Reserves
China's forex reserves rise to a record $365 bn
China's foreign exchange reserves hit a record at the end of August, a Reuters report said. The People's Bank of China said on Monday that reserves increased a monthly $8.2 billion to $364.7 billion in August, down from a $10 billion average monthly rise…
ECB: 'No comment' on Japan's MOF selling yen
A spokesman for the European Central Bank declined to comment on Japan's Ministry of Finance statement that it had sold yen heavily in the foreign exchange markets on Tuesday 30 September, according to Reuters.
Swiss Nat Bank to sell 284 tonnes gold by Sep 2004
The Swiss National Bank said on Friday 26 September that it plans to sell 284 tonnes of gold from excess reserves by the end of September 2004 and aims to offload another 130 tonnes in 2005, according to a report by Reuters.
Taiwan adopt 'managed float' for dynamic stability
The central bank of China, Taiwan will adopt a "managed float" policy towards the foreign exchange market, according to AFX Asia, and has said it is, in principle, ready to allow market forces to determine the exchange rate.
New Iraqi currency 'will not be fixed to dollar'
The governor of the central bank of Iraq, Sinan al-Shabibi, has said that Iraq is not considering fixing its new dinar to the dollar, according to the Financial Times. But he added, "The question in the market is what is a float. We don't want it to…
IMF says PMA not a central bank yet
The IMF has said in a press conference that the Palestine Monetary Authority is "not a central bank yet in that their role really is, at the present time, confined to banking supervision and also the holding of required reserves to banks operating in…
BOJ's Fukui speech to IMFC on Japan's economy
Toshihiko Fukui, Governor of the Bank of Japan, speaks to the International Monetary and Financial Committee on the Japanese economy (he reiterated that "The BoJ is firmly committed to maintaining its current policy stance until the consumer price index…
Argentina defaults on $3 Billion IMF debt
Argentina defaulted on its IMF debt on Tuesday 9 September, according to a Reuters report. The Cabinet Chief's office said "To avoid compromising 25 percent of (central bank) reserves, the government has decided to suspend the payment that was due today".
24 hours to a deal - Argentina wrestles with IMF
On Monday 8 September, Argentina and the IMF were finalising a deal that will see the South American country avoid a fresh default, according to the BBC. If an agreement is not reached within 24 hours, Argentina will be forced into a damaging $2.9bn (£1…
Bank of Japan intervenes in money markets
The Bank of Japan has intervened in the money markets in the last two days, according to Reuters, in an apparent move to halt the increase in interest rates by spending Y2,000bn buying nine month bills from commercial banks.
Jalan nominated to India's Parliament
A statement from the Indian government released on Thursday 28 August said Reserve Bank of India Governor Bimal Jalan had been formally nominated to the upper house of Parliament, according to a report by Reuters.
Afghanistan displays forgotten gold reserves
Afghan president Hamid Karzai accompanied central bank governor Anwar ul-Haq Ahady and other dignitaries on Friday 29 August as they witnessed the opening of a vault under Afghanistan's presidential palace containing the countries gold reserves,…
Gold prices higher on central bank rumours
Gold prices rose on Wednesday, the Financial Times reported, on rumours that the terms of the Washington Accord of 1999, where Europe's central banks agreed to restrict sales of gold to 400 tonnes a year, were to be renewed.
Greenspan health rumours disrupt FX markets
Various unsubstantiated stories regarding the health of Alan Greenspan sent the dollar sharply weaker in financial markets Tuesday. Spot gold prices got a lift from the Greenspan rumour and rose to the highs of the day at $364.00, Market News…
Philippine c bank ordered to stabilise fx market
President Gloria Arroyo on Wednesday ordered the Philippine central bank to "crack the whip on speculators" and use feasible monetary tools to stabilize the currency exchange market.
Greek central bank sells 20 tons of gold
The central bank of Greece has sold 20 tonnes of gold reserves. The Bank will invest the proceeds in a bonds portfolio including Greek government and other top-grade bank paper, its deputy governor Nikos Paleokrassas told Agence France-Presse.
RBNZ buys BIS shares
The Reserve Bank of New Zealand today announced that it had accepted an offer to become a shareholder in the BIS. The cost of the BIS shareholding is approximately NZ$100m (almost US$60m,) which has been raised from the Reserve Bank's balance sheet. In…
Balance sheet approach to financial crisis
A IMF note summarises the main conclusions from the working paper "A Balance Sheet Approach to Financial Crisis". It describes the conceptual framework of the balance sheet approach and how it has been reflected in the Fund's work.
Mexico reserves rise to $51.980 bln in Aug 8 week
Mexico's international reserves rose $255 million between Aug. 1 and Aug. 8 the Banco de Mexico said on Tuesday 12 August, according to Reuters..
Why central banks need capital
While in theory central banks do not need capital, in practice they do. But there is no agreement yet on how to target or access their capital requirements. Robert Pringle reports.
Romanian c bank announces increased reserves steps
The National Bank of Romania will increase its reserves to strengthen Romania's credibility on foreign markets and to create the conditions for a further improvement of the country's credit ratings, BNR Governor Mugur Isarescu said, according to the…
Brazil c bank lowers reserve requirements to 45%
Brazil's central bank lowered bank reserve requirements on demand deposits by 15% on Friday. 8 August, according to Agencia Estado. The bank said that "the measure was possible because monetary policy has made inflation converge to targets".
BSP eyes tighter rules on FX transactions
Rafael Buenaventura of the Philippines Central Bank told reporters the BSP aims to tighten foreign exchange rules following the peso's steep decline against the US dollar, acording to a report by AFX.
Central banks sold 280 tonnes of gold this year
According to Gold Fields Mineral Services central banks sold a combined 280 tonnes of gold in the first half of 2003. 80% of the sales were from the 15 central banks in Europe which make up the Washington agreement.