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Topic: Foreign reserves

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Fixed exchange rate

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	Governor's mandate for the management of the foreign reserves portfolio (Site not responding. Last check: 2007-10-26)
		Develop and maintain broad skills and an information network in foreign securities and foreign exchange markets to support the Bank's capability for conducting foreign exchange intervention or responding to other crises, and to enhance our general understanding of financial markets, instruments and practices.
		Foreign reserves shall be maintained within the foreign currency intervention capacity range agreed by the Minister of Finance, pursuant to section 24 of the Reserve Bank of New Zealand Act 1989.
		The foreign reserves portfolio should be maintained and managed in accordance with the Bank's policies and procedures, consistent with the following strategic risk management objectives:
	www.rbnz.govt.nz /finmarkets/foreignreserves/risk/0094397.html (477 words)

	Foreign exchange reserves - Wikipedia, the free encyclopedia
		Foreign exchange reserves are the foreign currency deposits held by central banks and monetary authorities.
		These are assets of the central banks which are held in different reserve currencies such as the dollar, euro and yen, and which are used to back its liabilities eg the local currency issued, and the various bank reserves deposited with the central bank, by the government or financial institutions.
		The purpose of reserves is to allow central banks an additional means to stabilise the issued currency from excessive volatility, and protect the monetary system from shock, such as from currency traders engaged in flipping.
	en.wikipedia.org /wiki/Foreign_exchange_reserves (463 words)

	FSF: Management of gold and other foreign reserves (Site not responding. Last check: 2007-10-26)
		The consequences of the new policy was that the foreign exchange holding of the Reserve Bank rose from 4,1 percent in 1922 to 46,1 percent of total holdings at the end of 1925.
		Leads and lags affect foreign reserves through an increase in their average length or by an increase in the amount of foreign trade to which they are applied.
		The management of foreign reserves was, therefore, not aimed at the promotion of specified economic objectives, but rather at the stabilisation of the exchange market whenever this was deemed to be in the national interest.
	www.finforum.co.za /ecpolicy/gfxconts.htm (9523 words)

	FRB: Speech, Greenspan -- Currency reserves and debt -- April 29, 1999
		Forward foreign exchange transactions should be recognized as liabilities, while such things as contingent credit lines, if they are truly available on demand, should be counted as foreign currency assets.
		This means that the foreign currency assets and liabilities of financial intermediaries that have access to the safety net--e.g., banks--probably ought to be included in the scope of the analysis.
		In addition, countries could be expected to hold sufficient liquid reserves to ensure that they could avoid new borrowing for one year with a certain ex ante probability, such as 95 percent of the time.
	www.federalreserve.gov /boarddocs/speeches/1999/19990429.htm (2948 words)

	What If Foreign Governments Diversified Their Reserves? (2005-17, 7/29/2005)
		A more dramatic use of foreign reserves may occur when the domestic currency is under a speculative "attack." Reserves can be used as a "war chest" to defend the local currency and, by extension, the domestic financial systems, in case of future runs on their currency.
		This is consistent with the data presented previously on the increase of reserves by foreign central banks and the predominance of the dollar as a currency of reserve.
		Foreign governments may be able to achieve diversification by purchasing larger amounts of securities denominated in other currencies in the future instead of by selling current holdings of dollar-denominated assets.
	www.frbsf.org /publications/economics/letter/2005/el2005-17.html (1595 words)

	Foreign Exchange Reserves in East Asia: Why the High Demand? (2003-11, 04/25/2003)
		Those who support holding large reserve balances argue that the cost of doing so is small compared to the economic consequences of a sharp depreciation in the value of the currency that is often associated with financial crises in emerging markets.
		A third factor is vulnerability to external shocks; reserve holdings are likely to increase with a country's average propensity to import, which is a measure of the economy's openness and vulnerability to external shocks.
		We show that the government will choose to hold a small stock of reserves if it believes the populace is indifferent between reductions and increases in their consumption, while it will choose to hold a much larger stock of reserves if it believes the populace is loss-averse.
	www.frbsf.org /publications/economics/letter/2003/el2003-11.html (1698 words)

	Maintaining foreign exchange reserves : Flawed rationale -DAWN - Business; August 11, 2003
		The articles explained, at length, the rationale behind the current policy on maintenance of foreign exchange reserves, to the policy’s critics as well as the uninitiated readers who were likely to be misled by the criticism of the policy.
		Foreign reserves belong to the whole nation - the government and private sector - while budgetary resources belong to the government alone.
		Reservations about (b) public expenditure for minimizing (not “insulating” the public from) the impact of price hike in utilities are also flawed.
	www.dawn.com /2003/08/11/ebr1.htm (1822 words)

	Philippine News - Manila Standard Today - Business
		The gross foreign reserves of the Bangko Sentral ng Pilipinas hit a record high of $21.147 billion at the end of June, up from a revised $20.95 billion in May and $17.72 billion a year ago, the bank said yesterday, citing preliminary data.
		The increase in reserves was due to the central bank’s foreign exchange operations, income from overseas investments, proceeds from the government’s project loans and the release of about $256 million collateral from the retirement of the government’s Brady Bonds.
		The reserves, consisting of dollars, gold and other foreign currency held by the central bank, are an important indicator for investors, creditors and analysts as they indicate the country’s ability to pay for its purchases and loans from other nations.
	www.manilastandardtoday.com /?page=business01_july08_2006 (400 words)

	The Nassau Guardian - Foreign Reserves – The need for institutional diversification
		In our article titled "Understanding our Foreign Reserves" dated September, 2003, we made reference to a story appearing in the local press on August 19, 2003, that carried the sub-caption "200 million bond issue proceeds set to push reserves over $500 million by August end".
		As predicted, preliminary statistics released by the Central Bank recorded external reserves of $506 million at the end of November 2003 and $482.1 million by month-end December, 2003.
		We believe it is time to develop a non-partisan, long-term plan to reduce our dependence on foreign capital, devise and implement a mechanism whereby long-term capital can access the international market which will provide a constant source of foreign reserve and provide incentives for local capital to be deployed in the development of our economy.
	www.thenassauguardian.com /business/279894158105133.php (661 words)

	The management of foreign exchange reserves
		Questions about the management of foreign exchange reserves are likely to acquire increased prominence among the range of issues facing many central banks.
		Basic questions concerning the amount and form of reserves are particularly pressing for newly-established central banks, notably in the states of the former USSR.
		An important limitation of such analysis, as well as of this paper, is that the focus of attention is mainly on small economies, rather than on countries large enough to significantly influence foreign variables or whose own currencies serve as important international reserve assets or as a medium of exchange in international transactions.
	www.bis.org /publ/econ38.htm (540 words)

	How Big are Russia's Foreign Exchange Reserves? (Site not responding. Last check: 2007-10-26)
		Foreign exchange in private hands of households and enterprises (even state-owned enterprises), whether in currency or deposits or securities, is outside of domain of official foreign exchange reserves.
		Foreign assets include foreign exchange reserves (also called international reserves, or gross international reserves) and illiquid or semi-liquid foreign assets denominated in currencies either completely inconvertible or not freely convertible on the external market outside of their countries (e.g., the Russian ruble, the Ukrainian hryvna, etc.).
		The data on foreign exchange reserves is at http://www.cbr.ru/dp/dp_gold_98n.htm, http://www.cbr.ru/dp/dp_gold_99n.htm, and http://www.cbr.ru/dp/dp_gold_00n.htm.
	www.russianeconomy.org /comments/091100.html (11263 words)

	Press Release - Bank of Israel Report on Investment of Foreign Exchange Reserves Published Today
		There was no change to the framework of the management of the reserves in 2005, which was based on the possible uses of the reserves and their benefit to the economy.
		The exposure of the reserves to the banking system was on average 31 percent of the reserves.
		The reserves have a very high liquidity: about 84 percent of the portfolio is invested in liquid assets and the rest in assets with lower liquidity.
	www.bankisrael.gov.il /press/eng/060514/060514e.htm (425 words)

	rediff.com: Foreign currency reserves: Too much of a good thing
		What is not being discussed as avidly is another plentiful problem: India's record reserves of foreign currency that are proving to be an embarrassment of riches.
		The Reserve Bank of India has stated that on August 24 the value of the country's foreign currency assets stood at U.S $44.6 billion, the highest ever and equivalent to the import requirements of almost one full year.
		The excessively high level of the reserves can be gauged from the fact that a little more than a decade earlier, in June 1991, India's hard currency exchange reserves had plummeted to barely two weeks' import requirements.
	www.rediff.com /money/2001/aug/31forex.htm (851 words)

	China: behind the growing foreign exchange reserves_Insight—China Economic Net
		Foreign direct investment accounts for merely 0.25 percent or so of Japan's GDP, and thus it is not a major contributor to the increase in its foreign exchange reserves.
		The colossal foreign exchange reserves are not generated by trade but come from increased foreign direct investment.
		In addition, the Federal Reserve raised interest rate twice until it came to 1.5 percent, which is roughly the same as the after-tax interest rate on one-year Renminbi deposits Thus, domestic and foreign economists cry out for a raise in the interest rate on Renminbi deposits, as if no delay is permitted.
	en.ce.cn /Insight/200411/01/t20041101_2147714.shtml (669 words)

	CBS News \| China's Foreign Currency Reserves Grow
		China's foreign reserves have soared as China's surging exports, especially to the United States, have brought home billions of U.S. dollars and other foreign currencies.
		China's foreign currency regulator buys dollars and other foreign currencies and stockpiles them in U.S. Treasury bonds and other assets in order to limit the flow of currency into the economy, which it worries could set off inflation.
		Analysts estimate that three-quarters of China's reserves are in Treasuries, reflecting the dominance of the dollar in its trade.
	www.cbsnews.com /stories/2006/01/16/ap/business/mainD8F5MOUO0.shtml (560 words)

	Grandfather Foreign Trade & Debt Report - summary page - by MWHodges
		foreign reserves backing up each of their children than we have backing ours, and their lead is increasing as the U.S. continues with massive trade deficits and record high internal private sector debt ratios, with nil savings.
		Foreign reserves are equivalent to a nation's liquid international savings account, being assets it can freely spend for foreign goods and properties.
		Foreign Exchange Report), causing a loss of international buying power of every US wage earner and holder of dollars - to the tune of negative 40% against the Euro in recent years.
	mwhodges.home.att.net /reserves.htm (3260 words)

	Venezuela Withdraws Foreign Reserves from U.S. [Voltaire]
		The Central Bank is to calculate how much foreign reserves Venezuela ought to have and reserves in excess of this amount would be transferred to a special development fund.
		Chavez says that the ideal foreign reserve level is $25 billion, which means that the government could have access to another $5 billion.
		Venezuela’s foreign reserves have reached historical heights in the year because of the combination of high oil revenues and currency controls, which largely function to keep the revenue in the country.
	www.voltairenet.org /article129065.html (433 words)

	The Nation Newspaper \| Mixed foreign reserves picture in Caribbean
		In addition, their levels of reserves are considered a "point of credit weakness", was the way he put it.
		Although its foreign exchange coverage is considered low, it is not in the position that Barbados and the OECS find themselves because of its status as a key financial centre.
		With a CCC-minus rating, the lowest among the 110 sovereign governments assessed by S&P, Belize hit by a series of financial scandals and allegations of corruption in government, is in extremely poor fiscal shape with the government in Belmopan hanging on by its political fingernails.
	www.nationnews.com /story/53154452303502.php (766 words)

	China warned on foreign reserves - Breaking News - Business - Breaking News
		China's foreign exchange reserves, the world's largest, rose to a record $US941 billion ($A1.2 trillion) at the end June on the back of a surging trade surplus, solid foreign direct investment and speculative money flowing in to bet on a stronger yuan.
		The reserves must meet at least three months of imports, repay the country's foreign debt of nearly $US290 billion ($A385 billion) and finance dividends to be repatriated by foreign investors, who had poured a cumulative $US600 billion ($A796 billion) into the country, he said.
		Critics say the war chest of reserves is now big enough to shield China against any financial crisis and the government should let the yuan rise faster to help reduce external surpluses and slow the rapid reserve accumulation.
	www.smh.com.au /news/Business/China-warned-on-foreign-reserves/2006/07/25/1153746839909.html (335 words)

	China's foreign exchange reserves
		At the start of the reform era at the end of 1978, China's foreign exchange reserves were minimal, but enough to cover the requirements of a country with a very small import bill.
		The economic slowdown of 1989-91 produced a sharp fall in imports in 1990, while exports continued to rise, producing a merchandise trade surplus for that year of US$9.2bn, which was gradually eroded in the next three years as imports rose faster than exports.
		By 1993 the trade and current accounts were in deficit, but the acceleration in inward FDI flows kept foreign exchange reserves rising for most of the rest of the decade.
	www.chinability.com /Reserves.htm (298 words)

	[No title]
		's surge in foreign currency reserves as further evidence of the country's growing economic power, there are also fears that the growing hoard exposes the country to risks that could undermine future growth.
		Currency reserves here usually rise faster in December than in any month, partly because foreign investment deals are often concluded before the end of the year and partly because the Chinese statisticians tend to make adjustments to many categories of data, including foreign reserves, each December.
		Still, some analysts argue that the reserves, which Beijing accumulates to maintain the yuan's link to the dollar, could lead to more trade friction with Washington because the Chinese trade surplus with the United States appears likely to exceed $200 billion in 2005.
	taiwansecurity.org /News/2006/IHT-170106.htm (814 words)

	China's foreign reserves hit $854 billion - International Business - MSNBC.com
		Japan’s foreign currency reserves — the amount of foreign currency a government holds in its accounts — totaled $850 billion at the end of February, Tokyo announced earlier.
		Foreign reserves have soared as China’s ballooning exports have brought home billions of U.S. dollars and other foreign currencies.
		Analysts estimate that three-quarters of China’s reserves are in U.S. Treasuries, reflecting the dominance of the dollar as a reserve currency.
	www.msnbc.msn.com /id/12048225 (658 words)

	BBC NEWS \| Business \| Surge in China's foreign reserves
		China's foreign currency reserves jumped 34% to a new record of $818.9bn (£462.5bn) last year.
		Its reserves have ballooned in recent years as the central bank has bought most of the dollars generated by foreign trade and inward investment.
		Japan has the world's biggest foreign currency reserves, with $846.9bn, but at the current rate of growth, China's reserves could overtake it, hitting $1 trillion this year.
	news.bbc.co.uk /1/hi/business/4615928.stm (367 words)

	Asia Business News Highlights: China Foreign Currency Reserves and More
		China says the country's foreign currency reserves, the largest in the world, grew by $50 billion in the past two months, and foreign investors plan to bring green power to troubled East Timor.
		China's foreign currency reserves rose to $925 billion at the end of May, growing by six percent over two months.
		China's rising foreign currency reserves are partly a result of its booming international trade and partly an attempt to control its currency.
	www.voanews.com /english/2006-07-10-voa8.cfm (545 words)

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