JERUSALEM—The Bank of Israel on Wednesday urged the government to pass the 2021–2022 state budget as a deadline approaches that could determine the fate of the ruling coalition, and praised the spending plan outlined by Finance Minister Avigdor Lieberman. In a statement, it emphasised the “tremendous economic importance of approving the state budget at this…
Israel’s Central Bank Urges Government to Meet Looming Budget Deadline
Inflation Outlook Key for Timing of Polish Interest Rate Rise: Central Banker Says
WARSAW—Poland’s November inflation projection may be crucial for the country’s central bank in deciding whether interest rates rise again this year, Eryk Lon, one of the most dovish members of the Monetary Policy Council (MPC), said. In an unexpected move, the bank raised its benchmark interest rate in October by 40 basis points to 0.5…
Bank of Canada to Raise Rates in Third Quarter Next Year, Possibly Sooner: Poll
BENGALURU—The Bank of Canada will raise rates as early as the third quarter of next year, at least three months earlier than previously expected, according to economists polled by Reuters who see a risk that the increase could come even sooner. Just last month economists were almost evenly split on the risk of higher rates;…
Fed’s Quarles Says He Doesn’t See Rationale for Central Bank Digital Currency
October 21, 2021
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Federal Reserve Governor Randal Quarles, until recently the U.S. central bank’s top financial regulator, on Wednesday said he does not understand the arguments in favor of issuing a central bank digital currency. “Until somebody answers me the question why, I don’t understand why we would devote the enormous amount of resources and the technological risk…
Canada’s Inflation Rate Hits 18-Year High, Puts Focus on Central Bank Rate Policy
OTTAWA—Canada’s annual inflation rate accelerated to an 18-year-high in September, driven by high gas prices, soaring housing costs, and rising food prices, data showed on Wednesday, putting the focus on the Bank of Canada ahead of a rate decision next week. Inflation increased to 4.4 percent, beating the average analyst estimate of 4.3 percent, to…
Bank of France Head Does Not Expect Evergrande Contagion
October 19, 2021
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LONDON—Francois Villeroy de Galhau, head of the Bank of France and a member of the European Central Bank (ECB), on Tuesday played down concerns that problems for China Evergrande Group could lead to broader contagion. Asked if Evergrande could spark effects similar to the 2008 collapse of Lehman Brothers, Villeroy told France Info radio that…
Bank of England Will Have to Act to Contain Inflation: Bailey
LONDON—Bank of England Governor Andrew Bailey sent a fresh signal on Sunday that the British central bank is gearing up to raise interest rates for the first time since the onset of the coronavirus crisis as inflation risks mount. Bailey said he continued to believe that the recent jump in inflation would be temporary, but…
Bank Indonesia to Hold Rates Until Late 2022 Awaiting Economic Resurgence: Reuters Poll
BENGALURU—Indonesia’s central bank will hold interest rates steady next week to bolster the economy as activity stalled by the recent devastating COVID-19 wave gradually gathers pace, according to a Reuters poll of economists. Since the onset of the pandemic, Bank Indonesia (BI) has slashed its benchmark seven-day reverse repurchase rate by 150 basis points to…
Deutsche Bank Vows Vigorous Defence in Lawsuit by Spanish Hotel Group
FRANKFURT—Deutsche Bank said on Wednesday that it would vigorously defend itself against a lawsuit by a Spanish hotel group claiming losses on derivatives products. The statement is in response to a lawsuit by Palladium Hotel Group, which according to a report in the Financial Times on Wednesday is suing Deutsche for 500 million euros ($577.45…
French Bank SocGen to Cut 3,700 Jobs, No Forced Redundancies
PARIS—French bank Societe Generale said on Tuesday it will cut 3,700 jobs between 2023 and 2025 as it merges its retail network with that of its unit Credit du Nord, but it added that there would be no forced redundancies. The new retail bank targets a headcount of 25,000 employees and the job cuts will…
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