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London, Wednesday, October 29, 2008 ARANCA News Report (www.aranca.com): Iceland’s central bank raised key interest rates by six percent to 18 percent from 12 percent. The raise was part of its agreement with the International Monetary Fund (IMF) from which it borrowed $2bn (£1.3bn).The increase comes less than two weeks after Iceland cut rates by [...]
London, Monday, October 20, 2008 ARANCA News Report (www.aranca.com) : In Asia’s biggest bank bailout since the financial crisis began, South Korea’s government announced a rescue package of $130 billion offering a state guarantee on foreign debt and promising to recapitalize financial firms. The government guaranteed $100 billion of lenders’ foreign-currency debt and pledged $30 [...]
London, Monday, September 22, 2008 ARANCA News Report (www.aranca.com) :In an attempt to provide liquidity to strained financial markets, some of the largest central banks are discussing a long-term plan to accept as collateral assets denominated in foreign currencies. The U.S Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of [...]
London, Thursday, August 07, 2008 ARANCA News Report (www.aranca.com) :China introduced multiple reforms to its foreign currency rules on Wednesday in an attempt to stem the nation’s rapid growth in hard currency reserves. The new rule allows domestic companies to park their foreign currency income overseas. China’s currency regulator also hinted at strict penalties for [...]
