Reserves
Return on foreign assets partly offsets trade imbalances – research
Emerging economies can recover from current account disequilibrium faster than reserve currency issuers
IMF warns Tunisia over inflation, deficit and currency
Central bank may have to hike rates further, IMF executive board says
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
Venezuela pays off $2.1 million debt to Chile
Struggling Latin American country honours debt repayments under Reciprocal Payments and Credit Agreement, after missing payment in 2017
Bank of Israel profits from rising equities – market operations director
Andrew Abir says Israeli central bank has benefited from rising US equities
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
Norwegian SWF invested $1.9 billion in unlisted real estate in 2017
The fund obtained a 7.5% return in a part of its portfolio that amounts to $28 billion
Algerian monetary financing may stoke inflation, warns IMF
In September 2017, Algiers resorted to central bank financing of budget deficits
Divestments based on ethical grounds reduce returns of Norway’s fund
The exclusions trimmed cumulative returns on the equity index by 3.3% since 2004
Tunisia raises rates by 75bp to tackle inflation
First hike under new governor comes as prices rose year-on-year by 7.1% in February
Financial regulation powers pose new threats to central banks – Kganyago
Emerging markets are better equipped to deal with capital flows, Sarb governor says
Dudley goes against Trump’s protectionist line
New York Fed president criticises protectionism as Donald Trump steps up rhetoric; questions value of excessive reserves accumulation
Canada’s polymer versus paper substrate cycle
Empirical evidence indicates the switch to a polymer substrate has improved the lifespan of Canadian banknotes, write Ramesh Paskarathas, Lynne Graaskamp, Erik Balodis and Theodoros Garanzotis
Norwegian sovereign wealth fund says 2017 saw third-highest annual returns
NBIM says returns from holdings in oil and gas companies lag those of other sectors
Book notes: How global currencies work, by Barry Eichengreen, Arnaud Mehl and Livia Chiţu
A comprehensive introduction to the history of global reserve currencies, with analysis of how advances in technology and the structure of trade have reshaped the landscape
Philippines governor announces recovery from cancer
Espenilla reveals cancer treatment, and says recent policy reforms will not fuel rising inflation
IMF official backtracks on Kenya funding comments
Mikkelsen says Kenya has continued to have access to IMF resources “subject to policy understandings”
Reserve manager of the year: Bank of Korea
The South Korean central bank has revamped its reserve operations, and adopted a proactive approach to managing risks and returns that is matched by few of its peers
Reserve managers made financial crisis worse for central banks – paper
Synchronised withdrawal of funds from commercial banks made central bank stabilisation efforts “more difficult”, IMF paper says
Saudi Arabia’s Alkholifey on economic restructuring, reserves and cyber security
The Saudi Arabian Monetary Authority’s governor talks to Christopher Jeffery about the restructuring of the Saudi economy, the impact of low oil prices on reserves and anti-money laundering efforts
Central banks mull securities lending as response to low yields
Institutions are proving more willing to experiment as conservatism threatens to erode their reserves
Implementing a holistic and dynamic risk budget
The National Bank of Denmark has implemented a dynamic risk budget that takes the bank’s unavoidable policy risks as the point of departure. The new approach has led to a reassessment of investment exposures and how they are rebalanced over time and…
Angolan banks given new forex responsibilities amid shortage
Requests for foreign currency now must be submitted to commercial entities instead of central bank, with the exception of large imports of food and medicines
World Gold Council launches gold accounting framework
Guidance aims to help central banks harmonise the treatment of gold in their accounts in a way that meshes with broader reserves accounting