Foreign Exchange
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, with analysis of how advances in technology and the structure of trade have reshaped the landscape
Angolan banks given new forex responsibilities amid shortage
Requests for foreign currency now must be submitted to commercial entities instead of central bank, with the exception of large imports of food and medicines
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
Thailand eases foreign exchange rules to encourage outflows
Central bank seeks to cool down the baht, one of the fastest-appreciating Asian currencies
Markets should not panic over reserve levels – Bajan governor
Haynes says level of reserves has reached new all-time low at 6.6 weeks of imports, but central bank is not considering a devaluation
Renminbi struggles to gain prominence on global stage – Swift
Chinese currency usage only accounted for 1.61% of domestic and cross-border payments in December 2017; digitisation may be the key to currency’s success
Morocco introduces a more flexible exchange rate
The central bank introduces a daily band of 5% for the dirham to trade against major currencies
Angola drops dollar for euro in new exchange rate regime
Kwanza depreciates 11.5% against the dollar following regime change
SNB expects record profits for 2017
Swiss central bank benefits from high asset prices and a weaker franc
Angola looks to abandon currency peg
Crippled by low commodity prices, Angola’s kwanza will be allowed to float within a range, governor says
Qatar Central Bank launches legal probe into manipulation
Central bank appoints law firm, as governor accuses blockading countries of manipulating the riyal and local markets
GFXC publishes final word on last look
The Global Foreign Exchange Committee releases the new and final version of Principle 17, and adds two examples to illustrate best practice
Rupee drops as SBP tackles reserves decline
Pakistani rupee down nearly 4% after central bank triggers “market-driven adjustment”
ECB and 14 European central banks commit to forex code of conduct
Bank of England and rest of the European Union central banks set to follow suit in early 2018
Central Bank of Barbados governor ‘concerned’ about level of reserves
Barbados central bank tweaks securities requirement ratio amid foreign exchange shortage; less than 10 weeks of import coverage remain
Xi sees renminbi taking greater role in global monetary system
President Xi Jinping calls for quality and equality of growth rather than speed; flags plans to promote renminbi as global reserve currency
Ethiopia launches ‘first of its kind’ swap agreement with Sudan
Central banks to swap $16 million under new agreement designed to strengthen financial co-operation and ease Ethiopia’s foreign exchange pressures
Costa Rican central bank gets $1bn to shore up exchange rate
Regional fund offers credit line as central bank aims to boost reserves and relieve pressure on exchange rate; central bank plans a move towards inflation targeting
Jamaica’s central bank implements next step in forex overhaul
Conducting auctions at new rate will improve transparency and efficiency of forex market, central bank says, hoping it will stem speculation and volatility