Reserves
Worrell rules out devaluing Barbadian dollar
Central Bank of Barbados concerned by foreign exchange imbalance emerging in the economy; calls on government to reduce fiscal deficit in bid to avoid devaluation of currency
BIS banking department deputy makes switch to State Street OIG
Founder of State Street's Official Institutions Group John Nugée will retire in October, and be replaced by Louis de Montpellier of the BIS
Kenyan central bank defends depreciating shilling
The Kenyan shilling has dropped almost 5% in value against the dollar since May; central bank insists this is a necessary rebalancing and does not pose any damaging inflationary pressures – yet
Central banks face $450bn in paper losses from gold holdings
The decline in world gold prices during the first half of the year has resulted in the value of central bank gold reserves falling by $447 billion; latest entrants into bullion market hardest hit
Cape Verde aims to keep euro peg credible
Maintaining the Cape Verdean escudo’s peg to the euro is the central bank’s ‘main concern’; setting policy to stabilise its international reserves and – in turn – the peg
Bank of England publishes history archive online
Digital archive project has uncovered BoE's controversial role in Nazi gold appropriation; includes all of the central bank’s main publications in addition to previously unpublished history
Central Bank of Egypt seeks help at home and abroad to shore up currency reserves
CBE governor wins $3bn in grant and interest-free loans from the UAE; bank launches ‘Egypt support' fund amid political unrest
Renminbi convertibility remains top of Chinese reform agenda – HSBC
Chinese authorities interested in ‘quality’ rather than ‘quantity’ of renminbi growth; expected to push through reforms to achieve convertibility in 2015, says senior HSBC executive
Euro's international role hampered by continued fragmentation
ECB study finds reserve manager confidence in the euro is recovering, but a leading fund manager says the euro cannot challenge the pre-eminence of the dollar without issuing federal bonds
Asian central bank FX reserves not properly recognised by rating agencies, says Sheng
CBRC adviser and former Hong Kong SFC chief Andrew Sheng points to inconsistent approach in sovereign debt ratings; doubts international crisis co-ordination is possible
Bundesbank’s Nagel says internationalisation of renminbi is ‘long overdue’
Executive board member says that renminbi is now established as a trading currency – the first step towards becoming a global reserve currency
Iceland central bank closes last vault outside of Reykjavik
Vault closure is the culmination of a 10-year review of the bank's role in distributing banknotes around the sparsely populated island nation
ECB paper aims to quantify effect of ‘inertia' in reserve currency use
Researchers say dollar's position as the dominant reserve currency is not insurmountable - but force of habit plays a significant role
IMF figures show advanced economies loading up on Australian dollars
Stock of foreign exchange reserves continues upward trajectory, with Australian currency finding favour in advanced economies, and the Canadian dollar in vogue in emerging nations
Central banks showing interest in renminbi assets, RBA article says
Article highlights continuing gradual move to liberalise trade in renminbi; notes many central banks have made Chinese investments, but says renminbi not yet an official reserve asset
NALM Americas 2013: Panellists play down expectations of QE wind-down
Central bankers think it unlikely the US Federal Reserve will wind down its quantitative easing programme – but some acknowledge an exit could hit emerging markets hard
ECB taken to task over SME finance in Central Banking debate
Participants in latest Central Banking On Air debate accuse central banks of 'unreasonably neglecting' SME funding difficulties; question whether the type of assets central banks hold is important
Paper examines roster of RMB bilateral swap partners
BOFIT researchers find the list of countries signing a swap agreement with China is determined by a range of factors - and suggest the agreements are not used as a ‘soft power' political tool
MBS offer portfolio benefits for some central banks, say CBP panellists
Mortgage-backed securities may offer reserve managers a higher yield and diversification benefits for their foreign currency holdings, according to panellists in a new Central Banking On Air debate
RBNZ could ‘scale up’ forex intervention
Reserve Bank of New Zealand governor Graeme Wheeler signals willingness to sell more NZ dollars to combat currency appreciation; house price increases put central bank in policy ‘bind’
Latvian annual report reveals reserves diversification
Bank of Latvia publishes annual report for 2012; reveals 15% increase in foreign reserves and diversification into Canadian and Singapore dollar-denominated assets
Colombian paper trumpets transparent forex intervention
Research says ‘pre-announced and transparent’ interventions had a greater impact on the Colombian exchange rate than more discretionary or ‘dirty’ purchases
UAE central bank annual report shows sharp balance sheet expansion
Annual report for 2012 sees balance sheet growth driven largely by higher foreign exchange purchases; prudential measures implemented to shore up banking system
RBI targeting 'greater internationalisation' of rupee
Reserve Bank of India executive director Padmanabhan says currency is a ‘natural candidate’ for internationalisation; aims for ‘careful and gradual’ progress