prematurely" and needs not only to keep pushing rates higher, but to keep them there.

☆ Most Gulf markets fall on Fed hawkishness; Abu Dhabi gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Most stock markets in the Gulf dropped in early trade on Thursday after Federal Reserve Chair Jerome Powell said the central bank would deliver more rate increases next year. Saudi Arabia's benchmark index (.TASI) fell as much as 0.6%, and was on course to fall after two sessions of gains. The Saudi Central Bank said on Wednesday it increased its key interest rates by 50 basis points, following Fed's move as the Saudi riyal is pegged to the dollar. The Central Bank of the United Arab Emirates also increased its base rate by 50 basis points to 4.4%, effective Thursday, mirroring Fed's move. The Qatari benchmark index (.QSI) dropped 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) declining 2.1%.

☆ Watch live: ECB President Christine Lagarde speaks after rate decision
▼ + stars: | 2022-12-15 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 8:45 EST. Please refresh the page if you do not see a player above at that time.] European Central Bank President Christine Lagarde is due to give a press conference following the bank's latest monetary policy decision. The ECB, the central bank of the 19 nations that share the euro currency, opted for a smaller rate hike this time around, taking its key rate from 1.5% to 2%. It also said that from the beginning of March 2023 it would begin to reduce its balance sheet by 15 billion euros ($16 billion) per month on average until the end of the second quarter of 2023.

Dec 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. So far this month we have had 'hawkish' hikes from Australia and India, countered by a 'dovish' hike from Canada. chartBut as China's COVID curbs fade, China's health system will be severely tested and the impact on its 1.4 billion population remains to be seen. Annual inflation in India is expected to have slowed to 6.4% in November from 6.77% in October, which would be the lowest since February. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Most Gulf markets retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ First on CNN: Defense bill takes aim at Russia’s pot of gold
▼ + stars: | 2022-12-08 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold. If passed, the defense bill would directly sanction any American entities that knowingly transact with or transport gold from Russia’s central bank holdings. As of mid-2021, Russia’s central bank held $127 billion worth of gold, according to the Central Bank of Russia. The gold is stored at vaults within the territory of the Russian Federation, the Russian central bank has said. In June, President Joe Biden announced the United States and the rest of the G7 would impose a ban on imports of Russian gold.

☆ ECB's Makhlouf expects 50 bps rate hike in December
▼ + stars: | 2022-12-05 | by ( Padraic Halpin | ) www.reuters.com time to read: +3 min

DUBLIN, Dec 5 (Reuters) - The European Central Bank is likely to raise interest rates by 50 basis points (bps) in its December meeting, governing council member Gabriel Makhlouf said, while stressing that the rates may have to move into "restrictive territory" next year. Makhlouf told journalists after the speech that the governing council was likely to settle on a 50 bps increase. French central bank chief Francois Villeroy de Galhau said on Sunday he favoured a 50 bps increase. We have to be open to policy rates moving into restrictive territory for a period," said Makhlouf, Governor of the Central Bank of Ireland. "It is premature to be talking about the end-point for policy rates amid the prevailing levels of uncertainty."

Summary Climate change has big impact on economy, inflation - AmamiyaAug survey showed strong demand for green bonds - BOJ AmamiyaBOJ's climate scheme has extended $26 bln in loansTOKYO, Nov 27 (Reuters) - Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said on Sunday the central bank will conduct a survey annually of financial institutions and companies, seeking ways to nurture the country's growing climate finance market. An initial survey in August showed "strong demand" in Japan for "green" bonds and other environmental, social and governance (ESG) debt instruments, Amamiya said. Some respondents said they faced challenges in obtaining information and appropriate methods for assessing risks associated with climate change, he said. "Central banks can therefore contribute to achieving macroeconomic stability in the long run by supporting private-sector moves to deal with climate change." The BOJ last year rolled out a funding scheme targeting activities aimed at combating climate change, as part of efforts to align itself with a global push toward a greener society.

☆ Nigerians unimpressed with resigned Naira banknotes
▼ + stars: | 2022-11-25 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

The Central Bank of Nigeria (CBN) says that the redesigned notes will replace notes currently in circulation by Jan. 2023. But many locals are not impressed, describing the supposedly redesigned banknotes as a mere color revamp, given their similarities to the old notes. “Snapchat filter, waste of time and resources, so a whole CBN cannot employ experts to redesign the naira notes. The Nigerian leader added that replacing the current currency with the redesigned notes will help to combat the hoarding of funds outside of the banking system. Old naira notes will be completely phased away by the end of January next year, the CBN says, as locals scramble to deposit their old notes at commercial banks.

☆ The situation in Sri Lanka has stabilized: Former central bank director
▼ + stars: | 2022-11-25 | 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 EmailThe situation in Sri Lanka has stabilized: Former central bank directorRoshan Perera, former director of the Central Bank of Sri Lanka, says that Sri Lanka is still 'not out of the woods' until the central bank implements controls, but says the economic situation has improved from a few months ago.

COLOMBO, Nov 24 (Reuters) - Sri Lanka's central bank on Thursday threatened administrative intervention to control high market interest rates that it regarded as out of line with the inflation outlook. Any such action, interpreted by economists as meaning it might push market rates down, would lower the government's high borrowing costs. However, it was unclear how the central bank could force investors to support public finances at lower rates than they expected. "If an appropriate downward adjustment in the market interest rates would not take place in line with the envisaged disinflation path, the central bank will be compelled to impose administrative measures to prevent any undue movements in market interest rates," CBSL said in a statement. "The statement was quite aggressive in saying they are prepared to use non-policy rate tools to nudge market rates, including deposit rates, lower," he added.

☆ Treasury yields rise as traders await Fed minutes, key economic data
▼ + stars: | 2022-11-23 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

The benchmark 10-year Treasury yield was trading at around 3.7650% at around 3:40 a.m. The yield on the 2-year Treasury was up by around two basis points to 4.5372%. Treasury yields climbed on Wednesday as investors looked to the release of U.S. Federal Reserve meeting minutes, which could provide clues about future monetary policy. Investors are hoping to gain further insights into whether the Fed will slow interest rate hikes and what it will take for them to be paused entirely when the central bank's November meeting minutes are released on Wednesday. Concern about the pace of rate hikes leading the U.S. economy into a recession has spread among traders.

☆ Exclusive: China set to fine Ant Group over $1 billion, signalling revamp nears end-sources
▼ + stars: | 2022-11-22 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source. Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July. The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations. The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

COLOMBO, Nov 22 (Reuters) - Sri Lanka's central bank is expected to keep rates steady as inflation shows signs of easing and as authorities focus on discussions to secure a $2.9 billion International Monetary Fund (IMF) bailout to stabilise its crisis-hit economy. If global economic stress starts to ease and if Sri Lanka secures an IMF deal before next March we can expect rate cuts in mid-2023," said Visaahan Arumainayagam, analyst for Colombo-based brokering firm Asha Securities. After hitting an annual peak of 68.9% in September with food inflation climbing to 93.7%, consumer inflation moderated slightly to 66% in October. read moreAn acute dollar shortage has left Sri Lanka struggling to pay for essential imports of food, fuel and medicine, with all eyes on the IMF bailout to try and stabilise the nation's perilous debt situation and finances. "Sri Lanka is in need of some deep economic reforms which are politically challenging, overcoming this will be difficult."

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