Switzerland halves interest rate Dec 11, 2008
Mr. Jordan said that beyond quantitative easing, by flooding the market with liquidity, the central bank could also intervene on the foreign exchange market as the franc's value was part of the monetary conditions in the export-dependent economy. For now, however, the central bank was still aiming to get the three-month LIBOR down to its new target by using its repo funding operations, he said. (Globe and Mail -- Business)
China capital outflows may force more easing Dec 11, 2008
The central bank would have to supply dollars to the foreign exchange market to satisfy increased demand, as it did in small amounts last week during a burst of speculation about yuan depreciation, traders say. That would absorb yuan from the market, making it harder to push down interest rates. (The Star Online, Malaysia -- Business)
Nigeria: Currency Decline Offsets Oil Price Volatility Dec 8, 2008
Over a period of about two weeks, the naira, which had remained stable at the N118: $1 at Central Bank of Nigeria (CBN)-controlled official foreign exchange market Weekly Dutch Auction System (WDAS) since the beginning of the year, has depreciated to N130:$1. This is also the case in the black market (unofficial market) where the naira has lost N16 against the United States dollar, to trade at N135: $1. (allAfrica.com)
Nigeria: Global Financial Meltdown - Naira Caves In Dec 8, 2008
The Nigerian currency, the naira, had a bitter bite from the global financial crises last week when it slumped in value following scarcity of dollar at the foreign exchange markets ... The outlook is not rosy but the Central Bank of Nigeria (CBN) has promised to intervene in the foreign exchange market to ensure adequate supply of forex. (allAfrica.com)
Nigeria: Falling Naira - Bankers Meet With Regulators Dec 8, 2008
At the spot Nigerian Inter-Bank Foreign Exchange Market, NIFEX, the naira depreciated from N119. 9025 to the dollar on Monday to N129. (allAfrica.com)
Jobs in jeopardy Dec 8, 2008
However, the foreign exchange market was an area where intervention from the government was strongly discouraged by companies, the survey found. Business Day. (iAfrica.com)
Zimbabwe: RBZ Slows Down Zimdollar Freefall Dec 6, 2008
"The interbank foreign exchange market continued to be a true reflection of the worsening socio-political and economic developments on the ground," FBC Securities said in the analysis of developments on the market last week. "The Local currency receded by 86,67 percent against world major currencies. However, due to the new measures introduced on the local bourse, which saw trade going into a period of stagnation, the Zimbabwe dollar firmed by 3,76 percent at the (Old Mutual Implied Rate).". (allAfrica.com)
Malaysian Bond Market Dec 6, 2008
Foreign Exchange Market. The US dollar continues to be firm against major currencies as markets ignore deteriorating US fundamentals to accord the greenback safe haven status amid the current financial market turmoil and the still developing global recession. (The Star Online, Malaysia -- Business)
Nigeria: Central Bank to Intervene As Naira Crashes Again Dec 4, 2008
Lagos The Central Bank of Nigeria (CBN) is set to intervene in the foreign exchange market where the Nigerian currency, the naira, lost N7 ... To douse the pent-up pressure in the foreign exchange market, he said effective from today, the CBN will get back into the inter-bank market and participate in the two-way quote, where a dealer gives a foreign exchange quote in which he indicates the price he is willing to buy and sell ... The dearth of dollars at the official foreign exchange market had... (allAfrica.com)
INSIDE THE MARKETS: Risks limit depreciation of yuan Dec 4, 2008
This week has seen the greatest turmoil in China's foreign exchange market since the yuan's peg to the dollar was abolished in July 2005. Today in Business with Reuters. (International Herald Tribune -- Business)
Editorial: Stepping up banking oversight Dec 4, 2008
Likewise, banks also face risks of losses in on- and off-balance sheet positions arising from movements in market prices -- notably the volatile foreign exchange market. Bank supervisors should be well informed of these risks to enable them to determine the adequacy of a bank's capital and ascertain whether a bank is simply facing a temporary liquidity problem or already is insolvent. (Jakarta Post, Indonesia -- Editorial)
Nigeria: Naira Crashes Against Dollar At Inter-Bank Market Dec 2, 2008
Lagos Barely five days after the Nigerian currency, the naira, recorded its first major depreciation (99 kobo) in the last three years at the inter-bank foreign exchange market, it continued its free fall yesterday, losing N7 against the United States dollar ... The inter-bank foreign exchange market is where banks, on behalf of their customers, buy foreign exchange from one another to meet their daily needs, while the WDAS moderated by the Central Bank of Nigeria (CBN) is the official market... (allAfrica.com)
Hope fades for keeping economic pain at bay Dec 1, 2008
As global liquidity tightens, the foreign exchange market faces increased volatility with the rupiah continuing to depreciate against the U.S. dollar ... Intervention in foreign exchange markets should be limited. (Jakarta Post, Indonesia -- Editorial)
Iceland changes foreign exchange rules Nov 28, 2008
However, it added it had adopted new rules restricting cross-border movement of capital to restore stability in the foreign exchange market, using laws passed after receiving $4 ... "The economic program entails continuing restrictions on movement of capital between Iceland and other countries and the subsequent lifting of those restrictions as soon as a sufficient stability has returned to the foreign exchange market," Sedlabanki said. (International Herald Tribune -- Travel)
IMF's double-edged rescue for Pakistan Nov 26, 2008
Before approval of the loan, the IMF had called for measures including withdrawal of a wide range of subsidies by the end of the fiscal year ending next July 1, barring the central banks intervention in the foreign exchange market, and imposition of an agriculture tax. Pakistan had to go to the IMF for the unpopular stand-by agreement to avert an economic meltdown because the government suffered a "trust deficit" which did not allow it to use other options with success, the Dawn reported,... (Asia Times Online)
IMF says it is sending strong signal to donor community about country`s improved macroeconomic prospects Nov 26, 2008
Reuters quoted IMF as saying The central bank will pursue a flexible exchange rate policy, with intervention in the foreign exchange market geared toward achieving the programmes reserve targets and smoothing excessive exchange rate volatility. The fund said that Pakistan would aggressively trim its fiscal deficit, halt central bank finance of government spending and curb the countrys current account deficit. (Daily Times, Pakistan)
Syrian Arab Republic -- 2008 Article IV Consultation, Concluding Statement Nov 26, 2008
Making further progress in liberalizing the foreign exchange market, and refraining from introducing regulations to tighten control would help strengthen confidence and eliminate the parallel market. 25. (IMF News)
Statement by IMF Staff Mission to the Dominican Republic Nov 25, 2008
"The prudent monetary policy implemented during 2008, which has contributed to moderating aggregate demand and has served as an anchor for macrostability, is beginning to bear fruit, is helping to diminish pressure in the foreign exchange market, and is expected to generate a reduction in inflation in 2009 to 7 percent. Nevertheless, there should be scope for easing monetary policy in the course of 2009 as the fiscal adjustment takes hold. To this end, the authorities will submit a budget to... (IMF News)
IMF approves $7.6bn fund for Pakistan Nov 25, 2008
"The central bank will pursue a flexible exchange rate policy, with intervention in the foreign exchange market geared toward achieving the program's reserve targets and smoothing excessive exchange rate volatility," the IMF said. IMF staff and the government agreed on the reform package on Nov. 15, passing it to the executive board for approval. (India Times, India)
Sensex up 464 points Nov 22, 2008
49/50 in early trade at the active trade at the interbank foreign exchange market, the domestic currency moved in a range of 49. 96 and 50. (Hindu)
Tokyo stocks rebound on hopes of US rally Nov 22, 2008
But Japan's monetary authorities have not intervened in the foreign exchange market since March 2004, allowing the local currency to find its own level against the dollar. To read business stories in. (India Times)
Press Release: IMF Executive Board Approves US$2.1 Billion Stand-By Arrangement for Iceland Nov 21, 2008
At the same time, Iceland's long-term growth prospects remain favorable, buttressed by its very strong fundamentals of a highly educated labor force, a favorable investment climate, and a rich natural resource endowment," Mr. Lipsky said. ANNEX Recent Economic Developments Iceland's highly leveraged economy was unprepared to withstand the global financial turmoil. Over the past several years, a number of underlying imbalances built up, making the economy vulnerable to adverse external shocks. A... (IMF News)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Seychelles Nov 21, 2008
A parallel foreign exchange market flourished and dollarization rose. Reform efforts since 2003 have brought about some fiscal adjustment, trade reform and partial economic liberalization, but have been insufficient to address longstanding macroeconomic imbalances and vulnerabilities. (IMF News)
Iceland gets its IMF loan, Turkey awaits its own Nov 21, 2008
Thomsen, the IMF official, said that the immediate needs were to get the foreign exchange market operating and to stabilize the krona. The nationalization of the banking sector last month made the country's public sector debt one of the most burdensome in Europe, Thomsen noted, posing major technical problems for turning the economy around. (International Herald Tribune -- Money Report)
Rupee at all-time low vs US dollar Nov 20, 2008
The RBI has been intervening in the foreign exchange market by selling dollars, but that has not been helped much in arresting the fall in the rupee's value. One indication of the RBI's extent of intervention can be gauged from the fall in foreign exchange reserves - from a peak level of $302 billion as on June 27 to $242 billion as on November 27 but a part of this drop could also be due to revaluation of the currencies in which the reserves are held. (India Times, India)
Brazil Car Loans Have Recovered to Near Pre-Crisis Levels, Meirelles Says Nov 18, 2008
Meirelles said the central bank pumped the equivalent of $46 billion in the local foreign exchange market through Nov. 14, including $6. 1 billion of interventions in the spot market to buy reais. (Bloomberg -- Latin America)
In Argentina, gloom over government controls Nov 16, 2008
BUENOS AIRES Government intervention in everything from Argentina's foreign exchange market and private pension funds to auto factories has heightened business uncertainty even more than the global financial crisis ... The bad mood that seized the financial system last week and the outlook for a complete loss of transparency in the foreign exchange market sadly confirm the mistaken economic policy Argentina is now following, said an editorial on Monday in La Nacion, which often criticizes the... (Globe and Mail)
Japan's $1 trillion to the rescue? Nov 15, 2008
The dollars were amassed, they point out, when the Bank of Japan was intervening heavily in the foreign exchange market a few years ago to stop the yen from rising in value, which would have hurt exports. The government raised the money to buy those dollars by issuing yen-denominated bonds, so the foreign reserves in dollars an asset are balanced by an equivalent yen debt a liability. (Christian Science Monitor)
Overview: Investors take cover as volatility levels leap Nov 15, 2008
50 against the dollar for the first time in six years and traded at record lows against the euro as the foreign exchange market priced in further aggressive cuts in UK interest rates in the face of a rapidly deteriorating economic outlook. saw spreads on the main investment grade benchmarks widen this week with the main iTraxx Europe index of investment grade companies up 18. (FT.com -- Markets)
Foreign exchange reserves of $6.9 billion can only meet nine weeks of imports Nov 13, 2008
Announcing the decision at a press conference, State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar said the increase in the banks key discount rate was aimed at curbing inflation, reducing the current account and fiscal deficits, building reserves and calming sentiment in the foreign exchange market. The current account deficit has virtually doubled in the first four months of the 2008/09 fiscal year to October to $5. (Daily Times, Pakistan)
Aussie dollar hits two-week low Nov 13, 2008
The local currency moved within a tight range as Reserve Bank of Australia intervention in the foreign exchange market appeared to restore stability. At 3pm, the Australian dollar was trading at $US0. (The West Australian)
Buck up: a diving dollar makes many things better Nov 12, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Opinion)
Dollar rises to upper 97 yen level in morning session Nov 12, 2008
The New York foreign exchange market was closed for the Veteran's Day holiday. The euro traded at 1. (Xinhuanet, China)
Rupee reacts downward by 12 paise Nov 11, 2008
50/51 on the Interbank Foreign Exchange market. PTI. (Livemint)
Tougher times ahead for US and world economy Nov 10, 2008
Paradoxically, the US dollar is strengthening in the wake of a contraction in the real sector of the US economy, thanks to external borrowing that tends to raise the demand for the greenback in the foreign exchange market. A strong dollar is bad for US exports and good for US imports, which means that the US cannot count on external demand for growth or for that matter, current account rebalancing. (The Star Online, Malaysia -- Business)
Brazil stocks rise in volatile trade, real firms Nov 8, 2008
The central bank sold 20,000 dollar swap contracts worth $987 million, continuing its recent policy of supplying extra liquidity to the foreign exchange market. "The outlook is a little better," said Luis Piason, operations manager at Concordia brokerage. (India Times)
Transcript of a Press Conference on Executive Board Approval of the Standby Arrangement for Ukraine Nov 7, 2008
The program also envisages the elimination of exchange rate controls as soon as possible and measures to improve the operation of the foreign exchange market including cancelling the foreign exchange transaction tax and a more transparent intervention policy. The program also has a very strong financial sector policy component. (IMF News)
Grey Horse Reports Third Quarter 2008 Results Nov 7, 2008
The acquisition was motivated by the Corporation's desire to solidify its position in the foreign exchange market, and shows early and promising signs in this regard. Selling, general and administrative expenses increased overall by $903 or 34% for the third quarter and increased by $1,634 or 18% for the year to date reflecting the additional operating expenditures related to Toro's operations and to the Corporation's deliberate expansion. (CCNMatthews Press Releases)
Ghana Investors Advisory Council hails economy Nov 6, 2008
The communiqu=E9 praised the liberalisation and improved management of the foreign exchange market and the strong re-denominated currency, which it described as stable, with an impressively low record of depreciation. Members commended government for the passage of legislation to facilitate the establishment of private employment centres and consistently improvement of the minimum wage from 0. (Ghana Web, Ghana)
Iceland keeps interest steady at 18 pct Nov 6, 2008
Sedlabanki subsequently intervened in the foreign exchange market to carry out restricted daily auctions in an effort to facilitate international trade after supplies of foreign currency dried up. The lack of foreign currency has raised the danger that importers will not be able to do business abroad and the island of 320,000 people in the middle of the North Atlantic will be left without basic goods. (San Francisco Chronicle -- Science)
Press Release: IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine Nov 6, 2008
All these elements give confidence that the program will succeed in stabilizing economic and financial conditions," Mr. Portugal said. ANNEX Recent Economic Developments Ukraine's economy has grown very rapidly since 2000, expanding by more than 7 percent on average. Initially, this reflected the utilization of large excess capacity and increased productivity supported by a series of structural reforms. Since 2005, growth has been propelled by real domestic demand, namely a credit boom driven by... (IMF News)
Swiss National Bank cuts interest rate half point Nov 6, 2008
It said it also will keep a close watch on the movement of the franc on the foreign exchange market. The franc, a traditional safe haven in times of crisis, has been increasing in value against the euro and the British pound recently. (Atlanta Journal-Constitution -- Business)
Nationalistic tunes Nov 5, 2008
Resident capital outflows especially rise in times of foreign exchange market turbulence. When the rupiah's value drops to over 10,000 per dollar, this creates a good incentive for locals to abandon the rupiah. (Jakarta Post, Indonesia -- Editorial)
* Seoul announces growth package Nov 4, 2008
Authorities would try to avoid extreme volatilities in the foreign exchange market with smoothing operations. And Foreign currency bank deposits would enjoy the same level of guarantees as local currency deposits. (Taipei Times, Taiwan -- World)
Argentine Dollar Debt Gains on Buyback Speculation: Latin America Bonds Nov 4, 2008
A central bank spokesman declined to comment on whether the bank intervened in the foreign exchange market today. Argentina's foreign dropped more than $1 billion last week to $45. (Bloomberg -- Latin America)
Australian dollar survives wild week Nov 2, 2008
The currency, known in foreign exchange markets as the "Aussie'', dropped to a five-and-a-half year low on Tuesday as fears of a global recession spooked traders. But two days later the resilient Aussie battler, the world's fourth most traded currency, had staged a 15 per cent comeback. Optimistic market strategists say the Australian dollar is undervalued and could test US80c again by Christmas as a recovery in commodity prices and a renewed confidence in financial markets makes risk-sentiment... (The Australian)
$A survives wild week of trading Oct 31, 2008
The currency, known in foreign exchange markets as the "Aussie," dropped to a five-and-a-half year low on Tuesday as fears of a global recession spooked traders ... The situation became so drastic the Reserve Bank of Australia (RBA) intervened in the foreign exchange market - three times over four days - to prop up the ailing unit ... In early 2001, the RBA intervened in the foreign exchange market to prop up the Australian dollar as it hit an all-time low under 48 US cents. (Sydney Morning Herald -- Business)
Halloween far from an October treat Oct 31, 2008
Skip directly to: Search Box, , , Text Version. Vanessa O'shaughnessy and Ari Sharp. (Sydney Morning Herald -- Business)
Fortis Earns $49 Million in the Third Quarter Oct 31, 2008
The foreign exchange forward contract is valued using the present value of future cash flows based on published forward future foreign exchange market rate curves. The fair values of the natural gas derivatives reflect the estimated amounts, based on published forward curves, the Corporation would have to receive or pay if forced to settle all outstanding contracts at the balance sheet date. (CCNMatthews Press Releases)
Press statement of the Monetary Policy Committee of BOG Oct 29, 2008
There was increased activity on the foreign exchange market as well as re-alignments of exchange rates during the third quarter of 2008. Total purchases and sales in the foreign exchange market by banks and forex bureaux between January and September 2008 amounted to US$6. (Ghana Web, Ghana)
Iceland's interest rate up to 18% Oct 29, 2008
"With the collapse of three banks and the harsh external measures that followed, Iceland's foreign exchange market became paralysed," the bank said in a statement. The government has imposed strict foreign exchange restrictions on the trading of its currency. (BBC News -- Europe)
Yen surge keeps firms on the edge Oct 29, 2008
5 on Tuesday, shoots up again, some of the corporates and a few state-owned undertakings would be exposed to a brutal foreign exchange market. These corporates, with yen exposures, had bought protections at 90 yen a dollar to reduce the risk arising out of a rising yen. (India Times)
CE Franklin Ltd. announces 2008 Third Quarter Results Oct 28, 2008
d) Risk Management From time to time the Company enters into foreign exchange forward contracts to manage its foreign exchange market risk by fixing the value of its liabilities and future commitments. The Company's foreign exchange risk arises principally from the settlement of United States dollar denominated net working capital balances as a result of product purchases denominated in United States dollars. (PR Newswire)
Dollar back from the brink Oct 28, 2008
ANZ currency strategist Tony Morriss said sentiment for the local currency improved as the Reserve Bank of Australia (RBA) intervened in foreign exchange markets and Asian equity markets rebounded today. In morning trade, the RBA bought more Australian dollars to provide liquidity in the foreign exchange market, an RBA spokesman said ... Mr Callow said high volatility in the foreign exchange market had prompted the RBA action today. (Sydney Morning Herald -- Business)
Talk of intervention for overheated yen Oct 28, 2008
The yens dominance in the foreign exchange market continued unabated on Monday, in spite of efforts by the worlds most powerful economies to cool its stellar run. Recent acceleration in the yens appreciation prompted a during Asian trading time. (FT.com -- Markets)
Dollar hits fresh low, nears US60c Oct 28, 2008
The central bank's intervention in the foreign exchange market was to improve liquidity for the local dollar, a RBA spokesman said. It was the RBA's third such action since Friday night's offshore session. (NEWS.com.au)
Hungary's currency firms as IMF bailout seen near Oct 28, 2008
2 billion) to support liquidity on its foreign exchange market. House mortgages and other loans in euros and Swiss francs have become very popular in Hungary over the past few years for both individuals and businesses, exacerbating the country's need for foreign currencies. (San Diego Union-Tribune -- Business)
Hungary Verges On IMF Rescue Oct 28, 2008
7 billion) to help support liquidity in the country's foreign exchange market. (See ). (Forbes -- Business)
Dollar inches up after RBA intervention Oct 27, 2008
Over the past 72 hours the Reserve Bank of Australia has twice acted in foreign exchange markets by buying Australian dollars during Friday night's offshore session and again today. "We have provided more liquidity today into a illiquid market,'' a RBA spokesman said. Today's action was only the fourth time the central bank had intervened in the foreign exchange market to support the local currency since 2001. Mr Gibbs said the RBA intervention has presently halted the currency from falling... (Sydney Morning Herald -- Business)
S Korea announces record rate cut Oct 27, 2008
Australia's central bank stepped into the foreign exchange market to support its plummeting currency on Friday, the Reserve Bank of Australia said on Monday, The Aussie slid to five-year lows against the U.S. dollar and its deepest-ever trough against the yen. "The RBA has a good history of providing liquidity during period of erratic price movements in the Aussie dollar and I do not the see the last action as more than that," said Robert Rennie, chief currency strategist at Westpac. (India Times)
Asian stocks drop in volatile session Oct 27, 2008
In Australia, the central bank said Monday that it had stepped into the foreign exchange market Friday to support its weakening currency. The S&P/ASX 200 stock market index was 1. (International Herald Tribune)
South Africa: Recession Fears Batter Currencies, Markets Oct 27, 2008
com: South Africa: Recession Fears Batter Currencies, Markets (Page 1 of 1). Use our pull-down menus to find more stories. (allAfrica.com)
Australian Central Bank Intervenes as Currency Trades Near Five-Year Low Oct 27, 2008
The central bank ``provided more liquidity to the foreign exchange market,'' a spokesman for the Sydney-based RBA said today by phone. He declined to be identified. (Bloomberg -- Australia & New Zealand)
$80-b fund approved by Asean, 3 partners Oct 25, 2008
The aim would be to sell the borrowed money in the foreign exchange market to stem pressure on the currency under attack, thus preventing a repeat of the 1997 Asian financial crisis. Untitled Document. (Manila Standard Today)
Australian dollar suffers fall from favour Oct 25, 2008
The Australian dollar, once the darling of the foreign exchange market, has become its whipping boy as fears of a sharp slowdown in the global economy have forced investors to abandon the currency. On Friday, the Australian dollar fell 12. (FT.com -- Markets)
