News/Reserves
German finance ministry, Buba spurn gold sale call
GERMANY - The German Bundesbank and finance ministry on Tuesday rejected suggestions by some government politicians that holes in the public purse could be plugged by the sale of gold and foreign exchange reserves.
London gold auction ends but arguments continue
UK - The UK completed its sale on Tuesday of 400 tons of gold - a $3.5 billion stack almost as big as two London taxis.
Bank of England News Release
NEWS RELEASE - HM Government Gold Auction Result, 5 March.
Argentina acts to ease economic crisis
ARGENTINA - The Argentine Government has announced a series of measures it says will strengthen social spending and launch a new economic cycle.
Argentine deal set to speed budget approval
ARGENTINA - Argentina's Congress was finally due to start discussing this year's budget yesterday, after the government reached a funding agreement with provincial governors on Wednesday night. That deal should mean rapid approval of the budget and could…
Argentina debates crisis budget
ARGENTINA - Argentine leaders are on Thursday expected to debate an austerity budget aimed at finding a way out of the country's economic crisis.
South African gold output falls sharply
SOUTH AFRICA - South African production of gold slipped by more than 8% in 2001, the Chamber of Mines of South Africa has reported.
Argentina's Todesca - Ctrl bank has issued ARS350M
ARGENTINA - Argentina's central bank has already printed 350 million pesos of the 3.5 billion ($1=ARS2.025) it said it will print this year, Deputy Economy Minister Jorge Todesca told local media over the weekend.
Gold loses its shine as banks sell, costs fall
AUSTRALIA - A third of the gold ever mined, or 30,000 tonnes, is stored in central banks around the world. The banks want to lower their reserves in favour of higher yielding investments such as bonds and currency.
Bank of England News Release
News Release - HM Government Gold Auction Programme: Announcement of Auction, 26 February.
India's Jalan- High FX reserves hedge uncertainty
INDIA - India's growing foreign exchange reserves - at record high levels and expected to touch $50 billion by the end of the fiscal year 31 March - "take into account every uncertainty," Reserve Bank of India Governor Bimal Jalan said Friday.
Currency dealing liberalised in China
CHINA - The central bank has eased controls on foreign-exchange dealing by domestic banks to put them on an equal footing with foreign competitors, it was reported.
German sale plan triggers gold slump
GERMANY - The price of gold fell on 20 February 2002 following comments by the president of Germany's Bundesbank.
Venezuela 'declares war' on speculators
VENEZUELA - Venezuela's president Hugo Chavez has declared a "war on speculators" as prices rose after last week's currency devaluation.
IMF urged to help Argentina
ARGENTINA - The South American trade bloc, Mercosur, has appealed to international lenders to do more to help Argentina as it draws up a plan to rescue the economy.
Debt relief urged for poorest seven countries
UK - Aid donor countries are to meet in London later this week to consider possible new financial support - including foreign debt relief - for the seven poorest countries of the former Soviet Union.
Bangladesh talks with IMF fail
BANGLADESH - Negotiations between Bangladesh and the International Monetary Fund for an emergency balance of payments loan have failed.
Venezuela c bank to start dollar auctions Monday
VENEZUELA - The Venezuelan Central Bank will start Monday with a daily auction of U.S. dollars to the currency market to guarantee supplies of dollars while the bolivar adapts to a new free-floating exchange system.
Dutch c bank issues credit derivatives guidelines
NETHERLANDS - The Dutch central bank said Friday that it has issued guidelines to the Dutch financial sector on the use of credit derivatives to spread risks.
Riksbank's general council backs extra dividend
SWEDEN - The General Council of Sweden's Riksbank Friday presented a proposal to the Swedish parliament recommending that an additional SEK20 billion of the central bank's net income for 2001 be transferred to the Treasury.
Gold bugs should not get too excited
AUSTRALIA - Predictions of a sustained increase in gold prices are not expected to be realised. The reason for the lack of a sustained revival is the poor business foundations of the gold industry.
Argentine peso strengthens
ARGENTINA - It is now three days since Argentina allowed its currency, the peso, to float freely for the first time in more than a decade and so far the peso has held its own, contrary to many experts' predictions.
Venezuela's currency slides after floating
VENEZUELA - Venezuela's currency has fallen 3.9% to about 824 bolivars to the dollar after the government scrapped five-year old exchange rate controls.
Banks review systems for managing risk
UK - Risk managers at banks in Britain and Ireland are re-examining defences against rogue traders following the loss of $750m (£532m) by Allied Irish Banks last week.