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Brazilian central bank raises basic rate

RIO DE JANEIRO, Nov. 27 (Xinhua) -- The Brazilian Central Bank on Wednesday raised its annual basic interest rate Selic from 9.5 to 10 percent. The decision was unanimous and represents the continuation of an "adjustment process of the interest rate, initiated in April," the bank's Monetary Policy Committee (Copom) announced at the end of its two-day meeting. It was the sixth consecutive raise in the Selic rate, which accumulates a rise of 2.75 percentage points this year. It was also the first time since early 2012 that the Selic rate reaches a two-digit value.

Japan to consider stripping Tibor supervision from banks: sources

By Noriyuki Hirata and Emi Emoto TOKYO (Reuters) - An advisory panel set up by Japan's financial regulator will consider stripping oversight for setting Tibor, the yen benchmark interest rate, from the banking group now responsible for its administration, said people with knowledge of the potential supervisory overhaul.

Germany launches gold, silver price-fixing probe

The German financial watchdog, BaFin, said Wednesday it is looking into allegations of possible manipulation by banks in gold and silver price-fixing. "In addition to the Libor and Euribor interest rates, BaFin is looking at other bench-marking processes such as gold and silver price fixing at individual banks," the watchdog said in a statement. "The probe was launched a number of months ago and is still ongoing," BaFin said, adding that for confidentiality reasons it could not say which banks are concerned or the state of the investigation.

Thai central bank cuts policy rate to 2.25 pct

Thai central bank cuts policy rate to 2.25 pct BANGKOK, Nov. 27 (Xinhua) -- The Bank of Thailand decided on Wednesday to cut the key policy rate by 0.25 percentage points from 2.50 percent to 2.25 percent, in a bid to boost the economy clouded by recent political turmoil. The Monetary Policy Committee (MPC) of the central bank voted 6 to 1 to approve the cut, which was not in line with market expectation.

German watchdog starts probe into gold price-fixing: report

FRANKFURT (Reuters) - Germany's financial watchdog BaFin has started a probe into suspected manipulation of benchmark gold and silver prices by banks, the Wall Street Journal Deutschland website reported on Tuesday. Regulators across the globe have increased oversight of the financial sector, and banks' reputations have been battered by a series of scandals, including trying to manipulate key benchmark rates such as the Libor inter-bank lending rates.

Regional Fed banks still split on discount rate cut/hike need

WASHINGTON (Reuters) - One regional U.S. Federal Reserve bank continued to seek a quarter point cut in the discount rate last month while three other branches pushed for a matching hike, but the Fed Board in Washington decided to leave rates unchanged at 0.75 percent.

Japan sets up expert panel to study benchmark rate regulation

TOKYO (Reuters) - Japan's finance-industry regulator has set up a panel to study regulation of the country's financial benchmarks as part of increased global scrutiny following public outrage over scandals involving manipulation of interbank lending rates. The Financial Services Agency said on Tuesday a panel of 12 members will consider how best to remake the regulatory framework for the Tokyo Interbank Offered Rate (Tibor) and other benchmarks in accordance with global regulatory debates.

UBS reaches immunity deal with EU over Libor: WSJ

(Reuters) - UBS AG <UBSN.VX> has reached an immunity deal with European Union authorities that will protect the Swiss bank from further penalties for alleged manipulation of key interest rates, the Wall Street Journal reported, citing people familiar with the matter. Under the arrangement, UBS is rewarded for cooperating with investigators and turning over information about other banks, the Journal reported.

New Libor administrator signals caution over compilation changes

By Huw Jones LONDON (Reuters) - Replacing the quote-based Libor with an index drawing on actual market trades won't happen anytime soon, the benchmark's new administrator said on Tuesday. The London Interbank Offered Rate is compiled from quotes by banks of the rate they believe they would pay to borrow from another bank.

Turkey holds main interest rates steady

The Turkish central bank kept its main interest rates steady on Tuesday, but analysts said it carried out a modest tightening of monetary policy by removing a lower rate. The bank, which is statutorily independent, kept all its main rates in place -- the one-week repurchasing or repo rate at 4.5 percent, its borrowing rate at 3.5 percent and its key overnight lending rate at 7.75 percent.
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