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ECB Announces Joint USD Liquidity Operations

September 16, 2011 by CentralBankNews   Comments (0)

The European Central Bank (ECB) announced the commencement of joint USD liquidity operations: "The Governing Council of the European Central Bank (ECB) has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three US dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year. These operations will be conducted in addition to the ongoing weekly seven-day operations announced on 10 May 2010. The schedule for these additional operations is as follows:"

Tender date Settlement date Maturity date
12 October 2011 13 October 2011 5 January 2012
9 November 2011 10 November 2011 2 February 2012
7 December 2011 8 December 2011 1 March 2012

"These will all take the form of repurchase operations against eligible collateral and will be carried out as fixed rate tender procedures with full allotment. Further information on tender procedures can be found on the ECB's website." The move has largely been read as intended to shore up liquidity for European banks and a show of solidarity and cooperation between global central bankers. The European Central Bank is (somewhat reluctantly) becoming an increasingly instrumental institution in ensuring the financial stability of the Eurozone; buying time with its SMP program while the EU leaders implement more permanent solutions to fiscal sustainability and addressing risks in the banking system.

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Smart Transcription Services Could Get Smarter With Semantics

September 16, 2011 by Jenz514   Comments (0)

If you went to the MIT Sloan CIO Symposium in the spring and want to review some of the discussions – or maybe you didn’t have a chance to attend and want to know what you missed about the future role of CIOs – there’s a cool way to catch up.

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Reserve Bank of India Hikes Repo Rate 25bps to 8.25%

September 16, 2011 by CentralBankNews   Comments (0)

The Reserve Bank of India [RBI] increased its repo rate by 25 basis points to 8.25% from 8.00% and raised the reverse repo rate to 7.25% from 7.00%.  The RBI said: "The monetary tightening effected so far by the Reserve Bank has helped in containing inflation and anchoring inflationary expectations, though both remain at levels beyond the Reserve Bank's comfort zone.  As monetary policy operates with a lag, the cumulative impact of policy actions should now be increasingly felt in further moderation in demand and reversal of the inflation trajectory towards the later part of 2011-12.  As such, a premature change in the policy stance could harden inflationary expectations, thereby diluting the impact of past policy actions. It is, therefore, imperative to persist with the current anti-inflationary stance. Going forward, the stance will be influenced by signs of downward movement in the inflation trajectory, to which the moderation in demand is expected to contribute, and the implications of global developments."

The Reserve Bank of India increased the repo rate by a surprise 50 basis points at its previous meeting to 8.00%, having increased 25 basis points in June, and 50 basis points during the May meeting.  India's key inflation measure, the wholesale price index, increased 9.78% in August, compared to 9.22% in July, 9.44% in June, 9.06% in May, 8.66% in April, and 8.98% year on year in March, exceeding the Bank's previous estimate of 8%.  India reported annual GDP growth of 7.7% in the June quarter, compared to 7.8% in the March quarter this year, and 8.3% in the previous quarter.

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