Reserves
Are Asian central banks easing up on derivatives?
An article, first published by Reuters, looks at the relaxation of restrictions on credit derivatives in Asian markets by central banks. Although these countries have traditionally blocked such instruments for fear of harming their exchange rates looser…
Polish Finance Ministry agrees over reserve funds
Poland's Ministry of Finance expects to come to an agreement with the national bank over the issue of revaluation reserve funds, according to a report from the PAP news agency. The Ministry of Finance has recently said that it plans to use around one…
Fed's Ferguson- Basel II accord not 'set in stone'
Basel II is not set in stone said Roger Ferguson of the Federal Reserve on Wednesday, according to a Reuters Report, even though a third consultation paper summarizing the proposals is expected to be released in early May.
BoJ considers purchase of asset-backed securities
Japan's central bank was reported by the Financial Times as saying on Tuesday 8 April that it may take unconventional steps, such as buying securities, to push the nation's economy toward recovery while keeping cash circulating in the financial system.
IMF Managing Director Issues Statement on Turkey
Turkey has finally fulfilled the conditions for obtaining its latest loan tranche from the IMF. The letter of intent sets out further reforms aimed at fixing shaky public finances and transforming the state dominated economy into a free market system.
Russian forex reserves reach another record high
Russian central bank reserves rose to a new record high last week, according to the ITAR-TASS news agency, taking the total increase to nearly sixteen percent since January.
Polish euro entry may be hampered by reserves
Poland's finance minister said on Wednesday 2 April that if the central bank refuses to release the revaluation reserve it will entry to the euro difficult for Poland in 2007, according to the PAP news agency.
Iraq conflict 'likely to hit global growth'
In a regular report the World Bank said the Iraq conflict will probably have about the same effect on the global economy as the September 11 attack the Financial Times reports. The report also said the huge accumulation of reserve assets means the…
Belgian central bank defends shareholder treatment
Guy Quaden, Belgium's central bank governor, has denied accusations made by shareholders at an annual meeting that the bank favours its main shareholder, the Belgian government.
Russian gold reserves may rise one-third in 2003
Russian central bank first deputy governor Oleg Vyugin said on Monday that the new oil price forecast could see the central bank increase its reserves by US$14bn during the year, according to a report by ITAR-TASS news agency.
Bundesbank's profits shrink by nearly 50%
The Bundesbank revealed this week that profits for 2002 fell by almost 50%. Gold and currency reserves were shown to have more than halved on the previous year, accordint to a report in the Frankfurther Allgemeine Zeitung.
G-10 Working Group report on contractual clauses
The Report of the G-10 Working Group on Contractual Clauses (September 2002) hes been published in March 2003. The report sets out the key features of collective action clauses for sovereign bonds that the G10 Ministers and Governors believe would, if…
Bank of France to sell property assets
A report in Le Monde newspaper says that the Bank of France plans to sell 20 per cent of its property holdings valued at 100m euros.
SARB: possible shift in foreign currency policy
South Africa's reserve bank has intervened in the currency market, in what is being seen as a shift in the Bank's policy. According to Business Day, the rand's recovery prompted the SARB to purchase dollars for reserves on a "moderate scale" governor…
Egypt imposes hard currency controls
Egyptian authorities have introduced a decree which aims to halt the decline in reserves at the central bank, according to Associate Press. The conflict in Iraq is expected to make the situation worse with income from tourism severely restricted.
Venezuela considers modifying forex controls
Venezuela's currency control system may be modified with alternatives under discussion including keeping a fixed exchange rate of 1,600 bolivars to the dollar, says Reuters
G10 report on collective action clauses
G10 ministers and governors have approved the publication of a report setting out the key features of collective action clauses for sovereign bonds designed to contribute to the more rapid and orderly resolution of debt crises.
Norges Bank: new version of 100-krone note
Norges Bank is to put a new version of the 100-krone note into circulation on 25 March to safeguard against counterfeiting.
Polish central bank may use reserves to repay debt
It is reported by the PAP news agency that, after first denying the suggestion, the Polish central bank will hold talks with the finance ministry on using central bank reserves to repay foreign debt.
EC to consider war when evaluating Pact
Romano Prodi has indicated that war in Iraq will be taken into account when the European Commission assesses member countries' deficits under the stability and growth pact, according to a BizWorld report.
Ignatyev - Reserves to prevent ruble fluctuation
During a working meeting with the President of Russia, central bank chairman Sergei Ignatyev said that the Bank's foreign currency reserves will make it possible to prevent major fluctuations in the ruble exchange rate in the near future.
Interview - President of Central Bank of Ecuador
INTERVIEW - In a recent interview Mauricio Yepez, president of Ecuador's central bank, spoke of the technical missions to Ecuador by the IMF and other institutions. He said Ecuador expects to get 100m US dollars from the IADB later this year and a first…
ECB sees profits slide by 0.6 bn euros for 2002
On Thursday the European Central Bank revealed that profits fell by 33% in the year ended 2002. In a press release the ECB blamed the reduction on the fall in both the US dollar and euro interest rates during the year. The accounts also show that the ECB…
RBNZ adds new reserves section to its website
A new section, Foreign Reserves, has been added to the Reserve Bank of New Zealand's website.