Reserves
SNB profits reach 5.1 billion francs in first half of 2018
Foreign currency positions helped push the Swiss central bank back into profit
IMF calls for Guinea central bank to cut government financing
Central bank must build up currency reserves and follow rule-based intervention strategy
Venezuela will give oil reserves to central bank and slash zeroes from currency
Central bank will have control of basin with 29 billion barrels of oil, president says
Philippines considers boosting central bank capital
Central bank announces big rise in Q1 income
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
Central bank financing spells trouble for Guyana – IMF
Fund warns central bank financing of government could create problems for monetary policy and calls for better debt management infrastructure
Vietnam says it is “actively prepared” to intervene in forex market
Interventions have helped protect the dong’s value, but depreciation gathered pace in June
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
Irish SWF set to become first to divest from all fossil fuels
Fund has in the past argued “engagement” is more effective than divestment
World’s largest SWF bars investment in four companies for guideline breaches
Companies owned by Warren Buffett among those excluded by Norges Bank board
High reserves and low yields force central banks to focus on returns – survey
Equities become more important in reserve portfolios, accounting for 90% of returns in 2017
Zimbabwe clears debt with IMF but hurdles to financing remain
IMF looks to extend debt deadline for Somalia and Sudan
Book notes: China’s Great Wall of Debt, by Dinny McMahon
McMahon is too pessimistic about the chances of China managing to get its great wall of debt under control, writes Michael Taylor, but he is undoubtedly right about the scale of the challenge
BIS paper studies evolving renminbi exchange rates
It is “premature” to declare a stable zone for the renminbi, the paper concludes
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
SBP devalues rupee again as reserves dwindle
Two years on from its last IMF rescue package, Pakistan is again experiencing balance of payments troubles
Icelandic central bank seeks to improve financial position
Bank cuts payments to commercial banks on deposits and may seek capital injection
Central banks still value diversification, say reserve managers
Rise in US yields does not outweigh the benefits of forex diversification, say delegates attending Nalm Americas
Barbados calls for help from IMF as economic situation worsens
Fund to provide technical assistance with new economic plan as government suspends debt payments to external creditors
New forex tool has made Jamaican market more competitive – Wynter
Jamaican governor says B-FXITT has levelled the playing field for smaller dealers, while larger dealers are being pushed to provide better products