Foreign Exchange
Turkish and Qatari central banks agree $3bn swap deal
Gulf monarchy announces $15 billion investment on August 15 to support crisis-stricken ally
HKMA spends over $2 billion to defend local currency
Hong Kong dollar fell to hit lower limit of its 7.75-7.85 peg to US dollar
Turkish lira plunges again amid looming sanctions
Finance ministry to unveil ‘new economic model’, as central bank struggles to support the currency
PBoC acts to rein in renminbi depreciation
Action is the first effort by the central bank to stem currency’s three-month slide
Central bank deputy arrested as Iran grapples with forex crisis
Vice-governor in charge of forex has been “arrested and sent to jail”, state media reports
Reserves in Tunisia keep falling
Country battles high inflation and high deficits as it receives support from the IMF
Stricter forex regulations in Central Africa needed to shore up reserves – IMF
Central bank must be ready to tighten monetary policy should reserves remain below target
Shock end to euro floor avoided ‘enormous’ speculative attack, says SNB’s Jordan
Swiss central bank chief says sudden withdraw was least worst option
Philippines considers boosting central bank capital
Central bank announces big rise in Q1 income
Vietnam says it is “actively prepared” to intervene in forex market
Interventions have helped protect the dong’s value, but depreciation gathered pace in June
BIS paper studies evolving renminbi exchange rates
It is “premature” to declare a stable zone for the renminbi, the paper concludes
SBP devalues rupee again as reserves dwindle
Two years on from last IMF rescue package, Pakistan is again experiencing balance of payments troubles
Central banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say Nalm delegates
New forex tool has made Jamaican market more competitive – Wynter
Jamaican governor says B-FXITT has levelled the playing field for smaller dealers
Pakistan strengthens China ties with expanded swap agreement
Doubling of swap line is latest in a series of sometimes controversial integration measures
Higher interest rates prove a challenge for reserve managers
Argentina has lost 14.3% of its reserves since late April trying to defend the peso
South Korea will publish data on forex interventions
US Treasury report called recent South Korean forex moves “concerning”
Return on foreign assets partly offsets trade imbalances – research
Emerging economies can recover from current account disequilibrium faster than reserve currency issuers
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
Bank of Israel profits from rising equities – market operations director
Andrew Abir says Israeli central bank has benefited from rising US equities
Book notes: How global currencies work, by Barry Eichengreen, Arnaud Mehl and Livia Chiţu
A comprehensive introduction to the history of global reserve currencies
Angolan banks given new forex responsibilities amid shortage
Requests for foreign currency now must be submitted to commercial entities
Education key to forex liberalisation success, says Bahamas governor
Private sector needs to base forex decisions on returns rather than “fear the erosion of wealth”, says Rolle
Venezuela’s new forex auction sees bolivar plummet
Latest auction sees currency devaluate by 99% from heavily subsidised exchange rate