European Central Bank (ECB) announced today, that in the first half of this year increased the number of counterfeit euro banknotes identified from the first half of the year, AFP reported. ECB inform that been withdrawn from circulation about 413,000 counterfeit banknotes, representing an increase of 17% over the second half of 2008. The last major capture took place in late June in Bulgaria, where... Read More
China has a new manager of foreign exchange reserves. China appointed last week to end on Yi Gang, Deputy Central Bank, in the post of chief of the agency that manages the reserve currency of the State, the highest international level, writes Financial Times. Appointment of Yi in the administrations of foreign exchange reserves comes after the central bank announced last week that foreign currency... Read More
The emerging countries, with the exception of China and oil producers, will need the next five years, foreign exchange reserves of 400-900 billion dollars, where economies will recover after the financial crisis, according to IMF. For the next ten years, the International Monetary Fund (IMF) predicts that the need for foreign exchange reserves of a group of 118 emerging countries, except China and... Read More
Bulgaria intends to adopt the euro in 2012 or 2013, announced the Bulgarian finance minister Simeon Djankov, according to the international press. “We have a chance in the final year of the mandate to introduce the euro,” said Djankov. Bulgaria will meet all the criteria for the single currency before the end of the year, but if the budget deficit will exceed the 3% limit “entry in... Read More
Famous American economist Joseph Stiglitz, Nobel laureate, believes that the role of the U.S. dollar as reserve currency is «doubtful» and represents a risk, according to Bloomberg. ‘We need a global system of reserve currency, “said Stiglitz in a conference held in Bangkok, Thailand. Support of countries like China should ensure serious talks on a new system of reserves, he added. Dollar... Read More
