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  • 7 April 2015, 12:37
    Swiss National Bank's foreign exchange reserves rose to 522.323 billion Swiss francs in March

    The Swiss National Bank's foreign exchange reserves increased to 522.323 billion Swiss francs in March from 509.245 billion francs in February.

    February's figure was revised down from 509.250 billion francs.

    The increase was likely driven by a decline in the Swiss franc. The rise could also reflect the intervention by the central bank.

    The SNB declined to comment if it may have intervened.

  • 7 April 2015, 11:33
    Federal Reserve Bank of New York President William C. Dudley: the U.S. economy will grow faster

    The Federal Reserve Bank of New York President William C. Dudley said on Monday that the U.S. economy will grow faster as a slowdown in the first quarter was partly caused by the bad weather.

    He noted that a stronger U.S. dollar is "another significant shock" to the U.S. economy, making U.S. exports more expensive.

    The Federal Reserve Bank of New York president pointed out that falling oil drilling and exploration is a risk to the economy.

    Dudley is a voting member of the Federal Open Market Committee.

  • 7 April 2015, 09:40
    Australia: RBA keeps rates at 2.25%

    After cutting rates in February the Reserve Bank of Australia kept its rates steady at 2.25% although the fall of commodity prices weighs on the Australian economy - the price of iron ore, accounting for 20% of Australia's exports, set a new 10-year low last week. In China, the country's biggest trade partner, the economy is slowing. The RBA wants to assess the effects of the last cut before taking further measures but another rate-cut is likely to happen. In a statement the RBA noted that even lower exchange rates will be needed in order to achieve the targeted economic growth. The bank said that domestic demand is quite weak.

    The Australian dollar rallied after the announcement, currently trading at USD0.7674.

  • 2 April 2015, 16:17
    Federal Reserve Chairwoman Janet Yellen: the economic mobility strengthens the economy and more research is needed to understand what policies have impact on that economic mobility

    The Federal Reserve Chairwoman Janet Yellen said on Thursday that the economic mobility strengthens the economy and more research is needed to understand what policies have impact on that economic mobility.

    "Research could help us better understand how much mobility at the individual level matters for overall growth in productivity and economic output," Yellen noted.

    Yellen didn't comment on monetary policy or the economic outlook.

  • 2 April 2015, 15:12
    European Central Bank Executive Board Member Sabine Lautenschlaeger expressed doubts that the quantitative easing will have the desired effect

    The European Central Bank Executive Board Member Sabine Lautenschlaeger expressed doubts that the quantitative easing programme by the central bank will have the desired effect.

    "Given the current low level of interest rates in the euro zone, I have doubts whether the economic effects of the purchase programme will reach the desired magnitude," Lautenschlaeger told in an interview to the German weekly magazine WirtschaftsWoche.

    She warned that low interest rate could lead to overheating or asset price bubbles.

    Lautenschlaeger noted that quantitative leading may lead to refusal to implement reforms.

  • 2 April 2015, 14:59
    ECB Monetary Policy Meeting Account: the Governing Council reiterated to keep its monetary policy “for as long as needed”.

    The European Central Bank's (ECB) its minutes of March meeting on Thursday. According to the minutes, the Governing Council reiterated to keep its monetary policy "for as long as needed".

    The Governing Council members noted that quantitative easing by the central bank was adequate to reach the price stability.

    The ECB officials pointed out that there is no need to implement further stimulus measures.

    The deposit rate at -20 basis points is the effective lower bound, the Governing Council said.

    Some of the Governing Council members expressed concerns that the growth in the Eurozone may be slower that forecasted. The ECB upgraded its growth estimate to 1.5% for 2015 on March 5, up from 1% in December last year. Gross domestic product (GDP) is expected to be 1.9% in 2016 and 2.1% in 2017.

    The ECB decided on January 22 to launch an expanded asset purchase programme of 60 billion euro a month starting from March 2015 until September 2016.

  • 2 April 2015, 11:34
    BoJ’s inflation expectations survey: companies' inflation expectations remain almost unchanged

    The Bank of Japan (BoJ) released its inflation expectations survey on Thursday. Japanese companies expect consumer price inflation to increase 1.4% in one year from now, unchanged from the December survey, the central bank said.

    The consumer price inflation is expected to rise 1.6% in a three- year time frame and 1.6% in five-years, down from a previous estimate of 1.7%, according to the survey.

    Companies' inflation expectations haven't been affected much by a slow recovery in consumer spending in Japan.

  • 1 April 2015, 15:04
    Federal Reserve Bank of Atlanta President Dennis Lockhart: the June to September period remained a “reasonable time frame” to hike interest rates

    The Federal Reserve Bank of Atlanta President Dennis Lockhart said on Wednesday that the U.S. economy will pick up in the second quarter. He added that a slowdown in the economy in the first quarter was temporary.

    Lockhart noted that the June to September period remained a "reasonable time frame" to hike interest rates.

    The Federal Reserve Bank of Atlanta president believes that more people are not recorded in official unemployment figures.

    Lockhart is a voting member of the Federal Open Market Committee this year.

  • 1 April 2015, 11:09
    European Central Bank’s (ECB) Governing Council Member Jozef Makuch: quantitative easing by the ECB is working

    The European Central Bank's (ECB) Governing Council Member and the governor of Slovakia's central bank Jozef Makuch said on Tuesday that quantitative easing by the ECB is working. He pointed out that there will be enough quality bonds for asset purchases by the ECB.

    Makuch noted that quantitative easing do not replace reforms.

  • 31 March 2015, 15:04
    Fed Richmond President Jeffrey Lacker: June will be “the appropriate time” to hike interest rate

    The Fed Richmond President, Jeffrey Lacker, said on Tuesday that June will be "the appropriate time" to hike interest rate in the U.S. as labour market and other conditions continued to improve.

    He noted that headline inflation is likely to recover toward 2% this year.

    The Fed Richmond president also said that he has not decided if he will dissent in case the FOMC officials should vote not to hike interest rates in a June policy meeting.

    Lacker is a voting member of the Federal Open Market Committee this year.

  • 31 March 2015, 11:22
    Fed Vice Chairman Stanley Fischer: regulators must closely monitor the shadow banking sector

    The Fed Vice Chairman Stanley Fischer said on Monday that non-bank companies and activities can also lead to financial instability. He noted that regulators must closely monitor the shadow banking sector.

    Fischer offered some ideas how to regulate non-bank lenders. "To promote solvency, one could impose ratio-type capital requirements, such as leverage-ratio requirements or risk-based requirements," the Fed vice chairman said.

  • 30 March 2015, 11:33
    Fed Chairwomen Janet Yellen: the Fed is considering to raise its interest rate “later this year”

    The Federal Reserve Chairwomen Janet Yellen said on Friday that the Fed is considering to raise its interest rate "later this year" even though this may slow the U.S. economy. The interest rate hike will be depend on the economic data, she noted.

    Yellen pointed out the Fed will choose "gradualist approach" to raise its interest rate.

  • 27 March 2015, 16:03
    Bundesbank President Jens Weidmann: debt in the Eurozone has reached the “danger zone”

    The Bundesbank President Jens Weidmann said in Frankfurt on Friday that debt in the Eurozone has reached the "danger zone" as public debt totalled 91% and corporate debt - 105%.

    Weidmann noted that a European solution may be required for the regulatory treatment of sovereign debt.

    "Sovereign debt needs to be backed by capital, and exposure to a single sovereign must be capped, just as is the case for any private debtor", the Bundesbank president said.

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