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Norway has too much money

Posted on 10 September 2013 by VRS  |  Email |Print

Norway, like many super-rich nations, earns its wealth through selling oil, and is the third largest exporter on the planet. Oil in Norway comes primarily from the Barents Sea to the north and the North Sea to the South. Rather than spending frivolously on the unexpected wealth (unlike many a Gulf nation) or manipulate the oil markets, the Norwegian government kept their prices in line with the market, and placed the money in a sovereign wealth fund.
Norway’s Government Pension Fund, which holds nearly 2% of all of Europe’s stocks, is currently valued at $750 billion………………………………………..Full Article: Source

Central banks, SWFs make up less than 1 pct of FX trade - BIS

Posted on 06 September 2013 by VRS  |  Email |Print

Trading by central banks and sovereign wealth funds account for less than 1 percent of the $5.3 trillion (3.40 trillion pounds) a day FX market, while smaller and regional banks make up nearly a quarter, a survey showed on Thursday.
Trading by central banks is seen by most FX traders as highly influential, mainly because they tend to deal in large amounts at a time. However, their impact may be less than many think. The Bank for International Settlements’ 2013 FX survey showed hedge funds and proprietary trading firms made up around 11 percent of total FX trade, while institutional investors - such as pension funds and insurance companies - also comprised 11 percent………………………………………..Full Article: Source

Ghana saves $279 mln from crude oil revenue

Posted on 22 August 2013 by VRS  |  Email |Print

The country has been able to save close to $279 million from revenue earned from crude oil export for the first half of 2013. This is contained in the Ghana Petroleum Funds report on the country’s earnings from crude oil export since it started exporting crude.
According to the report, $77 million will be set aside for future generations in the Heritage Fund, while $202 million has accrued to the Stabilisation Fund to cushion the country in times of crude oil price volatility………………………………………..Full Article: Source

Super fund fortunes shift on FX exposure

Posted on 14 August 2013 by VRS  |  Email |Print

Unhedged foreign currency exposure may be the way to go for super funds after a fall in the Australian dollar contributed 8.8% to unhedged portfolios in the last financial year.
This bucks the trend of recent years. According to the NAB Superannuation FX Survey, released yesterday, fully hedged exposure to foreign equities has brought considerably higher returns over the last 10 years, adding 25%………………………………………..Full Article: Source

Mexico’s reserves rise by $5.8 bln

Posted on 14 August 2013 by VRS  |  Email |Print

Mexico’s foreign reserves have risen by $5.81 billion to nearly $169.33 billion this year, with all figures as of Aug. 9, the Bank of Mexico said Tuesday.
Gold and foreign currency reserves rose by $277 million in the week of Aug. 5-9, the central bank said. The money supply fell by 7.41 billion pesos (about $580 million) to 769.58 billion pesos ($60.26 billion) last week………………………………………..Full Article: Source

China: Central bank eyes new agency for forex investment

Posted on 07 August 2013 by VRS  |  Email |Print

Central bank hopes agency separate from sovereign wealth fund would improve returns on its US$3.5 trillion reserves, sources say. The People’s Bank of China (PBOC) is working on a plan to establish a new government agency to invest its US$3.5 trillion of foreign exchange reserves abroad more efficiently.
The new agency would be in addition to the China Investment Corp (CIC), the nation’s sovereign wealth fund. The information was given to the South China Morning Post by two sources close to the central bank……………………………………….Full Article: Source

China foreign exchange reserves fall in May, June

Posted on 01 August 2013 by VRS  |  Email |Print

Chinese foreign exchange reserves fell in May and June, providing fresh evidence that capital is again leaving the country as the domestic economy slows and global risks rise. People’s Bank of China data showed foreign exchange reserves rising $91.8 billion in April but then falling $19.7 billion in May and another $18.1 billion in June.
May and June’s apparent outflows were the heaviest since March to May last year. The foreign exchange reserve numbers follow data suggesting that China is again seeing capital outflows on the back of a slowing economy and noises in Washington about the beginning of the end of quantitative easing………………………………………..Full Article: Source

China: Putting foreign exchange reserves to better use

Posted on 01 August 2013 by VRS  |  Email |Print

While an appreciating yuan may have taken the sting out of the Sino-U.S. currency quarrel, the issue has not quite gone away. Come autumn, when Chinese leaders meet over major reforms, we can expect the liberalization of exchange rates to accelerate.
The inception of China Investment Corp. (CIC) six years ago marked the birth of a true sovereign wealth fund for China. Though it is undoubtedly heading in the right direction, the CIC is hobbled by the terms of its inception……………………………………….Full Article: Source

China needs market discipline to manage its foreign exchange wealth

Posted on 25 July 2013 by VRS  |  Email |Print

Hu Shuli says the government must look at restructuring its sovereign investment companies to compete on the global stage for better returns. The inception of the China Investment Corporation six years ago marked the birth of a true sovereign wealth fund for China. Though it is undoubtedly heading in the right direction, the CIC is hobbled by the terms of its inception.
For its funds, it relies on the foreign exchange reserves bought with the special bonds issued by the Ministry of Finance. The cost of this money is high, while it may invest only in low-risk, low-return financial products. This mismatch has limited its operations………………………………………..Full Article: Source

China sees no major forex withdrawal: regulator

Posted on 23 July 2013 by VRS  |  Email |Print

Chinese banks bought less foreign exchanges than they sold in its bank-to-client forex transactions in June, registering a deficit of $400 milliondollars, latest data showed Monday.
It is the first such deficit since September, according to the State Administration of Foreign Exchange (SAFE). Bank-to-client foreign exchange transactions are a major source of fluctuation in China’s foreign exchange reserves………………………………………..Full Article: Source

China’s Zhu Changhong helps steer nation’s currency reserves

Posted on 17 July 2013 by VRS  |  Email |Print

At an official Chinese New Year’s party earlier this year, a former bond trader named Zhu Changhong was hailed for the smart choices he made investing the world’s largest stash of cash: China’s $3.5 trillion in foreign reserves.
Tweaking the lyrics of a famous revolutionary song that extolled Mao Zedong, Mr. Zhu’s colleagues jocularly lauded him: “The east is red, the sun rises. From China arises Zhu Changhong…he is SAFE’s savior,” people with knowledge of the event say. SAFE is China’s State Administration of Foreign Exchange, the division of the central bank that manages China’s currency reserves and is one of the most powerful investors in the world………………………………………..Full Article: Source

Norway to sell 200 mln crowns daily in July for wealth fund

Posted on 01 July 2013 by VRS  |  Email |Print

Norway’s central bank will sell 200 million Norwegian crowns ($32.96 million) a day in July to buy foreign currency for its $720 billion sovereign wealth fund, unchanged from its June policy, it said on Friday.
The fund, commonly known as the oil fund, invests Norway’s revenues from oil and gas production for future generations. It is the world’s largest sovereign wealth fund. The Nordic country is the world’s seventh-biggest oil exporter and Western Europe’s top gas exporter…………………………………Full Article: Source

Azerbaijan’s Central Bank increases foreign exchange reserves in Q1

Posted on 20 June 2013 by VRS  |  Email |Print

The Central Bank of Azerbaijan (CBA) increased its foreign exchange reserves held in securities by 13.24 percent in January to May 2013 compared to the same period of last year, the CBA’s statistical report released on Tuesday says.
As of late May, some 2.72 billion manat or 21.8 percent of the total foreign exchange reserves held by the Central Bank were placed in securities. According to the report, 9.11 billion manat are held in deposits in the accounts of other central banks, the Bank for International Settlements and the International Monetary Fund……………………………………….Full Article: Source

CBA’a foreign exchange reserves exceed $12.5 bln

Posted on 06 June 2013 by VRS  |  Email |Print

By the end of May 2013, the total amount of currency reserves held by the Central Bank of Azerbaijan (CBA) reached $12.572 billion, the bank said in a statement posted on its website.
According to the statement, since the beginning of the year currency reserves have risen by 7.5 percent, or $877.5 million (the Central Bank’s foreign exchange reserves amounted to $11.694 billion in early 2013). Year on year, the level of foreign currency reserves of the Central Bank of Azerbaijan has increased by 15.42 percent, or $1.680 billion………………………………………..Full Article: Source

South Korea’s foreign reserves fall

Posted on 06 June 2013 by VRS  |  Email |Print

South Korea’s foreign reserves fell last month as the US dollar appreciates, which was caused by expectations for the early end of quantitative easing reduced the conversion value of non-dollar assets, central bank data showed Wednesday.
Foreign reserves were $328.1 billion as of the end of May, down from $328.8 billion in the prior month, according to the Bank of Korea (BOK). The BOK attributed the fall to a slide in the conversion value of non-dollar assets such as the European single currency and the British pound………………………………………..Full Article: Source

Azerbaijan Oil Fund weighs buying Yuan after Aussie, Lira, Ruble

Posted on 05 June 2013 by VRS  |  Email |Print

Azerbaijan`s State Oil Fund, known as SOFAZ, is considering investing in the Chinese yuan as it broadens expansion into new currencies to diversify reserves.
“We are currently exploring the Chinese currency,” SOFAZ Executive Secretary Shahmar Movsumov told reporters in Baku. “There are some institutional problems to resolve. Investors cannot just come and invest in China any time they wish. There are some very strict terms.”……………………………………….Full Article: Source

Russia’s Reserve Fund amounted to RUB 2.666 trillion on June 1

Posted on 05 June 2013 by VRS  |  Email |Print

As of April 1, 2013, Russia’s Reserve Fund amounted to RUB 2.666 trillion ($84.39 billion), the National Wealth Fund totaled RUB 2.739 trillion ($86.72 billion), Russia’s Ministry of Finance informed.
Aggregate income from the Reserve Fund deposits on foreign currency accounts with the Bank of Russia, denominated in US dollars, over the period from January 15 to May 31, 2013, was estimated at $0.09 billion, which is equal to RUB 2.77 billion. From January 1 to May 31, 2013, the exchange rate difference from revaluation of these balances was negative RUB 66.77 billion………………………………………..Full Article: Source

Brazil foreign exchange reserves drop $4.25 bln in May

Posted on 05 June 2013 by VRS  |  Email |Print

Brazil’s foreign currency reserves in May fell $4.25 billion to $374.42 billion from $378.66 billion in April, the Central Bank of Brazil said on its website late Monday.
According to economists, the decline likely occurred due to an adjustment in the prices of assets held, such as U.S. Treasurys, which make up the larger part of Brazil’s foreign reserves. The central bank doesn’t comment on the performance of foreign reserves. So far this year, foreign reserves have fallen $4.2 billion. They ended 2012 at $378.6 billion………………………………………..Full Article: Source

ADB sees non-oil sector as Azerbaijan’s major driver of growth in 2013

Posted on 04 June 2013 by VRS  |  Email |Print

The Asian Development Bank forecasts that Azerbaijan’s non-oil sector will be the major driver of growth in 2013 and the next few years. In its ‘Asian Development Outlook 2013: Asia’s Energy Challenge’ report, the bank said that growth is forecast to accelerate to 3.1% in 2013 and climb further to 4.8% in 2014, mainly because of public spending outside the oil sector and, in 2014, some increase in oil production.
“The State Oil Fund transfers should continue to provide about 60% of budget revenue. Salary increases, social development spending to support minimum living standards, the payment of pension plans inherited from the Soviet Union, and public investment outlays will be the main drivers of government expenditure in 2013,” the report reads……………………………………….Full Article: Source

Azerbaijan Oil Fund weighs buying yuan after Aussie, Lira, Ruble

Posted on 30 May 2013 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund, known as Sofaz, is considering investing in the Chinese yuan as it broadens expansion into new currencies to diversify reserves.
“We are currently exploring the Chinese currency,” Sofaz Executive Secretary Shahmar Movsumov told reporters today in Baku, the Azeri capital. “There are some institutional problems to resolve. Investors cannot just come and invest in China any time they wish. There are some very strict terms.”……………………………………….Full Article: Source

Trinidad & Tobago among top 10 in resource governance

Posted on 17 May 2013 by VRS  |  Email |Print

According to Revenue Watch’s Resource Governance Index, Trinidad and Tobago ranks 10th out of the 58 countries surveyed, scoring relatively high for publishing timely, regular reports on oil and gas production, prices and exports as well as sound Heritage and Stabilisation Fund governance.
The index report also credits Trinidad and Tobago for the quality and frequency of oversight and auditing of resource revenue, which is open to both parliamentary and public scrutiny. However, despite these strong points, the country has several areas for improvement including institutional reform to stem corruption, bolster the rule of law and improve budgetary transparency……………………………………….Full Article: Source

Serbian April foreign-exchange reserves fall on debt repayment

Posted on 15 May 2013 by VRS  |  Email |Print

Serbia’s foreign-exchange reserves fell 5.84 percent in April from the previous month as the government repaid half of its outstanding debt to the London Club of commercial lenders.
The reserves contracted to 11.15 billion euros ($14.46 billion) from 11.84 billion euros, Belgrade-based Narodna Banka Srbije said in an e-mailed statement today. Outflows included the repayment of 305.4 million euros to the London Club of bank lenders and 72 million to other creditors, while banks withdrew 274.3 million euros from their mandatory reserve accounts………………………………………..Full Article: Source

Nigeria: Crashing oil prices might wipe out Nigeria’s Excess Crude Account balances, IMF warns

Posted on 13 May 2013 by VRS  |  Email |Print

Despite a projection that Nigeria’s external reserves might rise to an average of between $80 and $85 billion in the next four years, the International Monetary Fund (IMF) has warned against the negative impact of the declining oil price in recent times, saying the country’s Excess Crude Account could be depleted under a year. The IMF’s Senior Resident Representative in Nigeria, Scott Rogers, gave the warning while presenting highlights of the Staff Report on the 2012 Article IV Consultation, to be published soon by the Fund.
According to Mr. Rogers, a decline in international oil prices to $97 per barrel (annual average) would begin to erode the ECA balances, while a fall to $80-85 is capable out wiping out ECA balances within a year; pointing out that with lower oil revenue and expenditure restraint by government, “fiscal deficits are projected to re-emerge.”…………………………………..Full Article: Source

President: Azerbaijan managed to avoid difficulties faced by several oil-producing countries

Posted on 08 May 2013 by VRS  |  Email |Print

The Azerbaijani government managed to wisely use the revenues from energy sector and avoid some complications that some oil-producing countries had, Azerbaijani President Ilham Aliyev said during the first South Caucasus Forum in Baku today.
“A very important mechanism of asset management was created, like the State Oil Fund of Azerbaijan, which is considered to be one of the most transparent funds among all the independent funds of the world,” he said………………………………………..Full Article: Source

Use oil money wisely, IMF tells Sudan

Posted on 26 April 2013 by VRS  |  Email |Print

The Sudanese government should use renewed oil revenue to provide a foundation to its economy, an International Monetary Fund representative said.The Sudanese government announced that oil began to flow through pipelines extending to Port Sudan in early April. South Sudan gained control over the bulk of the region’s oil reserves when it gained independence from Sudan in 2011.
Sudan controls the exports pipelines, however, and disputes over transit fees prompted the South Sudanese government to halt oil production in 2012. South Sudan gets nearly all of its revenue from oil………………………………………..Full Article: Source

India: FinMin opposes sovereign wealth fund out of forex reserves

Posted on 25 April 2013 by VRS  |  Email |Print

Finance Ministry has opposed creation of a $10 billion Sovereign Wealth Fund (SWF) to acquire oil and gas and fertiliser assets abroad, saying the country did not have sufficient foreign currency to support the fund. At a recent meeting called by PM’s principal secretary Pulok Chatterjee, departments of economic affairs and expenditure were of the opinion that cash-rich PSUs should use their reserves and decide independently on overseas acquisition on commercial terms, official sources said.
Planning Commissioned had mooted setting aside of $10 billion from the nation’s foreign-exchange reserves and creating a sovereign wealth fund to secure energy assets overseas………………………………………..Full Article: Source

China’s forex reserves, the largest in the world

Posted on 12 April 2013 by VRS  |  Email |Print

China’s foreign currency reserves rose in the first quarter by $130 billion, reaching a record $3,440 billion, roughly the size of Germany’s economy as a result of massive capital inflows. The advance is the biggest for a quarter, since the period from April through June 2011.
Strong growth in foreign capital inflows marks a significant change from last year when money was sent out money from China. Return of foreign funds accelerated the domestic lending, according to authorities in Beijing…………………………………..Full Article: Source

China’s foreign exchange reserves hit $3.4 trillion

Posted on 12 April 2013 by VRS  |  Email |Print

China is once again facing heavy capital inflows after its foreign exchange reserves posted their biggest quarterly increase since the second quarter of 2011. Reserves jumped $130 billion to $3.44 trillion in the first quarter, helping to fuel a surge in credit growth amid concerns about the level of debt in the economy.
The increase marks a sharp reversal from last year when money exited China. The return of cash from abroad helped stoke fast credit growth in the first quarter, according to the government. Total new financing in the economy increased 58 per cent to Rmb6.2 trillion ($1 trillion) compared to the first three months of 2012…………………………………..Full Article: Source

Norges Bank to sell NOK300mln-day in April for SWF

Posted on 28 March 2013 by VRS  |  Email |Print

Norway’s central bank said Wednesday it plans to sell 300 million Norwegian kroner ($51.4 million) a day in April to buy foreign currency on behalf of the Government Pension Fund Global, commonly known as the oil fund.
Norges Bank also sold NOK300 million daily in the first three months of the year to obtain foreign currency for the fund’s investments. The fund, set up in 1990 to safeguard Norway’s oil wealth, had a market value of NOK3,816 billion ($654 billion) at the end of 2012–making it one of the largest sovereign wealth funds in the world………………………………………..Full Article: Source

Georgia: For promoting investment, a prime minister and his billions are not soon parted

Posted on 26 March 2013 by VRS  |  Email |Print

Where should the line be drawn between a government official’s personal wealth and his or her public responsibilities? Amidst promises to use his own cash to stimulate business investment, compensate storm victims and prop up the state budget, billionaire Georgian Prime Minister Bidzina Ivanishvili is making any distinction ever blurrier.
Since becoming prime minister in October 2012, Ivanishvili has repeatedly announced plans for three, new government-run investment funds: a $2-billion sovereign wealth fund, an agriculture fund and a venture capital fund. The first would control state assets like the railway and the Georgian Oil and Gas Corporation; the second aid Georgia’s ailing agricultural sector; and the third provide public investment for new business……………………………………….Full Article: Source

Nigeria’s excess crude revenue used to finance petrol subsidy payments- Sanusi

Posted on 07 March 2013 by VRS  |  Email |Print

The Central Bank of Nigeria, CBN, Governor, Lamido Sanusi, has described the recent controversy surrounding Nigeria’s management of its excess crude revenue savings and external reserves as unnecessary, saying the Federal Government used part of the savings in the Excess Crude Account, ECA, to finance the controversial petroleum subsidy payments.
Payments by the Federal Government for subsidy on petroleum products supply and distribution, which was only N290 billion in 2009 rose astronomically in controversial circumstances to about N2.1 trillion in 2011, resulting in a national protest by Nigerians in January 2012 after the government announced a hike in the price of petrol………………………………………..Full Article: Source

Sanusi: Nigeria never had $67bln foreign reserves

Posted on 06 March 2013 by VRS  |  Email |Print

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has stressed the need for a thorough governance review of transparency and accountability in the oil sector. Sanusi said this while presenting a speech at a forum organised by members of the Metropolitan Club in Lagos Tuesday.
Responding to questions on Nigeria’s external reserves, the CBN helmsman who apparently was making reference to a recent feud between the Federal Government and a former vice-president of the World Bank, Mrs. Oby Ezekwesili, said the country never had $67 billion reserves in its history………………………………………..Full Article: Source

My Sojourn into the Excess Crude Account

Posted on 25 February 2013 by VRS  |  Email |Print

I knew for a fact that even after Obasanjo left office, foreign reserves accretion continued and peaked at almost $63 billion in September 2008.
It was only after the global economy went into a tailspin, oil prices crashed from a peak of $147 per barrel attained in July 2008, the US government allowed Wall Street investment bank Lehman Brothers to fail two months later, and foreign investors exited the Nigerian equities market in droves during the same period, that the country’s foreign reserves took a beating………………………………………..Full Article: Source

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Nigeria: The $67 bln foreign reserve legacy

Posted on 07 February 2013 by VRS  |  Email |Print

We should be celebrating economic development, not huge foreign reserves. Mrs. Obiageli Ezekwesili made the following allegations: “…the squandering of the significant sum of $45 billion in Foreign Reserve Account and another $22 billion in Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007.
Six years after, the administration I served handed over such humongous national wealth to another one, most Nigerians, especially the poor have, continued to suffer the effects of failing public health and education systems as well as decrepit infrastructure and battered institutions………………………………………..Full Article: Source

China’s $3 trillion in foreign reserves: A blessing or curse?

Posted on 05 February 2013 by VRS  |  Email |Print

China’s perceived economic invincibility often rests on the fact that the People’s Bank of China has accumulated $3 trillion in foreign currency reserves: in theory, this massive amount of wealth should insulate China from economic shocks. Yet many experts at home and abroad believe that the assets could instead be a losing position.
With the beginning of new economic policies in the beginning of the 1990s, China boosted its holdings of U.S. treasury debt from $200 million in 1989 to $1.17 trillion by November of 2012, according to data from the treasury. But U.S. official debt only accounts for one third of the $3.3 trillion in foreign assets that the PBOC holds on its books. According to Chinese state media, 70 percent (or $2.3 trillion) are invested in U.S. dollar assets. Apart from treasuries, this includes U.S. agency debt, U.S. corporate debt, and U.S. equities…………………………………….Full Article: Source

S. Korea’s foreign reserves keep record-breaking trend in January

Posted on 05 February 2013 by VRS  |  Email |Print

South Korea’s foreign currency reserves maintained record-breaking trend in January thanks to a rise in investment returns and conversion value of euro assets, central bank data showed Tuesday.
Foreign reserves were 328.91 billion U.S. dollars as of the end of January, up from the prior record high of 326.97 billion dollars in December, according to the Bank of Korea (BOK)…………………………………….Full Article: Source

Qatar eyes USD50bln yearly savings to boost reserves

Posted on 24 January 2013 by VRS  |  Email |Print

Qatar expects to save about $50bn each year until 2017 to take its international reserves — including sovereign wealth assets — to $485bn from the present estimated $215bn, according to International Monetary Fund estimates.
The Qatari have authorities indicated that they would continue to formulate budgets based on conservative oil prices, which, given the baseline assumptions for oil prices in the medium-term, would in IMF staff’s estimation enable continued large savings of about $50bn each year until 2017 through the Qatar Investment Authority, the Breton Woods institution said in its Article IV consultation report………………………………………..Full Article: Source

China still doubtful over euro’s prospects

Posted on 09 January 2013 by VRS  |  Email |Print

Chinese officials remain worried about the state of the euro, the visiting French finance minister said yesterday, while repeating assurances the eurozone has stabilized and that France is on track for recovery.
The questions on the euro came from Chinese Vice Premier Li Keqiang, as well as from Lou Jiwei, the head of sovereign wealth fund China Investment Corp, Pierre Moscovici said. CIC officials have said as recently as last month that they were not optimistic about the outlook for the debt crisis in the euro zone. China has picked up infrastructure assets in Europe but has been more cautious about bond purchases especially from the more troubled euro zone members………………………………………..Full Article: Source

HK’s forex reserves reach 317.3 bln USD in 2012

Posted on 08 January 2013 by VRS  |  Email |Print

Hong Kong’s official foreign currency reserve assets amounted to 317.3 billion U.S. dollars at the end of December last year, up 12.1 billion dollars from November, the city’s Monetary Authority announced Monday.
Including unsettled forward contracts, foreign currency reserve assets at the end of December stood at 317.3 billion dollars, compared with 306.8 billion dollars at the end of November………………………………………..Full Article: Source

Israel’s foreign currency reserves up in 2012

Posted on 08 January 2013 by VRS  |  Email |Print

Israel’s foreign exchange reserves stood at $75.866 billion at the end of December 2012, up slightly by $991 million from $74.875 billion at the end of 2011. The Bank of Israel also reported that the foreign exchange reserves rose $194 million in December 2012 from their level at the end of November. The reserves had fallen slightly in the previous two months.
The rise in December was due to a revaluation that increased the reserves by $338 million, and an increase of $67 million derived from private sector transactions. This was offset by government transfers abroad of $211 million………………………………………..Full Article: Source

PBOC may have shifted cash to wealth funds, China Merchants says

Posted on 02 January 2013 by VRS  |  Email |Print

China’s central bank may have added billions of dollars to the country’s sovereign wealth fund, China Merchants Securities said after analyzing official data from last month.
The People’s Bank of China may have injected funds into China Investment Corp. or “have taken similar actions” to cause a big drop in its yuan positions last month, said Xie Yaxuan, an analyst at the brokerage, who used to work for the foreign-exchange regulator………………………………………..Full Article: Source

Azerbaijan Central Bank foreign exchange reserves to grow up to $15 bln in 2013

Posted on 18 December 2012 by VRS  |  Email |Print

The Central Bank of Azerbaijan has announced a change in its forecast of foreign exchange reserves for 2013. CBA deputy chairman Aftandil Babayev says that in 2012, as it was expected, the Bank’s currency reserves will reach $12 bn.
“They are expected to grow up to $15 bn by the end of 2013,” Babayev said. In 2012, the Bank is expected to conduct manat interventions and buy $2 bn from the market, and in 2013 they will amount to $15 bn………………………………………Full Article: Source

Serbia foreign exchange reserves at EUR 10.65bln

Posted on 12 December 2012 by VRS  |  Email |Print

At the end of November the foreign exchange (FX) reserves of the National Bank of Serbia (NBS) stood at EUR 10.65 billion. The reserves covered money supply (M1) by 432 percent and more than seven months of imports of goods and services.
The main contribution to November growth in NBS foreign exchange reserves came from inflow in respect of the sale of Republic of Serbia securities on the international and domestic financial markets to the amount of EUR 663 million and through disbursement of loans and donations to the amount of EUR 30.3 million………………………………………..Full Article: Source

S.Korea’s foreign reserves keep record-breaking trend in November

Posted on 05 December 2012 by VRS  |  Email |Print

South Korea’s foreign currency reserves maintained their record-breaking trend for four straight months in November amid the persistent current account surplus, central bank data showed Wednesday.
Bank of Korea (BOK) lifted its gold holdings by 14 tons last month in a bid to diversify its foreign reserves. Foreign reserves reached a fresh monthly high of 326.09 billion U.S. dollars as of the end of November, up from the previous record high of 323.46 billion dollars for October, according to the BOK………………………………………Full Article: Source

Philippine: Forex reserves to hit record high of $83bln by year-end — BSP

Posted on 05 December 2012 by VRS  |  Email |Print

The Philippines’ foreign exchange reserves are set to reach a new high of $83 billion by the end of 2012, the central bank governor said Tuesday. “[The new gross international reserves forecasts are] $83 billion for this year and $86 billion for next year,” Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters at the sidelines of a forum on financial education held at the central bank’s headquarters in Manila.
The country’s GIR is currently already at a record high of $82 billion, 6.6 times the country’s total foreign currency-denominated debts and enough to cover nearly a year’s worth of the Philippines’ import requirements, the BSP earlier reported………………………………………Full Article: Source

S.Korea FX reserves inch up

Posted on 05 November 2012 by VRS  |  Email |Print

South Korea’s foreign reserves edged up by the smallest amount in five months in October, central bank data said on Monday, indicating policymakers have yet to take active steps in weakening the won against the dollar.
Foreign reserves in Asia’s fourth-largest economy rose by $1.45 billion, or 0.5 percent to a record $323.46 billion in October mostly on investment gains, extending its record-setting growth into the third month, Bank of Korea data showed………………………………………..Full Article: Source

Egypt foreign reserves soar to $15.5bln

Posted on 30 October 2012 by VRS  |  Email |Print

Egypt’s foreign reserves probably rose $300-400 million in October thanks to loans from Qatar and Turkey, state-run al-Gomhuria newspaper reported on Monday, quoting an unnamed central bank official.
The reserves have fallen by more than half since a popular uprising in January 2011 that scared away tourists and investors, two of Egypt’s main sources of foreign currency. Reserves at the end of October will probably be $15.4 billion or $15.5 billion, up from $15.04 billion at the end of September, al-Gomhuria said………………………………………..Full Article: Source

Nigeria: Foreign reserve hits U.S.$42 bln

Posted on 23 October 2012 by VRS  |  Email |Print

Nigeria’s foreign external reserves last week hit $42 billion as international rating agency, Fitch put the country’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’ and ‘BB’ respectively with a Stable Outlook.
The reserves had been rising consistently over the past few months in line with the Coordinating Minister of the Economy’s aims at building the reserves to $50 billion before the end of the year (2012), so as to serve as cushion for the economy in case of any global economic recess………………………………………..Full Article: Source

S. Korean foreign reserves hit new high in Sept.

Posted on 05 October 2012 by VRS  |  Email |Print

South Korea’s foreign currency reserves hit a new high last month due to a rise in conversion value of non-dollar assets and a growth in investment returns, a report by the central bank showed Friday.
Foreign reserves reached a fresh record high of 322.01 billion US dollars as of the end of September, up 5.13 billion dollars from a month earlier, according to the Bank of Korea (BOK). The September figure was higher than the previous record of 316. 88 billion dollars tallied in August, and stayed above the 300- billion-dollar mark since April 2011 when it topped the level for the first time………………………………………..Full Article: Source

Reserves of the National Fund of Kazakhstan amount to $85 bln

Posted on 18 September 2012 by VRS  |  Email |Print

Grigory MarchenkoReserves of the National Fund of Kazakhstan and gold assets amounted to $85 billion, Ak Orda said on Monday referring to the head of the Of the National Bank Grigory Marchenko. Marchenko informed the president about the situation in the financial sector of the country, particularly in the banking sector and the exchange market during the meeting.
Marchenko noted that the situation on the currency market and the banking sector remains stable. The inflation rate in the country is rather low standing at 4.7 per cent………………………………………..Full Article: Source

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