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Things worth reading: 29th February 2012

February 29, 2012 by skinnercm   Comments (0)

Things we're reading today include ...

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Hungary Central Bank Keeps Interest Rate at 7.00%

February 28, 2012 by CentralBankNews   Comments (0)

The Magyar Nemzeti Bank kept its central bank base rate steady at 7.00%.  The Bank said: "The Monetary Council has decided to leave the base rate unchanged. Monetary policy can best contribute to economic growth by maintaining a predictable economic environment, ensuring price stability and preserving the stability of the financial system. High volatility of financial markets over the recent period continues to warrant a cautious policy stance."

The Magyar Nemzeti Bank previously hiked the rate 50 basis points at its November and December meetings, after last raising it 25 basis points in January this year.  Hungary reported annual inflation of 5.5% in December, up from 3.9% in October, 3.6% in September and August, 3.1% in July, 3.5% in June, 3.9% in May, and 4.7% in April.  Hungary's Central Bank has a medium term inflation target of 3%, while the Bank said annual inflation for 2011 was 3.9 percent.

The Hungarian economy grew at an annual rate of 1.4% in the September quarter, 1.5% in the June quarter, compared to 2.4% in the march quarter, and 1.9% GDP growth recorded in the December quarter last year.  The Hungarian forint (HUF) has lost about 10% against the US dollar over the past year, the USDHUF exchange rate last traded around 216

www.CentralBankNews.info

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Redline Trading Solutions Introduces Ultra-low Latency Pre-Trade Risk Solution Delivering 15c3-5 Compliance in Less Than One Microsecond

February 28, 2012 by mikeohara   Comments (0)

Performs comprehensive risk checks, compliance verifications, and control actions in a centralized view across asset classes, markets, and protocols

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Retail financial channels are not as simple as some think

February 28, 2012 by skinnercm   Comments (0)

A lengthy discussion yesterday about retail distribution channels for banks.

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Things worth reading: 28th February 2012

February 28, 2012 by skinnercm   Comments (0)

Things we're reading today include ...

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Banco Nacional de Angola Holds Interest Rate at 10.25%

February 28, 2012 by CentralBankNews   Comments (0)

The Banco Nacional de Angola (BNA) held its new benchmark monetary policy interest rate unchanged at 10.25%.  The BNA said: "Bearing in mind the pooled analysis of macroeconomic indicators, including recent developments and prospects of the Angolan economy and international, as well as the macroeconomic targets set for 2012 (GDP growth of 12.8% and inflation at 10%), the Committee Monetary Policy BNA decided unanimously to maintain the Base Rate of Interest - rate BNA - at 10.25% and reduce the rate of Interest Standing Lending Facility Liquidity by 0.5 percentage points to 12%"


The BNA only introduced the interest rate in October at 10.50%, the bank first adjusted the rate last month when it cut by 25bps.  Previous monetary policy moves from the BNA include a 500 basis point cut to the required reserve ratio (from 25% to 20%), and a 500 basis point cut to the rediscount rate (also from 25% down to 20%) earlier this year.  Angola reported annual inflation of 11.9% in September, compared to 13.7% in August, 14.1% in July.  According to IMF data Angola's economy grew 7.06% in 2010 and recorded annual average inflation of 15.04% and full year inflation of 13% last year. 

The World Bank is forecasting the Angolan economy to expand about 8% in 2012 year.  Angola reported exports of US$52 billion in 2010, driven by oil earnings as Angola is Africa's second largest oil producer.  Angola recently had its sovereign credit rating upgraded to BB- by Standard & Poor's.  Angola's currency, the Angolan Kwanza (AOA), last traded around 95 against the US dollar.

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Bank of Israel Holds Interest Rate at 2.50%

February 28, 2012 by CentralBankNews   Comments (0)

The Bank of Israel held its benchmark interest unchanged at 2.50%.  The Bank said "The decision to leave the interest rate for March 2012 unchanged at 2.5 percent is consistent with an interest rate policy that is intended to entrench the inflation rate within the price stability target of 1–3 percent a year over the next twelve months, and to support growth while maintaining financial stability. The path of the interest rate in the future depends on developments in the inflation environment, growth in Israel, the global economy, monetary policies of major central banks, and developments in the exchange rate of the shekel."

Previously the bank cut its monetary policy interest rate 25 basis points in January, November and September, leaving it unchanged at its June, July, and August meetings, and increasing the interest rate by 25 basis points to 3.25% at its May meeting this year.  Israel recorded annual inflation of 2.2% in December, 2.6% in November, 2.7% in October, 2.9% in September, 3.4% in August and July, 4.2% in June, 4.1% in May, and 4.0% in April and just inside the Bank's inflation target range of 1-3%.

The Bank expects the Israeli economy to grow about 2.8 percent this year.  The Israeli Shekel (ILS) has weakened about 4% against the US dollar over the past year, while the USDILS exchange rate last traded around 3.79.  The Bank next meets on the 26th of March 2012.

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Interactive Data 7ticks Further Expands Global Connectivity Capabilities

February 27, 2012 by mikeohara   Comments (0)

Interactive Data Corporation, a leading provider of financial market data, analytics and related solutions, today announced that it has significantly expanded the global connectivity of its Interactive Data 7ticks(R) network to support the delivery of managed low and ultra-low latency market data feed services designed for advanced trading applications.

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