Reserves
IMF issues advice on Botswana’s sovereign fund
Rules should govern withdrawals from government’s account, IMF says
Zimbabwe back to printing bond notes
Reserve bank to release an extra $300 million into the system from August to deal with forex demand; governor says bolstering regulation should help “plug” forex leakages
BoE working paper examines ‘exorbitant privilege’ benefits
Economist analyses whether the UK enjoyed the same benefits as the US when it was the pre-eminent issuer of a global reserve currency; findings show fundamental differences between the two in terms of investment patterns
Michael Wong Pakshong, 1931–2017
MAS’s first managing director led the institution from a turbulent foundation amid the collapse of Bretton Woods through a challenging period of monetary reform
HKMA’s investment team “on guard” for turbulence later in the year
HKMA deputy chief executive warns of an undercurrent of market uncertainties in the second half of the year, after fund made record returns in the first half
Weaker franc gives SNB newfound leeway
The central bank may be able to slow or halt its massive foreign exchange acquisitions as the Swiss franc hits its lowest level against the euro since January 2015
Future of renminbi looks bright – Swift
The proportion of international payments denominated in renminbi falls to less than 2%, but the number of institutions using the currency increases
Bank of Canada severs mechanical link to external ratings
After several years of work, the Bank of Canada is now “well positioned” to end its mechanistic reliance on external credit ratings, and is helping others do the same, says Philippe Muller
HKMA’s Exchange Fund posts record high investment income
Strong performance in equities and currency effects drove record investment result in the first half of 2017
Uzbekistan to press ahead with forex reforms
Authorities plan to “frontload” efforts to unite black market and official exchange rates, allowing the central bank to focus on stabilising prices
Central Bank of Paraguay re-enters markets with World Bank support
World Bank to provide assistance on efficient portfolio management following re-entry into international markets
SBP clashes with government on exchange rate drop
Pakistan’s finance minister expresses “deep concern” over sudden drop in currency, but central bank says it is now “broadly aligned” with fundamentals
Pakistan growth hits decade high – SBP report
Central bank says high growth, low inflation and solid investment are nevertheless overshadowed by falling exports, which have impacted reserves
MAS’s Menon plays down record profit figure
The record-breaking profit was due to strong positive currency translation effects and higher investment gains
Malaysian government escalates investigation on historic forex losses
Commission will investigate heavy forex losses by the Malaysian central bank in the early 1990s, after task force finds evidence information was concealed
Indonesian deputy Perry on revolutionising monetary and financial policy
Perry Warjiyo explains the central bank’s radical overhaul of monetary policy operations, market deepening and financial inclusion in Indonesia
Aruba central bank keeping an eye on government deficit
Caribbean central bank says borrowing from the domestic market could put pressure on international reserves; says it will be monitoring the situation “closely”
ECB buys €500 million worth of renminbi for forex reserves
Belgian central bank also announces purchase of Chinese currency, plus South Korean won
Qatari peg under pressure despite reassurances
Riyal drops below official level of the peg amid concerns over Qatar’s diplomatic isolation; central bank governor highlights deep pool of reserves
‘Relentless pressure’ on Barbadian central bank harms growth
Former central bank governor says government should get help from IMF ‘without delay’; fund assistance is proven to help and would result in long-term gains, says Worrell
Central banks build expertise in move to riskier reserve tranches
Growing popularity of reserves tranching is stretching central banks’ capabilities, a new report finds, but they are turning to asset managers and other central banks for help
Central banks stress commitment as FX Global Code launches
Central banks worldwide are quick to state they will comply with the new global forex code and expect their counterparties to do the same
Norges Bank reserves swell, thanks to equity returns
Fixed-income portfolio returns were essentially zero in Q1, but the central bank is able to achieve returns on equity holdings
Ukraine’s Gontareva on one of the toughest jobs in central banking
The outgoing National Bank of Ukraine governor speaks about transforming the central bank while engaging in wartime deficit funding and overhauling the banking sector