Reserves
Central Bank of Myanmar embraces radical overhaul
Central bank close to securing operational independence and staffing needed to manage monetary policy and foreign exchange; aggressive banking, payments and capital markets reform on its agenda
Chile director presents results of fund management outsourcing
Divisional director at the Central Bank of Chile discusses changes to the management of pension reserve fund; responsibility given to external managers for first time
IMF paper evaluates reserve adequacy in emerging markets
Working paper studies the determinants of reserve holdings in emerging markets and small islands; proposes measure of reserve adequacy
Central banks make “record” gold purchases in Q2
World Gold Council says central banks bought 254.2 tonnes of gold in the first half of 2012; Kazakhstan, the Philippines, Ukraine and Guatemala among the countries that added to reserves
SNB reveals scale of latest foreign exchange purchases
Swiss National Bank posts large increase in foreign exchange holdings from June to July; purchases represent efforts by central bank to prevent safe-haven flows into country
Laos central bank ignores IMF advice
IMF delegation again recommends increase of reserve requirements for banks; Bank of the Lao PDR says it will not make the change yet
Russia takes lead in gold purchases in May
Latest World Gold Council figures show Bank of Russia increased gold reserves by largest amount in May; council says emerging markets purchases viewed as a part of ‘broader theme’
Sarb makes $60m loss due to costs of forex intervention
South African Reserve Bank suffers loss in fiscal year 2011/12 due to cost of forex activities; governor describes economic challenges in coming year as ‘daunting’
Peru central bank paper models interbank lending
Working paper develops New Keynesian model including an interbank lending market to analyse dual effect of reserve requirements and interest rates
Bank Negara Malaysia reports slower economic growth
Overview of economy shows growth fell to 4.7% in Malaysia in the first quarter of 2012; domestic demand stays strong but export market slows
Reserve managers cling to the dollar but shun the euro, CBP survey finds
Central banks have reduced their euro reserve holdings and looked to diversify into non-traditional currencies due to ongoing eurozone tumult finds annual Central Banking Publications survey
Prasarn confirms Thai participation in Chinese markets
Bank of Thailand governor hails economic links between China and Thailand as central bank opens first Chinese office
'Heavy' gold purchases expected to continue in 2012
GFMS report says emerging economies will continue to turn to gold as they diversify reserves away from US dollar; "trivial" official sector gold sales recorded in 2011
Brazil deputy governor positive about economic future
Aldo Mendes says Brazil is prepared to face global economic deterioration; expects to see final growth figure of 3% for 2011 announced soon
Venezuela completes repatriation of gold reserves
Final shipment of 14 tonnes of gold arrives in Caracas; governor certain the central bank has the capabilities to protect the precious metal
BIS stresses central banks' role in combating global liquidity problems
Bank for International Settlements releases quarterly review; says central banks have the power to limit liquidity crises; study finds QE may not be as effective as was hoped
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
Sanusi reveals ‘strategic’ decision to hold renminbi reserves
Governor of the Central Bank of Nigeria explains why he made the decision to convert some of the country’s reserves into renminbi; says Nigeria left it “too late” to buy gold