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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

Algeria’s foreign exchange reserves hit $186 bln in June 2012

Posted on 12 September 2012 by VRS  |  Email |Print

Algeria’s foreign exchange reserves increased by 2.2 percent to $186.32 billion in late June of 2012, compared to the end of 2011, local media reported Tuesday. Quoting Governor of Algeria’s Central Bank Mohamed Laksaci, APS press agency said the reserves, excluding gold, was $182.22 billion in late December 2011, while the external debt which was around $4.4 billion at the end of 2011, was reduced to $3.99 billion in June 2012.
During the presentation of monetary and financial trends in first half of 2012, Laksaci told media that the external current account, key element of the balance of payments, recorded a surplus of $10.8 billion in the context of relative improvement in trade balance and net inflows in title transfers………………………………………..Full Article: Source

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S. Korea’s FX reserves hit new high in August

Posted on 05 September 2012 by VRS  |  Email |Print

South Korea’s foreign reserves rose to a fresh high in August as investment profit gained and a weaker dollar boosted the conversion value of non-dollar assets, the central bank said Wednesday.
The country’s foreign reserves reached US$316.88 billion as of the end of August, up $2.53 billion from the previous month, according to the Bank of Korea (BOK). The foreign reserves’ previous record high came in April when they hit $316.84 billion. In July, the BOK increased its gold holdings to 70.4 tonnes, its first purchase this year. The bank bought gold twice last year, marking the first purchase in 13 years……………………………………..Full Article: Source

Egypt’s foreign reserves rise by $705mln

Posted on 03 September 2012 by VRS  |  Email |Print

Egypt’s foreign reserves increased by $705 million in August, resuming their rise after having fallen the month before, the central bank said on Sunday.
Net international reserves rose to $15.13 billion at the end of August from $14.42 billion at the end of July, it said on its website………………………………………..Full Article: Source

China FX invest to avoid chasing short-term market move

Posted on 30 August 2012 by VRS  |  Email |Print

Investment of China’s huge foreign exchange reserves need to avoid chasing short-term market movements, which could become speculative. The central bank owned newspaper said its becoming increasingly challenging to invest China’s huge amount of foreign exchange reserves because of turmoil in the world financial markets.
It said the PBOC will stick to diversification of China’s forex reserves but will avoid chasing short term market moves. Lou Jiwei, chairman of China Investment Corp, the country’s sovereign wealth fund, said in an interview with Wall Street Journal in June that there is too much risk in Europe’s public markets and CIC has reduced its exposure to that………………………………………..Full Article: Source

Serbia’s foreign-exchange reserves declined 0.2pct in July

Posted on 15 August 2012 by VRS  |  Email |Print

Serbia’s foreign-exchange reserves fell 0.2 percent in July as lenders withdrew more funds to boost their capital. Reserves declined to 10.14 billion euros ($12.53 billion) in July from 10.16 billion euros in June and 12.1 billion euros at the end of 2011, the Belgrade-based Narodna Banka Srbije said in an e-mail today. Lenders withdrew 167.4 million euros from mandatory reserves, the central bank said.
Net reserves, excluding deposits by commercial lenders and money from the International Monetary Fund, rose to 5.53 billion euros from 5.42 billion euros in June, it said………………………………………..Full Article: Source

Japan’s forex reserves increase in July

Posted on 07 August 2012 by VRS  |  Email |Print

Japan’s foreign exchange reserves increased in July, the latest figures from the Ministry of Finance showed Tuesday. Total reserve assets amounted to $1.273 trillion at the end of July compared to $1.271 trillion at the end of June.
At the end of last month, Japan’s foreign currency reserves stood at $1.20 trillion, up from June’s $1.18 trillion. IMF reserves amounted to $15.55 billion. Special Drawing Rights totaled $19.46 billion and gold reserves stood at $39.91 billion………………………………………..Full Article: Source

Brazil’s foreign reserves rise $2.2 bln in July from June

Posted on 03 August 2012 by VRS  |  Email |Print

Brazil’s foreign currency reserves picked up $2.24 billion in July from the previous month, as the value of the country’s investments increased.
Foreign exchange reserves, which are a significant part of Brazil’s protection against global crises, totaled $376.2 billion in July, up from the $373.9 billion recorded in June, the Central Bank of Brazil said on its website Thursday………………………………………..Full Article: Source

India’s forex reserves rise by $589 mln‎

Posted on 30 July 2012 by VRS  |  Email |Print

The country’s foreign exchange reserves went up by $589 million to $287.34 billion for the week ended 20 July amid rise in core currency assets, the Reserve Bank said. The reserves had fallen by $872.7 million to $286.75 billion in the previous reporting week.
Foreign currency assets, a major component of the forex reserves, were up by $565.5 million to $255.10 billion during the reporting week, the Reserve Bank said………………………………………..Full Article: Source

China invests $500 mln in Blackstone fund

Posted on 27 July 2012 by VRS  |  Email |Print

China’s currency-reserves manager has committed $500 million to a real-estate private-equity fund managed by Blackstone Group LP, according to people familiar with the matter, as China seeks to diversify its mammoth foreign-exchange holdings into higher-yielding assets.
The State Administration of Foreign Exchange, an arm of China’s central bank that oversees the country’s $3.2 trillion in foreign-exchange reserves, has been increasingly looking for investments in private equity as a way to enhance returns on the reserves. China boasts the world’s largest currency reserves, much of which have been parked in ultra-low-yielding assets such as U.S. government bonds………………………………………..Full Article: Source

Azerbaijan’s official reserve assets exceed $10.907 bln

Posted on 25 July 2012 by VRS  |  Email |Print

The Central Bank of Azerbaijan reports of further moderate sustained growth of official reserve assets in 2012. The Bank informs that official reserve assets from January to July rose from $10.145 bn up to $10.907 bn. Foreign exchange reserves grew for Jan-June 2012 from $9.91 bn up to $10.669 bn and finances invested in securities from $1.86 bn up to $3.644 bn.
By 1 July 2012 Azerbaijan’s official reserve assets were estimated lower than 25% of its strategic foreign exchange reserves (about $44 bn)………………………………………..Full Article: Source

China’s dilemma - where to park all those funds?

Posted on 20 July 2012 by VRS  |  Email |Print

The People’s Bank of China buys more than $US2 billion of foreign exchange each working day from Chinese businesses and foreign investors to hold back the appreciation of the nation’s currency - the yuan.
This hoarding has resulted in an unprecedented expansion of country’s foreign exchange reserves. It has increased 160-fold from a measly $US20 billion in 1993 to a staggering $US3.2 trillion in 2012………………………………………..Full Article: Source

Serbia’s foreign-exchange reserves drop in June on dinar defense

Posted on 12 July 2012 by VRS  |  Email |Print

Serbia’s foreign-exchange reserves fell 0.1 percent in June as the National Bank of Serbia spent euros to bolster the dinar and the government repaid debt.
Reserves declined to 10.16 billion euros ($12.5 billion) in June from 10.17 billion in May and 12.1 billion euros at the end of 2011, the Belgrade-based Narodna Banka Srbije said………………………………………..Full Article: Source

Egypt’s foreign reserves climb by $18 mln in June

Posted on 09 July 2012 by VRS  |  Email |Print

Egypt’s foreign reserves rose by $18 million in June to $15.53 billion, their third month of increases after having dropped every month since the uprising that ousted Hosni Mubarak in February 2011, the central bank said on its website on Sunday.
Reserves were $15.52 billion at the end of May and $26.57 billion at the end of June 2011. They have plunged by more than half since Egypt’s political turmoil scared away tourists and investors, two of Egypt’s main sources of foreign currency………………………………………..Full Article: Source

Denmark foreign reserves hit record

Posted on 04 July 2012 by VRS  |  Email |Print

Denmark’s foreign reserves reached a record high in June after the central bank entered markets to reduce pressure on the krone to appreciate, as investors fled the turmoil of the euro-zone for safe havens including assets of the Nordic country.
The Nationalbanken, Denmark’s central bank, said Tuesday it bought 7.3 billion Danish krone ($1.24 billion) of foreign currency in June, bringing its purchases of other nations’ currencies so far this year to the equivalent of DKK36.9 billion………………………………………..Full Article: Source

S. Korea’s foreign reserves grow to 312.38 bln USD in June

Posted on 03 July 2012 by VRS  |  Email |Print

South Korea’s foreign reserves grew in June to 312.38 billion U.S. dollars due to a rise in conversion value of non-dollar denominated assets and a growth in investment returns, the central bank said Tuesday.
Foreign reserves reached 312.38 billion U.S. dollars as of the end of June, up 1.51 billion U.S. dollars from a month earlier, according to the Bank of Korea (BOK)………………………………………..Full Article: Source

India’s FE kitty down $0.76 bln

Posted on 02 July 2012 by VRS  |  Email |Print

India’s foreign exchange reserves fell by $0.76 billion to $288.62 billion for the week ended June 22, official data showed. The RBI is believed to have been selling dollars during the week to curb the slide in the rupee’s value. Incidentally, the rupee gained strength on Friday, a gain of 2 per cent over Thursday’s close of Rs 56.81 to a dollar, at Rs 55.64.
Over the week, the partially convertible rupee slumped to an all-time low of 57.33 against the US dollar………………………………………..Full Article: Source

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Azerbaijan’s official reserve assets exceed $10.7 bln

Posted on 29 June 2012 by VRS  |  Email |Print

The Central Bank of Azerbaijan reports of further moderate sustained growth of official reserve assets in 2012.
The Bank informs that official reserve assets from January to June rose from $10.145 bn up to $10.767 bn. Foreign exchange reserves grew for Jan-May 2012 from $9.9 bn up to $10.5 bn and finances invested in securities from $1.86 bn up to $2.399 bn………………………………………..Full Article: Source

For China, the euro is a safer bet than the dollar

Posted on 21 June 2012 by VRS  |  Email |Print

Chinese purchases in Europe are likely to expand in the future as the debt crisis in some eurozone members provides investors with lucrative opportunities.
To this end, in March 2012 the Chinese government injected $30 billion into the China Investment Corporation (the Chinese sovereign wealth fund) to be used specifically for acquiring industrial and strategic assets in Europe………………………………………..Full Article: Source

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India’s forex reserves grow to $287.37 bln

Posted on 18 June 2012 by VRS  |  Email |Print

After falling for five straight weeks, India’s foreign exchange reserves grew by $1.52 billion to $287.37 billion for the week ended June 8, 2012, official data showed. The reserves had plunged by $2.40 billion to $285.85 billion for the week ended June 1, apparently due to the Reserve Bank of India (RBI) selling dollars to defend the rupee.
The reserves had declined by $1.74 billion and $1.80 billion respectively in the previous two weeks of June 1, 2012………………………………………..Full Article: Source

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