Earlier we had reported that Armenia makes serious steps in becoming a financial center by attracting investments in its banking sector aiming to become a financial mediator between the Middle East and Europe. Now Armenia makes another step by strengthening it's tiles with the central bank of Iran attracting more Iranian financial capital to Armenia's banking center.

China's central bank announced a hike in its bank reserve ratio, and the world's biggest passenger plane took off this week from Singapore for its inaugural commercial flight to London.

Australia's central bank says the economy is likely to slow, easing inflationary pressures that led to another interest rate increase last week. And, in China, one of the country's largest road and rail contractors has begun Hong Kong's biggest share listing. Claudia Blume in Hong Kong has more on these and other business stories from the region.

A rate increase by Australia's central bank is putting a heavy burden on many of the nation's homeowners. Rates have been increased to more than seven percent, in a move aimed at curbing rising inflation. Phil Mercer reports from Sydney.

The head of the U.S. central bank says the current housing crisis in the United States demands a "vigorous response."

U.S. central bank chief Ben Bernanke, in a second day of testimony before a Congressional committee, says the simultaneous challenges of economic slowdown, rising inflation and a credit squeeze pose significant policy challenges for the government. VOA's Barry Wood reports.

Amid the fear of an increasing inflation, the Swedish central bank has raised its interest rate again.

There has been clear oposition from couple of Montenegrian banks, regarding newbanking growth criteria, and limits to the growth imposed by Montengrian Central bank.What is your view on this, and do you find that Central bank measures were just case?

The People's Bank of China(PBC), the country's central bank, on Tuesday issued one-year central bank bills worth 31 billion yuan (4.2 billion U.S. dollars) at a yield of 4.0583 percent.

The U.S. central bank has slashed a key interest rate amid continued global market upheaval sparked by fears of a possible U.S. recession. VOA's Michael Bowman reports, the move came as the Bush administration renewed calls for a swift economic-stimulus package to spur growth.

What a delightful current issue of The Economist - a special pull-out section with the title "Only Human - A special report on central banks and the world economy" along with a number of other articles on the faults and foibles of central bankers.

On Thursday stocks went down sharply, along with the Dow Jones index falling for nearly 200 points. This fall is connected with the rise of long-term interest rates.