Russia on Wednesday insisted there would be no devaluation in the ruble even though the central bank has spent billions of dollars propping up the currency.

`There is no reason to devalue (the rouble) even if oil prices are low. There will not be a devaluation,` said President Dmitry Medvedev`s economic adviser Arkady Dvorkovitch.

Britain`s 20 richest south Asians are worth nearly seven and a half billion pounds combined, according to an annual list published Wednesday which ranks metal magnate Lord Swraj Paul top.

The Bank of England mulled slashing British interest rates even more sharply in November, before it cut borrowing costs by 150 basis points to a 53-year low, minutes from the meeting showed Wednesday.

The Bank of England mulled slashing British interest rates even more sharply in November, before it cut borrowing costs by 150 basis points to a 53-year low, minutes from the meeting showed Wednesday.

The European Central Bank published on Tuesday details of its latest operations to boost interbank lending on eurozone money markets.

The central bank has been providing huge amounts of euros, dollars and Swiss francs to eurozone banks to get them lending to each other again after uncertain financial conditions caused the crucial markets to freeze up.

The European Central Bank published on Tuesday details of its latest operations to boost interbank lending on eurozone money markets.

The central bank has been providing huge amounts of euros, dollars and Swiss francs to eurozone banks to get them lending to each other again after uncertain financial conditions caused the crucial markets to freeze up.

Bank of England policymakers voted 9-0 to slash British interest rates by a third to 3.00 percent earlier this month, minutes of their meeting revealed on Wednesday.

The BoE had on November 6 slashed its key lending rate from 4.5 percent to the lowest level in more than half a century, a sign according to economists of a deep recession ahead for Britain.

Bank of England policymakers voted 9-0 to slash British interest rates by a third to 3.00 percent earlier this month, minutes of their meeting revealed on Wednesday.

The BoE had on November 6 slashed its key lending rate from 4.5 percent to the lowest level in more than half a century, a sign according to economists of a deep recession ahead for Britain.

WASHINGTON, Oct 19, 2007 (AFP) - Group of Seven finance chiefs are Friday to call on China to allow its currency more freedom to appreciate on foreign exchange markets, a source close to one of the delegations said here.

The appeal will be made in a final statement to be issued after a meeting of finance ministers and central bankers from Britain, Canada, France, Germany, Italy, Japan and the United States.

FRANKFURT, Oct 18, 2007 (AFP) - Axel Weber, an influential director of the European Central Bank, argued indirectly Thursday for higher eurozone interest rates by stressing inflation threats.

'Tension in money markets is temporary. The main thing is to ensure our monetary policy does not lose sight of medium-term price stability,' Weber told the Frankfurter Rundshau in an interview posted on its Internet site.

LONDON, Oct 17, 2007 (AFP) - Bank of England policymakers voted 8-1 to freeze British interest rates at 5.75 percent earlier this month, minutes of the meeting showed Wednesday.

Most of central bank's nine-strong Monetary Policy Committee called for no change at the meeting earlier this month -- but David Blanchflower voted in favour of a quarter-point cut, the minutes revealed.

The BoE held its key interest rate on October 4 as it took stock of recent turmoil on world financial markets and a crisis at British lender Northern Rock.

SHANGHAI, Oct 17, 2007 (AFP) - China's central bank intensified its campaign to curb excessive liquidity by ordering selected smaller lenders to set aside money with the central bank as special deposits, state press said Wednesday.

The central bank is asking some city commercial banks and credit cooperatives to place funds as three-month and one-year special deposits, Shanghai Securities News reported, citing unnamed banking sources.

SYDNEY, Oct 17, 2007 (AFP) - Prime Minister John Howard set up a potential clash with the central bank Wednesday as economists predicted a damaging interest rate hike in the midst of campaigning for a November 24 election.

Howard signalled in an interview published Wednesday that he would continue to pursue economic growth, ignoring concerns that rapid expansion could fuel inflation and prompt the Reserve Bank of Australia to lift rates.

The prime minister said there was no reason Australia's 16-year period of economic growth could not be extended indefinitely.

ASHGABAT, Oct 12, 2007 (AFP) - Turkmenistan is to introduce new bank notes in 2009 with fewer zeros and the profile of late dictator Saparmurat Niyazov is to be almost entirely removed, official news agency TDH reported Friday.

New notes valued at one to 500 manats instead of the current 50-10,000 are to be printed and Niyazov's head, which appears on all notes presently, is to grace only the 500-manat bill.

JOHANNESBURG, Oct 11, 2007 (AFP) - South Africa's key repo lending rate is to increase by half a percentage point to 10.5 percent to ward off a threat of higher inflation, central bank chief Tito Mboweni announced on Thursday.

'The MPC (Monetary Policy Committee) has decided to adjust the repo rate by 50 basis points to 10.5 percent per annum with effect from Friday 12 October,' Mboweni told reporters.

TOKYO, Oct 11, 2007 (AFP) - The Bank of Japan refrained Thursday from hiking its super-low interest rates, opting to wait for clearer evidence that the recent storm on global financial markets has fully subsided.

The bank decided, in an 8-1 vote, to leave its benchmark interest rate at 0.5 percent, where it has been since February.

Atsushi Mizuno, who has a reputation for being a policy hawk, again opposed the decision to stand pat, the central bank said.

No change had been expected given jitters about the fallout from US mortgage and credit market turmoil.

FRANKFURT, Oct 11, 2007 (AFP) - The European Central Bank is keeping an eye on inflation threats but also sees heightened uncertainty regarding growth prospects as a result of global financial turmoil, it said Thursday.

'The ECB's monetary policy stands ready to counter upside risks to price stability,' the bank said in its October monthly bulletin.

But 'given the heightened level of uncertainty, additional information is needed before further conclusions for monetary policy can be drawn,' it added.

TOKYO, Oct 11, 2007 (AFP) - The Bank of Japan said Thursday it was leaving its key interest rate unchanged at 0.5 percent amid concern about recent financial market volatility and stubborn deflation.

The decision, made by an 8-1 vote, had been widely expected given worries about the fallout from US mortgage and credit market turmoil.

Worries about the health of the Japanese economy have also grown since the government said last month that gross domestic product contracted in the second quarter due to a fall in corporate capital spending.

TOKYO, Oct 10, 2007 (AFP) - Japan's central bank is expected to refrain from hiking interest rates at the end of a two-day meeting Thursday because of lingering concerns about recent financial market distress, analysts said.

The Bank of Japan left its key lending rate on hold at 0.5 percent in September for a seventh straight month, opting to stand pat a day after the US Federal Reserve slashed its own key rate by a hefty half-point.

FRANKFURT, Oct 8, 2007 (AFP) - The European Central Bank said Monday it was prepared to inject more cash into euro money markets in the face of continuing tension caused by difficulties in the US subprime home loan sector.

'The ECB continues to closely monitor liquidity conditions and aims at further reducing the volatility of very short-term rates around the main refinancing operation minimum rate,' the ECB said in a statement to traders.

VIENNA, Oct 4, 2007 (AFP) - Europe's two biggest central banks kept interest rates on hold Thursday as they scoured financial and economic data for signs of damage in the wake of a global banking crisis.

The European Central Bank and Bank of England held key rates unchanged, with the ECB saying its would stay at 4.00 percent for the eurozone, a region of more than 300 million people that includes France, Germany, Italy and Spain.

VIENNA, Oct 4, 2007 (AFP) - The European Central Bank remains ready to raise its key rates to help keep a lid on inflation in the 13-nation eurozone, ECB chief Jean-Claude Trichet said on Thursday.

However, the central bank head appeared to tone down that message in view of potential headwinds facing the region's economy, not least from the credit crisis in the US, which he acknowledged is casting a shadow over the growth outlook in Europe.

VIENNA, Oct 4, 2007 (AFP) - The European Central Bank remains ready to raise its key rates to help keep a lid on inflation in the 13-nation eurozone, ECB chief Jean-Claude Trichet said on Thursday.

However, the central bank head appeared to tone down that message in view of potential headwinds facing the region's economy, such as the strong euro and slowing US growth.

VIENNA, Oct 4, 2007 (AFP) - European Central Bank President Jean-Claude Trichet called Thursday for the utmost discipline on the part of eurozone politicians when commenting on the current strength of the euro.

'Verbal discipline is very, very important on this question,' Trichet told a news conference here.

His comments were a response to increasing calls from European politicians for the ECB to act to curb the euro's flight, particularly against the dollar.

VIENNA, Oct 4, 2007 (AFP) - The 13-nation eurozone remains vulnerable to increased inflationary pressure, European Central Bank head Jean-Claude Trichet said Thursday.

Nevertheless, given the current financial market volatility, the ECB will move cautiously regarding further interest rate rises and will wait for additional information before deciding whether to act, Trichet told a news conference here.

The information currently available confirmed that 'the outlook for price stability over the medium term is subject to upside risks,' Trichet said.

LONDON, Oct 4, 2007 (AFP) - The Bank of England held its key interest rate at 5.75 percent on Thursday, as the central bank took stock of recent turmoil on world financial markets and a crisis at British lender Northern Rock.

Shortly afterwards, the European Central Bank opted to freeze eurozone borrowing costs at 4.00 percent as it took note of a euro near record dollar highs and markets that are still licking wounds from a global banking crisis.

Last month, the US Federal Reserve slashed its key rate by half a point to 4.75 percent amid the global financial turmoil.

VIENNA, Oct 4, 2007 (AFP) - Borrowing costs for most Europeans held tight on Thursday after the two biggest central banks took note of a euro near record highs and markets that were still licking wounds from a global banking crisis.

The European Central Bank and Bank of England kept key interest rates unchanged, with the ECB saying its would remain at 4.00 percent for the eurozone, a region of more than 300 million people that includes France, Germany, Italy and Spain.

VIENNA, Oct 4, 2007 (AFP) - The European Central Bank and Bank of England held key interest rates steady Thursday as the euro hovered near record highs and markets worked through turmoil that forced the rescues of several banks.

The ECB said the rate for its regular refinancing operations would remain at 4.00 percent for the time being.

Britain's central bank kept its main interest rate at 5.75 percent, after recent financial turbulence forced it to rescue troubled lender Northern Rock.

FRANKFURT, Oct 4, 2007 (AFP) - The European Central Bank held its main interest rates steady as expected on Thursday as the strong euro and key economic indicators pointed to a slowdown in the eurozone economy.

The ECB said it held the rate for its regular refinancing operations at 4.00 percent.

It also kept its two other key rates -- the deposit rate and the marginal lending rate -- unchanged at 3.00 percent and 5.00 percent respectively.

LONDON, Oct 4, 2007 (AFP) - The Bank of England held its key interest rate at 5.75 percent on Thursday, opting for no change for the third month in a row as the central bank took stock of recent turmoil on world financial markets.

Sterling rebounded slightly against the dollar following the announcement which was in line with market expectations.

The decision by the BoE's Monetary Policy Committee (MPC) comes before a separate rate call at 1145 GMT from the European Central Bank, which is also expected to freeze eurozone borrowing costs at 4.00 percent.

VIENNA, Oct 4, 2007 (AFP) - The European Central Bank was set to hold interest rates steady Thursday amid concern that the euro's strength and a slowing economy were stirring up stiff headwinds for the 13-nation eurozone.

The Bank of England was expected to leave its main lending rate unchanged as well, at 5.75 percent after recent financial markets turmoil forced the central bank to rescue troubled lender Northern Rock.

VIENNA, Oct 4, 2007 (AFP) - The European Central Bank was set to hold interest rates steady Thursday amid concern that the euro's strength and a slowing economy were stirring up stiff headwinds for the 13-nation eurozone.

The Bank of England was expected to leave its main lending rate unchanged as well, at 5.75 percent after recent financial markets turmoil forced the central bank to rescue troubled lender Northern Rock.

SYDNEY, Oct 3, 2007 (AFP) - Australia's central bank left interest rates unchanged Wednesday but economists warned strong retail sales and a widening trade deficit indicated a hike was likely soon.

In a widely-anticipated move, the Reserve Bank of Australia left rates at 6.50 percent for a second straight month as concerns lingered over the potential impact of a US credit squeeze.

But the decision coincided with new data showing Australia's trade deficit almost doubled in August and that shoppers continued to spend freely over the same period.

LONDON, Oct 3, 2007 (AFP) - The Bank of England is widely forecast to hold British interest rates at 5.75 percent Thursday after recent financial markets turmoil forced the central bank to rescue troubled lender Northern Rock.

The BoE froze rates in early September, arguing that it was too early to judge the economic fallout of the ongoing worldwide credit squeeze.

But since then,