Reserves
Crunch prompts Serbia to review reserves strategy
The National Bank of Serbia has shifted to a more conservative reserves policy in the wake of the credit crunch, Radovan Jelasic, the governor of the central bank said on Friday.
Gulf reserves set to top $2 trillion
If global oil prices remain high, foreign exchange reserves in the six Gulf Cooperation Council (GCC) countries will exceed $2 trillion by the end of this year.
Saudi must diversify investments, says top bank
The National Commercial Bank, Saudi Arabia's largest state bank, has called on the government to set up a sovereign wealth fund to cut the country's exposure to the greenback. The central bank should also look at de-pegging the riyal from the dollar.
Czech governor misquoted on currency comments
Comments attributed to Zdenik Tuma, the governor of the Czech National Bank, which led to exchange rate fluctuations, have misquoted him, the Czech National Bank has said.
Renminbi's behaviour influences whole region
Since the exchange rate reform in July 2005, fluctuations in the renminbi have impacted the movement of other Asian currencies, research published by the Hong Kong Monetary Authority (HKMA) finds.
Global slowdown may hamper US deficit financing
It may be harder to continue financing United States current-account deficits on such favourable terms if the recent wave of financial globalisation were to subside, research published by the New York Federal Reserve finds.
Central Bank of Swaziland - Annual Report 06/07
Swaziland's balance of payments improved significantly in 2006.
IMF template reduces exchange rate volatility
The adoption of the International Monetary Fund's International Reserves and Foreign Currency Liquidity Data Template leads to a fall in exchange rate volatility, research published by the Fund finds.
Swiss exchange rate has no impact on rate-setting
The Swiss franc exchange rate is only relevant in monetary policy insofar as it has an impact on Swiss inflation, says Jean-Pierre Roth, the chairman of the Swiss National Bank.
Big banks the ones making a mint from seigniorage
Smaller central banks lacking independence in poorer countries generally make less from seigniorage, the profit involved in minting coins, research published by the International Monetary Fund shows.
Currency flexibility needed for China's success
China will need exchange rate flexibility and, eventually, convertibility with open capital markets if it is to carry on succeeding as a large and diverse economy, says Maurice Obstfeld, an academic based at the University of California, Berkeley.
Renminbi revaluation would help dampen inflation
An appreciation of the renminbi against the greenback should lead to the Chinese authorities having more control over inflation, but would have little effect on the size of the United States trade deficit, says Marvin Goodfriend, an academic based at…
Russia to trade on stock exchanges
The Russian government has passed a law which will permit the Central Bank of Russia to trade securities on the over-the-counter market and on stock exchanges.
Zhou parries calls for imbalances adjustment
Zhou Xiaochuan, the governor of the People's Bank of China, said that the central bank would not allow for a faster appreciation of the renminbi to reduce global imbalances.
Subprime aftermath risks exacerbating imbalances
Financial market turbulence, together with a significant slowdown in the United States, could lead to and be exacerbated by a disorderly resolution of global current account imbalances, says the Bank of Canada's latest Financial System Review.
Eurozone needs to deal with global imbalances
The euro area must prepare for the orderly resolution of global imbalances, says Klaus Liebscher, the governor of the Austrian National Bank.
New thinking on large current-account deficits
Governments should not necessarily intervene to reduce the large current-account deficits of the United States and many of the euro area economies, research published by the International Monetary Fund finds.
Norway's oil fund avoids FX after recent losses
The Bank of Norway said it would not buy foreign exchange for its sovereign wealth fund, the Government Pension Fund, in December. The announcement follows news that Nkr104.4 billion ($18.9 billion) was knocked off the value of the fund, a store of the…
Jury still out on global saving glut theory
New research published by the Reserve Bank of Australia finds limited support for the argument that financial crises have contributed to the current-account surpluses in developing economies.
UAE governor denies revaluation rumour
Sultan Bin Nasser Al-Suwaidi, the governor of the Central Bank of the United Arab Emirates, on Thursday moved to deny reports that the central bank would allow the value of the dirham to rise by up to 5% on Sunday.
Koruna's rise presents mixed blessing
Ludek Niedermayer, a vice governor of the Czech National Bank, parried calls for the central bank to act on the appreciation of the koruna and said that the increase in the currency's value made euro accession more favourable.
Dollar fall hampering Chinese reserve management
Wen Jiabao, China's premier, said on Monday that the fall in the value of the greenback was making it difficult to manage the country's reserves.
Zhou parries appreciation calls
Zhou Xiaochuan, the governor of the People's Bank of China, said that the central bank could widen the renminbi's trading range if deemed necessary.
Central banks: the gorillas of foreign exchange
Chris Turner, the head of foreign exchange strategy research at ING wholesale banking in London, evaluates the possibility of sterilisation by central banks next year