Reserves
Malaysian government opens case on historic forex losses
Task force to probe heavy losses of Bank Negara Malaysia in the early 1990s, which reportedly included costly bets against George Soros
Reserve Bank of Tonga makes further tweaks to exchange controls
Reserve Bank continues to relax exchange controls, removing monthly limits and some identification requirements; IMF says central bank making progress
Lebanon’s innovative financial operations not sustainable – IMF
Central bank used a complicated mechanism to simultaneously boost foreign reserves and improve banks’ capital positions, but it cannot be used without limit, the fund warns
Azerbaijan raids oil fund as central bank reserves dwindle
President allocates chunk of oil fund to top up central bank reserves, as pressure on the manat continues
Stronger 2016 profit helps SNB rebuild reserves
Profitable year helps central bank repair its distribution reserve after losses in 2015, though profits appear to have slipped slightly in the fourth quarter
Colombian macro-pru measures have been effective, paper shows
Paper analyses the impact of macro-prudential measures on credit supply of banks; both reserve requirement and dynamic provisioning scheme have negative effect on credit growth
Barbados has failed to find growth balance, says governor
Further restrictions on spending needed to protect country’s reserves, says Worrell
SNB ups allocation to currency reserves
New rule allows for higher allocations to reserves provision even in periods of low nominal growth; foreign exchange intervention now a key monetary tool
IMF urges Sri Lanka to ‘modify’ international reserves target
Deputy managing director says international reserves remain below “comfortable levels”; central bank intends to continue building up reserves while allowing for “greater” exchange rate flexibility
Is the Central Bank of Argentina back?
The Central Bank of Argentina’s new governor, Federico Sturzenegger, has made strong progress in tackling runaway inflation and reversing the country’s monetary decline. But many challenges remain
IMF amends SDR calculation method
Exchange rates used to calculate SDR to be obtained from a commercial provider by the Bank of England, in effort to make methodology more “robust”
New high for reserves a sign of 'growing confidence' in Argentina – Sturzenegger
Reserves breach $40 billion mark after treasury bond sale and climbing export levels; contribution from overseas investment starting to be felt, government says
Philippines central bank adopts renminbi as reserve asset
Central bank joins a cohort of countries adopting the Chinese currency as a standalone asset; governor says it is an important development for a nation so dependent on Chinese trade
DRC central bank more than triples rate amid reserves squeeze
Congo central bank raises headline rate five percentage points as foreign reserves continue to dwindle; economy is suffering from copper slump and difficult external environment
Inclusion of renminbi in SDR is ‘symbolic’, says Bernanke
Former Fed chair sees inclusion of renminbi in SDR basket as a ‘symbolic’ gesture rather than a major shift; Eswar Prasad argues currency will never be a safe haven
Capital outflows look manageable as Iceland moves to lift controls – central bank
A “stress test” of potential outflows implies the Icelandic financial system and central bank reserves will cope when capital controls are lifted; the government bill prepares to release funds
Mexican deputy calls for reinforced ‘global financial safety net’
Javier Guzmán Calafell sees IMF as key player in maintaining global financial stability, but says it needs more resources, tools and legitimacy
Colombian paper explores forex intervention announcements
In present of imperfect credibility it is not possible for central banks to achieve ‘desired’ exchange rate level without changing international reserve position, paper finds
Sarb sets out five-year strategy in annual report
Central bank outlines objectives to be achieved by 2020, including around reserves, inflation and counterfeiting; while governor praises progress of financial stability bill
Steps still needed for renminbi to become reserve currency – BIS head of banking
BIS’s Zöllner considers whether renminbi will become reserve currency; continued modernisation of market infrastructure needed, he says
Chile expands dollar holdings, central bank annual report shows
Central Bank of Chile reserve allocations in euro, Canadian dollar and Australian dollar fall, as dollar holdings rise
Divergent monetary policies are top concern for reserve managers in 2016
Reserve managers view divergent monetary policies among the world’s top central banks as the most pressing challenge they face in 2016; asset and currency diversification continues
IMF approves larger credit line to Mexico
Fund expands flexible credit line arrangement to $88 billion; confident Mexico's policies "will remain strong"
Central Bank of Argentina raises reserve requirements
Argentina raises reserve requirements as it continues to fight high inflation; bank will introduce inflation-targeting regime in September