Reserves
Yugoslavia to issue €4.1bn of bonds
YUGOSLAVIA - Yugoslavia is set to issue €4.1bn worth of bonds in early August as part of its domestic debt settlement, which could pave the way for the creation of a liquid debt market, a Yugoslav central bank official said.
Eurosystem currency reserves unchanged this week
GERMANY - The European Central Bank said eurosystem net foreign currency reserves were virtually unchanged at 232.6 mln euro in the week ending 5 July.
IMF mission to Argentina seeks account access bar
ARGENTINA - The IMF will hold up disbursement of 9.5 bln usd in aid unless the government denies bank depositors any access to their accounts, government officials said after a federal judge found the ban unconstitutional.
Bank Negara reserves reach 2-year high
MALAYSIA - Bank Negara Malaysia's international reserves reached their highest level in two years to RM127.7 billion when they jumped RM3.6 billion at the end of June.
ECB won't discuss freeing up for ex reserves
GERMANY - Central bank reserves of foreign currency which have been seen as one answer to the Government's public finance problems are not up for discussion, the European Central Bank said Friday.
Brazil party may give its backing to IMF plan
BRAZIL - Brazil's leftwing Workers' party, which is still leading opinion polls ahead of October's presidential elections, says it may back an accord with the International Monetary Fund in order to reassure investors.
Argentina 'will not force savings swap'
ARGENTINA - Thousands of savers in Argentina will not be forced to swap their bank deposits for government bonds, the country's president has said.
Iran plans its first bond issue since 1979
IRAN - Iran hopes to next week issue its first international bond since the 1979 Islamic revolution, according to Mohsen Noorbakhsh, the governor of Iran's central bank.
Real rises after central bank resumes intervention
BRAZIL - The real rose after the Brazilian central bank said it is resuming its former policy of daily interventions in the foreign exchange market, dealers said.
For-ex reserves cross $57-bn mark in India
INDIA - India's foreign exchange reserves have shot up by half a billion dollars in one week to cross the $57 billion mark during the week ended 21 June.
Duhalde seeks faster deal with IMF for Argentina
ARGENTINA - Argentine President Eduardo Duhalde expressed his impatience on Saturday at the slow pace of debt relief talks with the IMF, as his top negotiator ruled out further reforms to monetary policy.
Soros says central banks should bailout Brazil
ARTICLE - In the wake of the current economic crisis in Brazil, George Soros has said that leading central banks should open their discount windows and refinance the holders of Brazilian debt. Indeed, he expressed surprise that central banks had not…
Intervention pushes dollar back above 120
UK - The dollar surged back over 120 against the yen on Friday and made headway against the euro after Japan's finance ministry confirmed it had asked other central banks to intervene on its behalf to help weaken the Japanese currency.
Argentine central bank may issue up to 7 bln pesos
ARGENTINA - The central bank's new chairman, Aldo Pignanelli, has drafted a new monetary plan under which the central bank will issue up to 7 bln pesos to rescue commercial banks experiencing liquidity problems, newspaper Clarin reported.
IMF increases stand-by credit to Uruguay by $1.5bn
URUGUAY - The IMF today increased its current Stand-By Credit to Uruguay by about $1.5bn to about $2.28bn. Uruguay may draw up to $508m immediately. A further $650 million will become available under the augmented Stand-By Arrangement during the…
Mexico's assets and reserves increasing
MEXICO - The Banco de Mexico has announced that Mexico's net international assets rose to $45.277 billion on June 21 from $44.781 billion on June 14. It also said that its international reserves were at $42.107 billion, up from $41.961 billion the week…
Uruguay cb to create bank protection committee
URUGUAY - Uruguay's central bank will create a special committee to oversee the provision of liquidity for the country's banks, according to central bank chairman Cesar Rodriguez. "We don't want a single bank to fold [and] we want to protect depositors'…
Thai bond plan seen as 'ambitious'
THAILAND - Thailand's plan to issue the equivalent of $18.5bn (£12.6bn) in baht bonds to pay for the central bank's massive losses from the 1997 crash are "very ambitious" and must be handled with care, said economists on Sunday.
Brazil's central bank pays to keep money at home
BRAZIL - Brazil's central bank, seeking to stem an outflow of money from the country, offered banks the ability to swap local currency interest rates for dollar-linked yields.
Figures show Argentina's economy shrinking
ARGENTINA - Argentina's economy shrank 16% during the first three months of this year the government has revealed, plunging the country ever deeper into a recession that has now lasted for three-and-a-half years.
Argentina to offer bonds for savings
ARGENTINA - Thousands of savers in Argentina have been given a month to decide if they want to swap their bank deposits for government bonds.
IMF to support Uruguay and Brazil
US - The International Monetary Fund has moved to provide financial help to Uruguay and Brazil, both affected by the crisis in Argentina.
China's gold exchange to open next month
CHINA - China's long-awaited liberalisation of the tightly controlled gold market will kick off with the opening of the Shanghai Gold Exchange next month, an exchange official has said.
Bank of Canada Working Paper 2002-16
RESEARCH - The Bank of Canada has published a paper titled 'A Market Microstructure Analysis of Foreign Exchange Intervention in Canada', by Chris D'Souza. He concludes that central banks considering intervention must also consider both the signal it…