Latest Central banking News

Nigeria launches digital currency 'to drive economic growth'

Oct. 25, 2021 12:04 PM EDT

LAGOS, Nigeria (AP) — Nigeria has launched a digital currency which the Central Bank of Nigeria says is a "major step forward in the evolution of money” in Africa’s most populous country. President Muhammadu Buhari said at the launch Monday that the digital currency...

Powell says inflation risks rising, but Fed can be 'patient'

Oct. 22, 2021 15:49 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Friday that the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year. The Fed is not yet...

Turkish lira continues to slide after interest rate cut

Oct. 22, 2021 07:16 AM EDT

ANKARA, Turkey (AP) — The Turkish lira continued to slide and reached a record low against the U.S. dollar Friday, a day after the Central Bank sharply cut interest rates. It was another hit after a global financial watchdog placed Turkey on a list of countries to monitor for money...

Fed imposes sweeping new limits on policymakers' investments

Oct. 21, 2021 17:03 PM EDT

WASHINGTON (AP) — The Federal Reserve is imposing a broad new set of restrictions on the investments its officials can own, a response to questionable recent trades that forced two top Fed officials to resign. The Fed announced Thursday that its policymakers and senior...

Inflation, Fed action set stage for higher mortgage rates

Oct. 21, 2021 11:33 AM EDT

LOS ANGELES (AP) — Mortgage rates have hovered near all-time lows for much of this year, even as inflation has increased sharply across much of the economy. That could begin to change in the weeks to come, now that the Federal Reserve has signaled it could announce as...

Turkish lira drops to new low after harsh interest rate cut

Oct. 21, 2021 10:38 AM EDT

ISTANBUL (AP) — The Turkish lira plunged to a record low against the U.S. dollar Thursday after a harsher-than-expected cut in interest rates. The decision by the Central Bank’s monetary committee to cut the rate from 18% to 16% surprised analysts. The lira dropped to...

Fed survey finds economy facing supply chain, other drags

Oct. 20, 2021 15:20 PM EDT

WASHINGTON (AP) — The Federal Reserve reports that the economy faced a number of headwinds at the start of this month, ranging from supply-chain disruptions and labor shortages to uncertainty about the delta variant of COVID. In its latest survey of business conditions...

German central bank chief to step down after 10 years

Oct. 20, 2021 08:29 AM EDT

BERLIN (AP) — The head of Germany's central bank announced Wednesday that he will step down after a decade at the helm, removing a key hawkish voice from the European Central Bank’s governing council. A statement from the Bundesbank said Jens Weidmann will leave...

Asian stocks mixed after Wall Street rises for 5th day

Oct. 20, 2021 00:55 AM EDT

BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street rose for a fifth day on strong corporate earnings. Shanghai and Seoul, South Korea, fell while Tokyo and Hong Kong advanced. Wall Street's benchmark S&P 500 index rose...

The economy on the brink, Taliban rely on former technocrats

Oct. 19, 2021 02:38 AM EDT

KABUL, Afghanistan (AP) — When the Taliban swept into power, they found Afghanistan's economy fast approaching the brink and were faced with harrowing predictions of growing poverty and hunger. So they ordered the financial managers of the collapsed former government back to work, with an...