Reserves
MAS liberalises SGD swap rules for offshore banks
Following its recent decision to liberalise trading in Singapore dollar swaps, the Monetary Authority of Singapore said Mar 13, 2001 that effective March 1 it has allowed offshore banks to enter into currency swaps of any amount with non-banks.
Indonesian rupiah breaches 11,000 as worries grow
The Indonesian rupiah slid past 11,000 per dollar on Mar 12, 2001, extending early losses after the central bank said it had limited ability to defend the currency.
BoF Fogelholm to head Finnish Bankers' Association
The Finnish Bankers' Association said on Mar 12, 2001 that Markus Fogelholm would replace retiring chief executive Matti Sipila in Sept 2001.
Korea foreign currency transactions surged in 2000
Foreign exchange transactions by domestic financial institutions, including spot and futures markets, increased sharply in 2000 to $8.9 billion a day, up from $6.9 billion in 1999, the Bank of Korea said on Mar 11, 2001.
Currency crisis in emerging markets - predictable?
RESEARCH PAPER - Brazil and Argentina are among the countries most vulnerable to a currency crisis, according to a new model developed by a Dutch central bank economist which had been flashing warning signals about Turkey back in December 2000.
Norway government petroleum fund 2000 return 2.5%
Norway's government petroleum fund had a return on capital last year of 2.5%, when measured in terms of a currency basket that corresponds with the Fund's benchmark portfolio, the Norwegian central bank reported on Mar 9.
Asian currency swap idea 'acceptable'-Manila c.bnk
The Philippines is basically happy with the concept of an Asian web of currency swaps aimed at fending off future financial crises and is forging ahead with discussions on terms, deputy central bank governor Amando Tetangco said on Mar 9, 2001.
Currency crises and foreign reserves-IMF paper
RESEARCH PAPER - In a new IMF working paper, economist Piti Disyatat asks how far a government will run down its currency reserves in defence of a fixed exchange rate. He also uses an optimizing model of currency crisis to determine whether or not a…
Finnish cbank transfers 129m euros to govt
The Bank of Finland has transferred 42% of its 309m euros profit to the government, the first time the bank has had to pay money to the state since 1984.
Banking supervision-Alan Greenspan speech
Alan Greenspan said on Mar 7 it was not surprising that a weaker economy was making bankers wary about lending, but he urged them not to go overboard. "Lenders and their supervisors should be mindful that in their zeal to make up for past excesses they…
No plan to drive yen lower, Hayami says
Bank of Japan Governor Masaru Hayami said on Mar 8, 2001 he was alert to the risk of a vicious deflationary cycle but firmly denied that he wanted to push the yen lower to induce inflation.
Hungary Jarai-wider euro/forint band in 12-18 mos
The Hungarian forint's trading band could be widened in 12 to 18 months, recently appointed central bank governor Zsigmond Jarai told business daily Vilaggazdasag in an interview published Mar 8, 2001.
Interview: Walter Shipley
Walter Shipley, recently retired chairman of Chase Manhattan/J.P Morgan, has justchaired a working group on public disclosure aimed at investigating howdisclosure by large US banks and securities firms could be improved. He spoketo Central Banking's…
Russia cbank says too soon to ease forex sale rule
Russian Central Bank Chairman Viktor Gerashchenko said in an interview published on Mar 7, 2001 that it was too early to reduce the percentage of foreign currency receipts that Russian exporters are required to sell in exchange for roubles.
Japan foreign reserves fall in Feb on weak euro
Japan's foreign reserves, the largest in the world, fell in Feb 2001 for the first time in six months, hit in part by a decline in the euro, a Finance Ministry (MOF) official said on Mar 7.
Central banks use GSE debt to adjust portfolio-BIS
Central banks appear to be increasingly using agency securities in lieu of Treasurys to make necessary adjustments to their portfolios, the Bank for International Settlements said in a report released on Mar 5, 2001.
Dollar-Korean won spot rates swayed by forwards
The dollar's movement against the won in the Seoul currency market is being increasingly affected by dollar-won trading on overseas non-deliverable forward (NDF) markets, the Bank of Korea said.
BI vows to prevent rupiah breaking 10000 level
Bank Indonesia will take action to protect the rupiah from breaking through the Rp 10,000 level against the U.S. dollar, the central bank's governor Sjahril Sabirin said on Mar 6.
Canada gold sale said part of established program
Canada's sale of 20,000 ounces of gold in Feb 2001 was made as part of an established program to sell all of the precious metal held by the central bank, a finance ministry official said on Mar 5, 2001.
Using credit risk models for regulatory capital
The Federal Reserve Bank of New York has a highly topical article in its forthcoming Economic Policy Review called "Using Credit Risk Models for Regulatory Capital: Issues and Options," by Beverly J. Hirtle, Mark Levonian, Marc Saidenberg, Stefan Walter,…
BOK reports 1.5 trillion won in profits for 2000
The Bank of Korea has reported after-tax profits of 1,483 billion won in 2000, down 1,696 billion won from 1999.
Int'l Liquidity Illusion: Risks of Sterilization
Ricardo J. Caballero and Arvind Krishnamurthy from the National Bureau of Economic Research have written a paper "International Liquidity Illusion: On the Risks of Sterilization". This paper argues that sterlisation of capital inflows is ineffective when…
Did the Malaysian Capital Controls Work?-Kaplan
Ethan Kaplan and Dani Rodrik from the National Bureau of Economic Research have written an article "Did the Malaysian Capital Controls Work?" Compared to IMF programs, the authors find that the Malaysian policies produced faster economic recovery,…
Bank Indonesia meets Singapore MAS, banks
Bank Indonesia Deputy Governor Miranda Gultom met top bankers in Singapore on Feb 27, 2001 to discuss Jakarta's recent curbs on offshore trading of the rupiah.