Reserves
Ecuador reports record monetary reserves
The Central Bank of Ecuador has reported that reserves, which have been increasing since August, have hit a record breaking level, according to a report by CRE Satelital radio. The increase is due to the arrival of new loans from international…
Denmark to start electronic trading in gov't bonds
Denmark will begin trading government bonds electronically from 4 November, AFX Europe reports, The Danish central bank said in a statement "Introducing electronic trading is a step forward in developing the Danish market and bringing its facilities in…
Brazil "wants $10 bln IMF loan insurance"
Reports in Brazil said Finance Minister Antonio Palocci was negotiating with the IMF to secure "insurance" of $10 billion in emergency funds in case of an international economic crisis, according to Reuters. Palocci said he felt that if Brazil were to…
Documents show RBA basement holds huge wine cellar
Documents obtained under Freedom of Information laws show the Reserve Bank of Australia houses a $100,000 wine cellar in the basement of its Sydney headquarters alongside vaults guarding Australia's reserves. RBA secretary David Emmanuel defended the…
Buba eyes 400-600 tonne gold sale in new pact
A report says that the Bundesbank is considering selling between 400 and 600 tonnes of gold from late 2004 to 2009, according to Reuters. Bundesbank President Ernst Welteke declined to comment on details of any deal ahead of discussions in the spring…
Fitch upgrades China's forex rating outlook
The rating agency Fitch has announced that it has revised the outlook for China's A-minus long-term foreign currency rating to positive from stable, according to AFP. China's official foreign currency reserves have been boosted by a continuing strong…
Japan shows quantitative easing works- Fed's Poole
St Louis Fed president William Poole said in the latest edition of the Regional Economist publication, reported by Reuters, that "Japan showed us that a central bank has more than one tool to work with", although many thought Japan had run out of…
ECB adopts new regulations on minimum reserves
The Governing Council of the European Central Bank has adopted new regulations on money and banking statistics and the application of minimum reserves, 7 October.
HKMA intervenes to defend currency peg
The Hong Kong Monetary Authority, according to Channel News Asia, has spent HK$300 million (US$40 million) defending its currency peg against speculators in the past week. Newly-appointed deputy chief William Ryback said it was comfortable with the…
China's forex reserves rise to a record $365 bn
China's foreign exchange reserves hit a record at the end of August, a Reuters report said. The People's Bank of China said on Monday that reserves increased a monthly $8.2 billion to $364.7 billion in August, down from a $10 billion average monthly rise…
ECB: 'No comment' on Japan's MOF selling yen
A spokesman for the European Central Bank declined to comment on Japan's Ministry of Finance statement that it had sold yen heavily in the foreign exchange markets on Tuesday 30 September, according to Reuters.
Swiss Nat Bank to sell 284 tonnes gold by Sep 2004
The Swiss National Bank said on Friday 26 September that it plans to sell 284 tonnes of gold from excess reserves by the end of September 2004 and aims to offload another 130 tonnes in 2005, according to a report by Reuters.
Taiwan adopt 'managed float' for dynamic stability
The central bank of China, Taiwan will adopt a "managed float" policy towards the foreign exchange market, according to AFX Asia, and has said it is, in principle, ready to allow market forces to determine the exchange rate.
New Iraqi currency 'will not be fixed to dollar'
The governor of the central bank of Iraq, Sinan al-Shabibi, has said that Iraq is not considering fixing its new dinar to the dollar, according to the Financial Times. But he added, "The question in the market is what is a float. We don't want it to…
IMF says PMA not a central bank yet
The IMF has said in a press conference that the Palestine Monetary Authority is "not a central bank yet in that their role really is, at the present time, confined to banking supervision and also the holding of required reserves to banks operating in…
BOJ's Fukui speech to IMFC on Japan's economy
Toshihiko Fukui, Governor of the Bank of Japan, speaks to the International Monetary and Financial Committee on the Japanese economy (he reiterated that "The BoJ is firmly committed to maintaining its current policy stance until the consumer price index…
Argentina defaults on $3 Billion IMF debt
Argentina defaulted on its IMF debt on Tuesday 9 September, according to a Reuters report. The Cabinet Chief's office said "To avoid compromising 25 percent of (central bank) reserves, the government has decided to suspend the payment that was due today".
24 hours to a deal - Argentina wrestles with IMF
On Monday 8 September, Argentina and the IMF were finalising a deal that will see the South American country avoid a fresh default, according to the BBC. If an agreement is not reached within 24 hours, Argentina will be forced into a damaging $2.9bn (£1…
Bank of Japan intervenes in money markets
The Bank of Japan has intervened in the money markets in the last two days, according to Reuters, in an apparent move to halt the increase in interest rates by spending Y2,000bn buying nine month bills from commercial banks.
Jalan nominated to India's Parliament
A statement from the Indian government released on Thursday 28 August said Reserve Bank of India Governor Bimal Jalan had been formally nominated to the upper house of Parliament, according to a report by Reuters.
Afghanistan displays forgotten gold reserves
Afghan president Hamid Karzai accompanied central bank governor Anwar ul-Haq Ahady and other dignitaries on Friday 29 August as they witnessed the opening of a vault under Afghanistan's presidential palace containing the countries gold reserves,…
Gold prices higher on central bank rumours
Gold prices rose on Wednesday, the Financial Times reported, on rumours that the terms of the Washington Accord of 1999, where Europe's central banks agreed to restrict sales of gold to 400 tonnes a year, were to be renewed.
Greenspan health rumours disrupt FX markets
Various unsubstantiated stories regarding the health of Alan Greenspan sent the dollar sharply weaker in financial markets Tuesday. Spot gold prices got a lift from the Greenspan rumour and rose to the highs of the day at $364.00, Market News…
Philippine c bank ordered to stabilise fx market
President Gloria Arroyo on Wednesday ordered the Philippine central bank to "crack the whip on speculators" and use feasible monetary tools to stabilize the currency exchange market.