Reserves

BOK unlikely to make up for gov't losses

SOUTH KOREA - The Bank of Korea (BOK) expressed reservation yesterday about taking actions to make up for losses incurred by irretrievable public funds that were used to stabilize the economy in the wake of the 1997 IMF financial crisis.

Don't blame Brazil

ARTICLE - In an article in the Financial Times on Tuesday, George Soros suggests that the market's reaction to the IMF's $30bn rescue package in Brazil shows that a new approach is needed.

Accounting for reserves

John Nugée highlights the disparities in alternative accounting treatment of external reserves. Portfolio management decisions increasingly have to take these into account, with unforeseen consequences for markets.

No middle ground on operational risk debate

ARTICLE - While regulators insist they are well on their way down the road to new international capital standards, bankers say they are following the wrong map to destinations unknown. From American Banker, 12 August.

IMF News Brief

NEWS BRIEF - IMF Completes First Review and Approves New Increase on Uruguay Stand-By, 8 August.

Belarus reports notable rise in for ex reserves

BELARUS - The Belarusian central bank's net foreign exchange reserves rose by 48.5m dollars since the beginning of the year to 252.9m, Pyotr Prakapovich, head of the National Bank of Belarus (NBB), told reporters in Minsk on 7 August.

Egypt central bank reports fall in bank liquidity

EGYPT - The central bank has revealed a continued downturn in commercial banks' performance over the past period. Rates of capital efficiency and of net profits and incomes have gone down. Also, the banks' liquidity crunch has worsened due to a decline…

IMF News Brief

NEWS BRIEF - IMF Managing Director Kohler Prepared to Recommend US$500 Million Increase in Stand-By Credit to Uruguay, 4 August.

IMF News Brief

NEWS BRIEF - Joint Statement by IMF, World Bank and Inter-American Development Bank on Uruguay, 4 August.

Korea's for ex reserves jump to $115.49 bn

SOUTH KOREA - The nation's foreign exchange reserves hit a fresh high of $115.49 billion at the end of July, up $3.05 billion from the end of June, the Bank of Korea (BOK) reported Monday.

Uruguay set to receive IMF money to avert crisis

URUGUAY - Uruguay was yesterday set to receive $1.5bn (£950m) from the International Monetary Fund and impose limited restrictions on bank withdrawals in an effort to avert a collapse of its once-vaunted financial system.

Korea's for ex reserves jump to $115.49 bn

SOUTH KOREA - The nation's foreign exchange reserves hit a fresh high of $115.49 billion at the end of July, up $3.05 billion from the end of June, the Bank of Korea (BOK) reported yesterday.

Negative sentiment leads to slide in Thai baht

THAILAND - The conflict between the prime minister and the central bank governor on how to manage the baht under the managed float system has resulted in confusion among dealers in the foreign exchange market.

Argentine central banker admits contagion effect

ARGENTINA - Aldo Pignanelli, the president of the Argentine Central Bank (BCRA), said Friday that the Argentine crisis, which has been dubbed the "tango effect", has spread to Brazil and Uruguay, adding that the local banking and foreign exchange system…

Gold rises as dollar slips back

UK - Gold shone on Friday morning in Europe as the dollar slipped against other currencies and producer selling seen earlier this week eased off, leaving prices with a chance to head up, traders said.

Cyprus c bank refutes alleged money laundering

CYPRUS - The Central Bank of Cyprus has refuted allegations in a Financial Times report, published on 25 July, that knowingly it was involved in sanctions busting and money laundering during the years when UN sanctions against Yugoslavia were in force.

New Basle norms favour SME lending - Brazil

BRAZIL - New Basle norms that will be applied in Brazil and other developing countries in 2006 will loosen reserve requirements for banks lending to small- and medium-sized enterprises (SMEs), Brazilian daily Panorama Brasil reported on Tuesday.

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