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‘Not clear’ China wants renminbi to rival dollar, says CIC’s Lau

Posted on 15 June 2012 by VRS  |  Email |Print

China is pushing for the renminbi to be used more widely in commerce and finance but it is unclear if Beijing wants its currency to rival the US dollar and euro, says CIC’s Lawrence Lau.
China may eschew the multi-billion dollar annual benefits enjoyed by major reserve currency seigniorage - the revenue that a government raises by printing money that is held overseas - as this would result in Beijing having to run a trade deficit, according to Lawrence Lau, chairman of the Hong Kong arm of China sovereign wealth fund CIC………………………………………..Full Article: Source

The story of India’s falling forex reserves

Posted on 13 June 2012 by VRS  |  Email |Print

Echoing former Reserve Bank of India (RBI) governor C. Rangarajan, Ashima Goyal, a member of the central bank’s technical advisory committee, has called upon RBI to use foreign currency reserves to support the rupee.
However, as data for 1 June shows, India’s foreign exchange reserves fell for a sixth straight week. While the total figure of $285 billion looks comfortable enough, note that the cover they provide is dwindling. In 2007, the forex kitty amounted to three times the external financing requirements (short-term debt plus current account deficit), according to Citigroup estimates. That has fallen to 1.7 times for 2012………………………………………..Full Article: Source

CIC’s Jin says other countries may follow if Greece exits euro

Posted on 23 May 2012 by VRS  |  Email |Print

Jin Liqun, chairman of China Investment Corp.’s supervisory board, said European authorities have shown a “lack of leadership” on the euro area’s debt crisis and other countries may leave if Greece exits the single currency bloc.
“Ever since the debt crisis broke out, there has never been a master plan for a resolution,” Jin said at an event hosted by the Centre for Policy Studies in London late yesterday. “The core members of the monetary union certainly have to keep an eye out for possible copycats should the Greeks be allowed to escape from the crisis unscathed.”……………………………………….Full Article: Source

CIC official : Yuan could be used in 10pct of settlements in 10 years

Posted on 23 May 2012 by VRS  |  Email |Print

The yuan could be used to settle 10% to 15% of international transactions in 10 or 20 years time, a senior official at China’s sovereign wealth fund said Tuesday.
Jin Liqun, chairman of the supervisory board of China Investment Corp., said China’s currency is “well on its way” to becoming an international reserve currency but its role is still “insignificant” compared to the dollar or euro………………………………………..Full Article: Source

China cbank plans new $10bln forex reserve vehicle

Posted on 10 May 2012 by VRS  |  Email |Print

China’s central bank plans to give $10 billion from its huge pile of foreign exchange reserves to a new entity to assist Chinese state firms invest abroad, four sources with direct knowledge of the matter said on Wednesday.
The People’s Bank of China is in talks with China Reform Holdings Corporation Ltd, a state firm controlled by the State-owned Asset Supervision and Administration Commission, to set up a joint venture, probably abroad, the sources told Reuters………………………………………..Full Article: Source

Norges Bank to spend NOK350M a day in forex markets in May

Posted on 02 May 2012 by VRS  |  Email |Print

Norway’s central bank said Monday it plans to buy foreign currency worth 350 million Norwegian kroner ($61.2 million) a day in May for its oil fund, continuing on the same pace since January.
Norges Bank has sold NOK350 million a day since January to buy foreign currency for the Pension Fund Global, which is also known as Norway’s oil fund. Norges Bank manages the fund, the world’s largest sovereign wealth fund, according to a report from consulting firm Monitor Group. The fund was set up in 1990 to safeguard Norway’s oil wealth and has a market value of over $600 billion………………………………………..Full Article: Source

S. Korea’s foreign reserves hit record high in March

Posted on 03 April 2012 by VRS  |  Email |Print

South Korea’s foreign exchange reserves soared to a fresh high in March as the strength of the euro and other currencies boosted the conversion value of those assets, the central bank said Tuesday.
The country’s foreign reserves reached a record high of US$315.95 billion at the end of last month, up $150 million from February, according to the Bank of Korea (BOK)………………………………………..Full Article: Source

More than half the emerging markets are now investment grade

Posted on 09 March 2012 by VRS  |  Email |Print

Increased foreign exchange reserves and more sophisticated monetary policies have contributed to the improving fundamentals of emerging market countries.
The emerging market debt universe has continued to grow and widen its parameters. Inflows to dedicated EM fixed income funds are expected to remain stable at US$40 billion in 2012 supported by allocations from domestic pension funds and sovereign wealth funds………………………………………..Full Article: Source

China’s CIC works on funding mechanism

Posted on 07 March 2012 by VRS  |  Email |Print

Wang JianxiBoosted by a one-time $30 billion capital injection, China Investment Corp. is working on a system through which the sovereign-wealth fund would get continued funding from the Chinese government and potentially play a bigger role in helping diversify the country’s vast foreign-exchange reserves.
“We very much hope for a clear [funding] mechanism just like what other, more mature, sovereign-wealth funds have,” said Wang Jianxi, CIC’s executive vice president, in an interview with The Wall Street Journal………………………………………..Full Article: Source

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Japan Feb foreign reserves at $1.303 trln

Posted on 07 March 2012 by VRS  |  Email |Print

Japan’s foreign reserves declined to $1.303 trillion at the end of February, the Ministry of Finance said on Wednesday.
Japan sold about 1 trillion yen ($12.39 billion) in “stealth” currency market intervention that was not announced to the market during the first four days in November, the finance ministry said last month………………………………………..Full Article: Source

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Kazakh gold/forex reserves rise to $34.8 bln in Feb

Posted on 06 March 2012 by VRS  |  Email |Print

Kazakhstan’s net gold and foreign currency reserves rose to $34.8 billion as of Feb. 29 from $33.1 billion on Jan. 31, the central bank said on Monday.
The National Fund, replenished by windfall revenues from oil exports, totalled $47.4 billion as of Feb. 29, the bank said………………………………………..Full Article: Source

S. Korea’s foreign reserves hit record high in Feb

Posted on 05 March 2012 by VRS  |  Email |Print

South Korea’s foreign exchange reserve soared to a fresh high in February as the strength of the euro and the British pound boosted the conversion value of those assets, the central bank said Monday.
The country’s foreign reserves reached a record high of US$315.8 billion as of the end of last month, up 4.46 billion from January, according to the Bank of Korea (BOK)………………………………………..Full Article: Source

Brazil real advances as mantega rules out investment tax to stem inflows

Posted on 02 March 2012 by VRS  |  Email |Print

Brazil’s real rose after Finance Minister Guido Mantega said the government wasn’t considering taxes on foreign direct investments as he laid out a plan to stem the currency’s appreciation, easing investor concern policy makers would take stronger steps to limit capital inflows.
Mantega said policy makers can also use the sovereign wealth fund to buy dollars to protect the real from excessive global liquidity. ………………………………………….Full Article: Source

Norway to buy NOK 350 mln in forex daily for SWF in March

Posted on 01 March 2012 by VRS  |  Email |Print

Norway’s central bank will purchase foreign exchange equivalent to 350 million Norwegian crowns ($62.8 million) per day in March for the country’s oil fund, the bank said on Wednesday on its page, continuing its February practice.
Last month the central bank said it would buy foreign exchange equivalent to 350 million crowns a day so the fund could invest money in foreign stocks and bonds………………………………………..Full Article: Source

Brazil sovereign fund could buy dollars-official

Posted on 29 February 2012 by VRS  |  Email |Print

The Brazilian government could use its sovereign wealth fund to buy dollars in the spot foreign-exchange market, but for now will leave it to the central bank to intervene, Brazil’s National Treasury Secretary Arno Augustin said on Tuesday.………………………………………Full Article: Source

Brazil rules out dollar purchase with wealth fund, Augustin says

Posted on 29 February 2012 by VRS  |  Email |Print

Brazil’s government doesn’t plan at the moment to use the country’s sovereign wealth fund to purchase dollars, Treasury Secretary Arno Agustin said.
While the fund can be used to intervene in the currency market, “we haven’t carried out that possibility yet,” Augustin told reporters in Brasilia today. “We continue with a currency policy that is concentrated at the central bank.”……………………………………….Full Article: Source

Papua New Guinea: Parliament passes Sovereign Wealth Fund Bill

Posted on 23 February 2012 by VRS  |  Email |Print

Peter O’NeillParliament passed the Bill to establish the Sovereign Wealth Fund for Papua New Guinea unopposed. The first vote on the Bill presented by Prime Minister Peter O’Neill was 80-0 while the second result was 78-0, surpassing the absolute majority vote of 73.
Prime Minister Peter O’Neill thanked Members of Parliament for passing the bill to establish the sovereign wealth fund. “The establishment of the fund is very important for our nation’s development. The fund gives us the opportunity to protect and grow surplus wealth from the export of our mineral resources, and our oil and gas,” Mr O’Neill said………………………………………..Full Article: Source

Sweden’s central bank to top up foreign currency reserve

Posted on 22 February 2012 by VRS  |  Email |Print

Sweden’s central bank said it has decided to borrow the equivalent of 10 billion kronor ($1.5 billion) in foreign currency through the Debt Office to restore reserves.
Participation in loan arrangements from the International Monetary Fund in recent years has entailed the use of funds from the foreign currency reserve, the Stockholm-based bank said in a statement………………………………………..Full Article: Source

Kazakh gross international reserves made $ 33.2 bln

Posted on 15 February 2012 by VRS  |  Email |Print

In January 2012 there was an increase in international reserves of the National Bank of Kazakhstan. Gross international reserves grew by 13.1% up to USD 33.2 billion, Chairman of the National Bank Grigory Marchenko told reporters on Tuesday.
The net international reserves increased by 15.2% and made USD 33.1 billion. Government’s external debt servicing and replenishment of the National Fund’s assets from the accounts of foreign exchange reserves were more than compensated for by currency supply to the accounts of the Government in the National Bank and growth of balances on correspondent accounts of banks in foreign currency………………………………………..Full Article: Source

Over half of Azerbaijani State Oil Fund’s investment portfolio concentrated in dollars

Posted on 13 February 2012 by VRS  |  Email |Print

In 2011, 52.68 percent of the total investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) is concentrated in dollars (about $15.61 billion), SOFAZ told Trend on Saturday. The total amount of SOFAZ’s investment portfolio in 2011 amounted to about $29.63 billion, which comprises 99.43 percent of total assets.
Some 41.66 percent of SOFAZ’s portfolio is concentrated in euros (about 9.54 billion euros), 5.65 percent — in British pound sterling (about 1.09 billion pounds sterling)………………………………………..Full Article: Source

India’s forex reserves adds $673.4 mln, total holdings now at $293.93 bln

Posted on 06 February 2012 by VRS  |  Email |Print

India’s foreign exchange reserves increased by $673.4 million to $293.93 billion for the week ended Jan 27, Reserve Bank of India data showed. The forex reserves have risen for the second week after six straight weeks of decline.

They had increased by $731.8 million for the week ended Jan 20 after slumping by $14.25 billion in the previous six weeks. A strong rally in the Indian equities markets and rebound in the value of rupee on the back of huge inflow of funds from overseas investors have helped in increase in the foreign exchange reserves……………………………………….Full Article: Source

S. Korea’s foreign reserves grow in 3 months

Posted on 02 February 2012 by VRS  |  Email |Print

South Korea’s foreign reserves grew for the first time in three months in January due to a rise in conversion value of non-dollar denominated assets and an increase in investment profits, the central bank said Thursday.
Foreign reserves reached 311.34 billion U.S. dollars as of the end of January, up 4.94 billion dollars from a month earlier, according to the Bank of Korea (BOK)………………………………………..Full Article: Source

Five myths about China’s power

Posted on 27 January 2012 by VRS  |  Email |Print

China owns roughly $2 trillion in U.S. Treasury and mortgage-backed debt and $800 billion in European bonds. These massive holdings may cause anxiety in the West and give Beijing a lot of prestige and bragging rights — but they haven’t afforded China a lot of diplomatic sway.

China’s sovereign wealth fund, which invests part of those reserves, has favored low-risk assets (such as a recent minority stake in a British water utility) and has sought to avoid geopolitical controversy. And in the European debt crisis, China has been conspicuously absent……………………………………….Full Article: Source

Foreign reserves: Time to consider new options

Posted on 23 January 2012 by VRS  |  Email |Print

Over the past few years, Saudi Arabia has accrued significant budget surpluses resulting from increased oil production and higher oil prices. Some of those surpluses have been used as foreign reserves of the Saudi Arabian Monetary Agency (SAMA).
With new leadership at the helm of SAMA, it may be time to revisit the rather costly policy of maintaining high levels of reserves. We should explore options to manage those surpluses, now that they have grown way beyond the strict needs of monetary policy………………………………………..Full Article: Source

Kazakhstan puts over $ 75 bln for rainy day

Posted on 19 January 2012 by VRS  |  Email |Print

The international reserves of the country, including the National Fund assets increased by 27.3 percent and amounted to $75.4 billion in January-November 2011, the official website of the Kazakh Prime Minister said with the reference to the Ministry of Economic Development and Trade.
The growth occurred despite the funds to the amount of 1.2 trillion tenge (over $ 8 billion) were raised from the National Fund amid the global financial crisis of 2008-2009 to maintain the stability of the economy………………………………………..Full Article: Source

China’s forex reserves drop for first quarter since 1998

Posted on 13 January 2012 by VRS  |  Email |Print

China’s foreign-exchange reserves posted the first quarterly decline in more than a decade, as foreign investment moderated, the trade surplus narrowed and investors withdrew capital amid the global financial crisis.
The holdings, the world’s biggest, fell to $3.18 trillion at the end of December from $3.2 trillion at the end of September, according to People’s Bank of China data released in Beijing today. That was the first quarterly contraction since the second quarter of 1998, according to data compiled by Bloomberg………………………………………..Full Article: Source

Window may be opening for China to widen yuan band

Posted on 11 January 2012 by VRS  |  Email |Print

China’s policymakers might just have the wiggle room they need to deliver the more flexible currency they say they want.
Zhou’s comments are some of the clearest yet about current policy thinking and came late on Sunday after China’s National Financial Work Conference, a once in five-year event that has previously reformed the central bank, created new regulators and set up the China Investment Corporation sovereign wealth fund…………………………………….Full Article: Source

Japan foreign reserves hit record

Posted on 07 December 2011 by VRS  |  Email |Print

Japan’s foreign-exchange reserves hit a record in November, the Finance Ministry said Wednesday, after aggressive efforts by the government to weaken the yen through market intervention boosted the country’s dollar holdings.
The country’s foreign-exchange reserves rose $94.88 billion from the previous month to a record $1.305 trillion, the finance ministry said. The amount of increase was also a record………………………………………..Full Article: Source

China can’t use reserves to ‘rescue’ countries, Fu says

Posted on 05 December 2011 by VRS  |  Email |Print

China can’t use its $3.2 trillion in foreign exchange reserves to “rescue” European nations and the country “has done its part” to help the region deal with its financial crisis, Vice Foreign Minister Fu Ying said.
“Foreign reserves are not revenues,” Fu, whose portfolio is European affairs, said in a question and answer session following a speech in Beijing yesterday. “It’s not money that can be used by the premier or the finance minister.”……………………………………….Full Article: Source

Norges Bank to refrain from forex buying for oil fund in December

Posted on 01 December 2011 by VRS  |  Email |Print

Norway’s central bank Thursday said it won’t sell Norwegian kroner in December to buy foreign exchange for the government’s pension fund. The announcement was expected, as the bank typically does not purchase foreign currency for the fund in December.
In November, Norges Bank bought NOK1.6 billion in foreign exchange a day for the Pension Fund Global, also known as Norway’s oil fund. Norges Bank manages the fund, which was set up in 1990 to safeguard Norway’s oil wealth for future generations………………………………………..Full Article: Source

India’s forex reserves shrink the most since 2008

Posted on 28 November 2011 by VRS  |  Email |Print

India’s foreign exchange reserves have had the steepest three-week fall since the collapse of Lehman Brothers Holdings in 2008, as the Reserve Bank of India wages a half-hearted battle to arrest the currency’s fall amid turbulence in the international financial markets.

Adecline in the value of other assets, such as the Euro and treasury of other nations, also had an impact on the reserves, as investors’ most-favoured asset remained the US dollar. Funding of high imports may also have contributed to the fall in foreign exchange reserves, economists said………………………………………Full Article: Source

India’s forex reserves drop by $326 mln

Posted on 21 November 2011 by VRS  |  Email |Print

India’s foreign exchange reserves fell by $326 million to $314.34 billion for the week ended Nov 11, declining sharply for the second straight week due to a slump in the value of foreign currency assets, official data showed.
The forex reserve kitty had slumped by $5.72 billion in the previous reporting week………………………………………..Full Article: Source

India’s forex reserves slump by $5.72 bln

Posted on 14 November 2011 by VRS  |  Email |Print

India’s foreign exchange reserves dropped by USD 5.72 billion to USD 314.66 billion for the week ended Nov 4 due to decline in the value of gold reserves and foreign currency assets, official data showed.
The forex reserves kitty has declined for the first time in the last five weeks under review. Foreign currency assets, the biggest component of the forex reserves kitty, declined by USD 3.87 billion to USD 280.57 billion for the week ended Nov 4, according to the weekly statistical supplement of the Reserve Bank of India (RBI)………………………………………..Full Article: Source

Japan Oct foreign reserves at $1.21 trln

Posted on 08 November 2011 by VRS  |  Email |Print

Japan’s foreign reserves rose to $1.21 trillion at the end of October, the Ministry of Finance said on Tuesday. The data does not take into account Japan’s yen-selling currency market intervention on Oct. 31 as those sales were settled in November.
Earlier Bank of Japan money market data suggested authorities sold a record of nearly $100 billion worth of yen to tame its high-flying currency on that day, much bigger than its previous foray into the market in August………………………………………..Full Article: Source

Israel’s foreign currency reserves rise to $76.9bln in October

Posted on 08 November 2011 by VRS  |  Email |Print

Israel’s foreign exchange reserves rose to $76.9 billion at the end of October 2011, $571 million more than a month earlier, the Bank of Israel reported today. The bank attributed the growth to an upward revaluation of the reserves by $1 billion, which was partly offset by $304 million in government transfers and a decrease of $147 million from private sector transactions.
Israel’s foreign currency reserves have increased by $6 billion from the $70.91 billion at the end of 2011, and have increased by almost 25% from the $60.6 billion at the end of 2010………………………………………..Full Article: Source

UK currency reserves rise to $45.813bln in Oct

Posted on 04 November 2011 by VRS  |  Email |Print

The U.K.’s foreign-currency reserves rose to $45.813 billion in October from $44.425 billion in September, with currency movements accounting for most of the increase, according to Treasury data published Thursday.
Valuation effects–or changes in currency prices–added $1.248 billion to the net currency reserves held, while transactions against sterling adding a further $139 million, accounting for the $1.387 billion rise, the Treasury said………………………………………..Full Article: Source

Brazil foreign reserves up in October, reversing September drop

Posted on 04 November 2011 by VRS  |  Email |Print

Brazil’s foreign-currency reserves increased in October against the previous month, reversing a drop seen in the September-from-August figure, the central bank said Thursday.
Foreign reserves totaled $352.9 billion in October, up from $349.7 billion at the end of September, according to figures published on the central bank’s website………………………………………..Full Article: Source

S. Korea’s foreign reserves rebound in Oct.

Posted on 02 November 2011 by VRS  |  Email |Print

South Korea’s foreign exchange reserves rebounded in October from a three-year low as a weaker dollar raised the conversion value of non-dollar assets, the central bank said Wednesday.
The country’s foreign reserves reached US$310.98 billion as of the end of October, up $7.6 billion from the previous month, according to the Bank of Korea (BOK)………………………………………..Full Article: Source

China may end up contributing to this vast European bailout fund

Posted on 28 October 2011 by VRS  |  Email |Print

The Chinese control £1.93 trillion of foreign currency reserves, with about US$300 billion in its China Investment Corporation. Indeed were it not for Chinese purchase of European government debt, the Euro would probably have collapsed already.
It is what is sustaining the Euro against a weak US dollar, along with European banks flogging off overseas assets which are then converted from dollars back into Euros………………………………………..Full Article: Source

Sovereign wealth fund must save in foreign currency

Posted on 27 October 2011 by VRS  |  Email |Print

Australia needs to establish a sovereign wealth fund to capitalise on the resources boom, but any funds should be saved in a foreign currency to protect against the negative effects of a sharp appreciation of the Australian dollar, according to Investec.
“Most sovereign wealth funds save in foreign currencies. Now that does a number of things, by far the most important is that you’re taking some of the surpluses that are accumulating as a result of a resource bonanza and saving them for future generations,” Investec Asset Management global strategist Michael Power told Investor Weekly………………………………………..Full Article: Source

India’s forex reserves surge by $5.27 bln

Posted on 25 October 2011 by VRS  |  Email |Print

India’s foreign exchange reserves surged by $5.27 billion to $317.50 billion for the week ended October 14, one of the sharpest rise in recent months, on the back of huge gain in the value of foreign currency assets, official data showed.

This is the second straight weekly gain in the country’s foreign reserve kitty. The reserves had increased by $749 million in the previous week. Foreign currency assets, the biggest component of the forex reserves kitty, shot up by $5.19 billion to $281.65 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI)………………………………………Full Article: Source

Azerbaijan’s strategic currency reserves exceed foreign debt more than 8-fold

Posted on 19 October 2011 by VRS  |  Email |Print

The revenues of the state budget of Azerbaijan increased threefold in 1995-2003 thanks to expedient measures. The revenues displayed an increase of 9.3 times in 2010 compared to 2003.
The statement came from Economic Development Minister of Azerbaijan Shahin Mustafayev in his article “The national model of socio-economic development” published in Azerbaijan newspaper……………………………………….Full Article: Source

Surplus of Azerbaijan Oil Fund’s budget in 2012 to make only $271,5 mln

Posted on 18 October 2011 by VRS  |  Email |Print

In 2012 the surplus of State Oil Fund of Azerbaijan (SOFAZ) is expected at the level of $271,519 million at the forecasted average exchange rate of AZN 0.79 to the US dollar.
Finance Ministry of Azerbaijan reports that consolidated budget draft of Azerbaijan is made with the forecast of SOFAZ’s revenues at AZN 10.697 bn and expenditures at AZN 10.482 bn. The fund’s budget surplus is expected at the level of AZN 214.5 million……………………………………….Full Article: Source

India’s foreign exchange reserves rise by $749 mln

Posted on 17 October 2011 by VRS  |  Email |Print

India’s foreign exchange reserves rose by $749 million to $312.23 billion for the week ended Oct 7, rising for the first time in three weeks due to gains in foreign currency assets, official data showed.
The forex reserves had slumped by $5.27 billion in the previous two reporting weeks. Foreign currency assets, the biggest component of the forex reserves kitty, rose by $763 million to $276.46 billion for the week ended Oct 7, according to the weekly statistical supplement of the Reserve Bank of India (RBI), the country’s central bank………………………………………Full Article: Source

Don’t use foreign exchange for wealth fund

Posted on 14 October 2011 by VRS  |  Email |Print

A Group of Ministers headed by Finance Minister Pranab Mukherjee today deliberated on the possible ways of creating a fund on the lines of ones that exit in countries like China. “Various things were discussed but no view has emerged,” Oil Minister S Jaipal Reddy said after the 75 minute meeting.
Sources privy to the deliberations said RBI was against using nation’s forex reserves for setting up the fund. So, the Planning Commission has been asked to work out surplus that may be generated after accounting for all Plan and non-Plan expenditure……………………………………….Full Article: Source

India’s forex reserves drop by $1.22 bln

Posted on 10 October 2011 by VRS  |  Email |Print

India’s foreign exchange (forex) reserves dropped by $1.22 billion at $311.48 billion for the week ended September 30, registering a sharp decline for the second straight week largely due to revaluation of non-dollar assets, official data showed.
The forex reserves had slumped by $4.05 billion during the week ended September 23. The reserves have declined for the third time in the last four weeks under review……………………………………….Full Article: Source

Israel: Foreign currency reserves fall in September

Posted on 10 October 2011 by VRS  |  Email |Print

Israel’s foreign currency reserves had reached a record $78 billion in August. Israel’s foreign currency reserves fell by $1.747 billion in September to $76.331 billion, the Bank of Israel reported.
The decrease was the result of a revaluation that lowered the reserves by $1.81 billion and government transfers abroad totaling $222 million. This was offset by a rise of $285 million from private sector transactions……………………………………….Full Article: Source

Bahrain may need Saudi help to plug budget gap

Posted on 07 October 2011 by VRS  |  Email |Print

The state’s foreign exchange reserves, at 1.6 billion dinars (2.77 billion pounds) as of August, are tiny compared to its wealthier Arab neighbours. Its sovereign wealth fund Mumtalakat has assets of about $9.1 billion whereas Abu Dhabi’s sovereign fund, one of the world’s biggest, is estimated to be worth $627 billion.
“Bahrain’s budget finances remain under pressure with elevated social spending against limited support from oil revenues and faltering non-oil activity,” said Kubilay Ozturk, EMEA economist at Deutsche Bank in London……………………………………….Full Article: Source

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Japanese foreign exchange reserves slips

Posted on 07 October 2011 by VRS  |  Email |Print

Japan’s foreign exchange reserves, the world’s second-largest, totaled $1.2 trillion in September, down from $1.22 trillion in August, the government said.
The Finance Ministry said Friday the 1.5 percent month-to-month decline resulted largely from the euro’s depreciation against the U.S. dollar, due to the European sovereign debt crisis and the falling gold prices……………………………………….Full Article: Source

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SNB foreign currency reserves climb to record

Posted on 07 October 2011 by VRS  |  Email |Print

The Swiss central bank’s currency holdings rose to a record last month after policy makers imposed a franc cap to help exporters and fight deflation threats.
The reserves, calculated according to standards by the International Monetary Fund, jumped to 282.4 billion francs ($305 billion) at the end of September from 253.4 billion francs in the previous month, the Zurich-based Swiss National Bank said on its website today……………………………………….Full Article: Source

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