Gold
Venezuela to sell 15 tonnes of gold to UAE, reports say
US senator warns of sanctions if UAE co-operates with Maduro regime
Central bank gold purchases soar to highest level since 1971
Russia, Turkey and Kazakhstan accumulated the most gold in 2018
Central Banking Awards: third round goes live
Prizes unveiled for economics, website, risk management, professional services, data and more
Bank of England kept gold reserves from Venezuelan government, reports say
BoE declines to comment on reports as US government ramps up pressure on Maduro regime
Professional services initiative: World Gold Council
Having identified seven different ways of accounting for monetary gold among 70 central banks, the WGC developed guidance to bring greater consistency to accounting practices
Book notes: Keeping at it, by Paul Volcker with Christine Harper
Volcker, a man who has made history, delivers a fascinating memoir, providing insights into the key lessons learned during his decades of public service, writes Jean-Claude Trichet
Asset management: outlook for 2019
Monetary policy divergence, fears over protectionism and ESG are shaping reserve managers’ approach to 2019
Hungarian central bank increases gold reserve tenfold
Governor Matolcsy says prime minister asked MNB to reconsider gold policy
Central banks accelerate gold purchases in 2018
This has been the strongest period of gold buying since 2015, WGC says
SNB profits reach 5.1 billion francs in first half of 2018
Foreign currency positions helped push the Swiss central bank back into profit
Book notes: American default, by Sebastian Edwards
Edwards’ book is fascinating, well written and enjoyable, and provides an account of one of the US’s forgotten chapters of history
Is the pursuit of a common accounting standard for monetary gold a fool’s errand?
More consistent accounting for monetary gold could address transparency concerns and help smaller emerging economies to achieve greater independence by clarifying treasury transfers
Central banks need a consistent approach to accounting for monetary gold
Kenneth Sullivan presents a case study highlighting the challenges for central banks in consistently accounting for monetary gold
New risks and opportunities
Central Banking convened a panel of experts to discuss how central banks and other authorities are making use of new risk-based assessment techniques to remain ahead of the fintech curve.
Global gold demand weakens despite central bank surge
WGC figures show Q1 demand was its lowest for 10 years, though central banks bought more
Venezuelan public invited to invest in national crypto asset
President Maduro announces public will be able to invest in ‘petro’ as well as gold; $1 billion from the proceeds of first petro auction to go to the central bank
SNB loses $6.9 billion in Q1
Higher interest rates reduced the value of sovereign bonds
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
BoE not to blame for gold standard-era crises in US – paper
Bank of England’s rate decisions between 1884 and 1913 were not responsible for “causing or aggravating” crises in the US, author finds
Measuring Venezuela’s hyperinflation
Steve Hanke discusses how economists can make use of high-frequency exchange rate data to track rapid price movements in Venezuela
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…
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
Central banks built up gold reserves in 2017
2017 sees eighth consecutive year of net purchases, though only a handful of central banks made substantial changes
Economists are misinterpreting ‘Triffin dilemma’, says BIS paper
Michael Bordo and Robert McCauley argue there was nothing certain about the collapse of Bretton Woods, but Triffin’s successful prediction led others to mistakenly reapply his theory