Reserves
NALM Africa 2011: Beware the risk 'numbers' say African central bankers
African central bank risk chiefs say reserves managers need to beware the numbers produced by complicated risk management software systems and rely more on their own qualitative judgement
NALM Africa 2011: African central banks rethink reserves allocations
The drop-off in US Treasury yields and concern about a eurozone sovereign collapse has prompted a number of African central banks to review their reserves allocations
Reserves act as effective insurance mechanisms during crises: Central Bank of Brazil paper
Central Bank of Brazil study says accumulation of international reserve in lead up to crisis helped reduce burden on growth
Emerging market central banks lead gold rush
World Gold Council Global Demand Trends report shows central banks were net buyers of gold in third quarter of 2011, led by Russia, Bolivia and Thailand
Sanusi reveals ‘strategic’ decision to hold renminbi reserves
Governor of the Central Bank of Nigeria explains why he made the decision to convert some of the country’s reserves into renminbi; says Nigeria left it “too late” to buy gold
IMF evaluates reform options for SDR basket eligibility criteria
Executive directors meet to discuss staff paper on criteria for broadening the SDR currency basket; “freely usable” criterion set to stay
Held in reserve
Gary Smith says it is time for central banks to define what they want from reserves and reserve managers.
Rule of thumb is inaccurate method to design reserves policy: IMF paper
Fund study says economic reforms are a more durable policy than international reserves at mitigating effects of external shocks
Interview: George Milling-Stanley
As George Milling-Stanley leaves his role as managing director, government affairs at the World Gold Council, he summarises gold market trends and its role in central banks' reserve portfolios
RMB’s rise to reserve currency status accelerates
Renminbi progresses towards becoming a reserve currency in its own right; a number of central banks have begun to diversify into the Chinese currency
Priorities shift for reserve managers
Central bank reserve managers discuss focusing on safety of investments after the financial crisis; see uncertain future for global financial system
RBI paper denies large gold purchase drove up market prices
Reserve Bank of India study says 200-tonne purchase of gold from IMF did not have sizable impact on gold price trend
Central banks shy away from euro reserves
New data from the IMF’s currency reserves database suggests reserves accumulation has slowed during 2011 and the appetite to hold euro reserves has also waned, particularly in emerging markets
ECB’s Bini Smaghi revisits Triffin dilemma
European Central Bank executive board member Lorenzo Bini Smaghi says tension persists between short-term domestic policy incentives and stability of international monetary system
Bank of Lithuania opens its doors to the public
Bank of Lithuania invites the general public to see inside the bank as part of the joint birthday celebration of the central bank and the national currency
SNB considers ceasing shareholder dividend payments
Swiss National Bank vice-chairman says central bank may stop paying dividends to its shareholders in order to rebuild its depleted capital base
European central bank gold sales lowest since 1999
European central banks sold just 1.1 tonnes in last 12 months; lowest since Central Bank Gold Agreements began
MPC member Broadbent discusses sterling depreciation
Ben Broadbent analyses the cause and consequences of the sterling’s depreciation between 2007 and 2008
Aussie dollar gains result in $4.78 billion loss for central bank
Reserve Bank of Australia records massive loss during 12 months to June due to decline in valuation of foreign asset reserves
Fund directors split on excess gold profits
IMF’s executive board divided over use of windfall profit from gold sales; plans to revisit potential uses in late 2011
Central banks open new chapter as large net gold buyers
Thomson Reuters GFMS Gold Survey 2011 shows net official purchases of gold rose to more than 200 tonnes during the first half of the year; forecasts gold to reach $2,000 by year-end
Libya wants assets released sooner
Return of unfrozen Libyan assets "slow"; draft UN resolution circulated to release more
South Korea advertises for new reserve manager
Bank of Korea seeks reserve manager; follows first gold purchase for years this summer
China moves closer to renminbi inclusion in SDR
Comments by Chinese officials hinting renminbi will be fully convertible by 2015 open door to inclusion of currency in IMF’s special drawing rights basket