Exchange rate
Central bank expects Serbian FX market to stabilise
National Bank of Serbia reveals it sold €1.8 billion and bought €260 million at various points last year in an attempt to ‘ease short-term volatility’ in exchange rate
SNB expects profit of $39 billion for 2014
Foreign currency positions responsible for most of the profit for Swiss National Bank, which increased its forex reserves by 7% in December following exchange rate pressure
Central Bank of Venezuela grants exchange rate boost to state oil company
Venezuela's state-owned oil company can now sell its dollars from certain export contracts at the highest exchange rate in the country; president hints at exchange rate reform
State Bank of Vietnam devalues dong as dollar rises
Vietnam’s central bank devalues the dong by 1% against the dollar, in a move to create ‘sustainable stability’ in the forex market
HKMA finds signs of forex manipulation at banks
Investigation into forex market manipulation turns up two cases of misconduct but finds no collusion between banks; six banks criticised for communication ‘indiscretions’
Bank of South Sudan keen for exchange rate reform
IMF report finds authorities keen to create a single exchange rate, launch two-way fixed rate auctions and establish an interbank market for foreign exchange
Russian central bank 'prepares' to recapitalise banks
Central bank announces package of measures to safeguard credit institutions from currency crisis fallout; finance ministry reportedly sells own foreign exchange
External imbalances predict exchange rate returns, finds SNB paper
Deviations from trends in Swiss net foreign assets and net exports indicated how nominal exchange rate will move in the future, according to a Swiss National Bank working paper
Active FX intervention could have long-term costs, says Bank of Mexico deputy
Central bank policies to manage capital flows ‘may have resulted in short-term benefits’ but their costs in terms of market distortions ‘may be high’
SNB working paper examines drivers of Swiss franc real exchange rate
Research finds terms of trade and relative government are ‘the most significant explanatory variables’, while Balassa-Samuelson effects are unimportant
Central Bank of Nigeria raises stakes with rate hike
Bank loosens grip on falling naira but governor ‘committed to stable exchange rate'; warns drop in oil price is permanent and depreciation could continue
Ruble rebounds as Bank of Russia lets currency float
Central bank abandons exchange rate regime after ruble weakens 45% against dollar in five months, says decision will lead to ‘faster adjustment of economy to external changes'
Kyrgyz Republic marshals journalists in financial literacy push
National Bank spokeswoman says central bank is taking the lead with broad communication strategy while government finalises plans; journalists seen as ‘effective information transfer tool’
Bank of Russia caps daily forex interventions
The value of the ruble ‘will be determined predominantly by market factors' as of today, central bank says; former central banker describes move as a 'very big deal'
Sarb launches investigation into forex traders
Central bank joins growing list of regulators concerned by potential for misconduct among foreign exchange market practitioners
RBNZ’s Wheeler highlights the many unknowns of financial linkages
Governor says our understanding of the ‘empirical links’ of exchange rates and cross-border financial flows remains limited
Bank of Russia to offer $50 billion through new FX repos
Russian central bank unveils new measures to boost short-term foreign exchange liquidity in markets, and will offer $50 billion between now and the end of 2016
Bank of Russia FX intervention hits $6bn
Governor Elvira Nabiullina says central bank will move ahead with switch to inflation-targeting regime as currency falls to record low
MAS holds policy on back of stubborn core inflation
Monetary Authority of Singapore says it will let the S$NEER appreciate at a 'modest and gradual' rate in its semi-annual monetary policy statement
Bank of Russia sells $1.4 billion to prop up ruble
Central bank intervenes in foreign exchange market to support currency as it continues to slide against the US dollar; commentators split over prospect of rate hike
FSB urges central banks to ‘take note’ of Iosco FX benchmark principles
Final report on FX rate benchmarks encourages central banks to heed Iosco recommendations; suggests changes to benchmark methodology to improve incentives
Central Bank of Turkey quadruples amount of forex on offer in daily auctions
Lira's ‘heightened volatility' follows bank's decision yesterday to hold interest rates steady; pressure on forex the result of geopolitical risk, says analyst
Wheeler says NZ dollar strength is ‘unjustified and unsustainable’
Central bank governor outlines cost of high exchange rate but says NZ dollar is ‘susceptible to a significant downward adjustment over the coming six to nine months’
Zambia’s Gondwe lauds interventions to support kwacha
Michael Gondwe declares success in Bank of Zambia’s use of monetary policy to shore up a sliding kwacha; says central bank now in a position to loosen tight liquidity conditions