Reserves
Poland set to join ERM II in 2009, says Skrzypek
Slawomir Skrzypek, the governor of the National Bank of Poland, said the country looked likely to join the pre-euro exchange rate mechanism, ERM II, in 2009.
Gold rises to 27-year high
Gold reached a 27-year high on Monday as oil hit $85 per barrel and the dollar weakened further.
Sales remain within Gold Agreement Limit
Gold sales by the 16 signatories to the Central Bank Gold Agreement between 27 September 2006 and 26 September 2007 amounted to 475.75 tonnes, 24.25 tonnes shy of the 500 limit, the Bank for International Settlements said on Wednesday.
Currency diversification by Central Bank of Russia
The Central Bank of Russia has added the Swiss franc to the currency composition of its foreign exchange reserves and is considering other plans to diversify their structure, Alexei Ulyukayev, its first deputy chairman, has said.
Reserve Bank of India opposes stabilisation fund
Y V Reddy, the governor of the Reserve Bank of India, has stated that "no serious consideration" is being given to setting up a stabilisation or sovereign wealth fund in India.
World Bank to invest $5 billion in bonds for poor
The World Bank will set up a $5 billion fund to invest in bonds denominated in currencies of poor nations.
Turmoil will impact exchange rates - IMF's Kato
The re-pricing of risk taking place as a result of the credit crunch will lead to a rebalancing of currencies and growth in the near future, according to Takatoshi Kato, the deputy managing director of the International Monetary Fund (IMF).
Sudan to switch dollar reserves
The Bank of Sudan has said it is looking to replace its dollar reserves with euros and other currencies by the end of 2007 to lessen the impact of US sanctions.
China and Japan renew currency swap agreement
Zhou Xiaochuan, the governor of the People's Bank of China, and Toshihiko Fukui, the governor of the Bank of Japan, renewed their currency swap agreement in Tokyo on Thursday.
Qatar to keep riyal pegged to dollar
Abdullah al-Thani, the governor of the Qatar Central Bank, said that the riyal would remain pegged to the US dollar on Tuesday.
China to pursue private equity, despite losses
Jesse Wang, vice chairman of the People's Bank of China's investment arm Central Huijin, defended the central bank's investment in Blackstone and said he would continue to recommend investment in private equity funds.
Australia's move to a floating currency
A new paper from the International Monetary Fund (IMF) praises Australia's handling of its move to a floating currency in 1983.
Dollar sell-off claims prompt Chinese reaction
A spokesperson for the People's Bank of China has countered reports in the British media that the central bank plans to use its vast dollar reserves as a political weapon against the United States.
Malaysian governor discusses Islamic finance
Zeti Akhtar Aziz, the governor of Bank Negara Malaysia, noted five major trends set to impact the global sukuk market.
China set to inject $60 billion in state banks
The People's Bank of China will inject $60 billion of its vast foreign exchange reserves into two state banks through its Central Huijin Investment arm.
News analysis: India’s foreign exchange debate
A proposal for the Reserve Bank to part with some of its reserves risks setting a dangerous precedent, writes Narayan Lakshman
Italian government eyes reserves for debt payment
The Italian government is proposing to use part of the central bank's gold and currency reserves to pay down national debt, which is currently at 107% of the country's gross national product. The country's parliament has approved a resolution calls for…
Thailand mulls external reserves managers
Tarisa Watanagase, the governor of the Bank of Thailand, says the central bank may outsource the management of part of its $73 billion reserve holdings to maximise investment returns.
Paper on reserve accumulation
This paper suggests that while the hoarding of foreign exchange reserves by emerging-market economies could initially be explained primarily in terms of "self insurance" against global shocks, this explanation increasingly falls short.
Turkey's reserves hit record high
The Turkish central bank announced on Thursday that its foreign currency reserves had reached a new record level of $118bn on July 6.
Mexico ends dollar sales for three months
Mexico's central bank, Banco de Mexico, announced today that it will not sell dollars in the third quarter of 2007.
New foreign exchange strategy in New Zealand
Allan Bollard, the governor of the Reserve Bank of New Zealand, announced on 13 July that the central bank will move away from its current practice of matching its foreign assets to its foreign liabilities.
Million-dollar-a-minute growth in Chinese reserves
The People's Bank of China accumulated foreign exchange reserves at an average rate of just over $1 million per minute in the first six months of 2007. The central bank said on 11 July that reserves had grown by $266.3bn to $1.33 trillion between January…
South African reserves approach $26 billion
The South African Reserve Bank has announced that net gold and foreign exchange reserves rose last month to $25.94bn from $28.28bn at the end of May. The central bank said gross reserves were up at $28.28bn from $27.85bn the previous month, and net…