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December 30th, 2010, Thursday, 10:02
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 oil producers, could rich to 1.300-2000 billion dollars.
“It is possible that demand for foreign reserves to exceed estimates”, according to the Fund, which took into account, at making forecasts that there will be decreases in the volume of funds held by the state after 2009.
In a report of the Fund is indicated that, at out of crisis, many countries would like to increase its reserves and the metods of protection, since such crises are cyclical.
Tags: dollars, imf, Money, reserves
Posted in Currency, Finance, Investment, Money | 1 Comment »
October 6th, 2010, Wednesday, 10:48
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 the euro area will be delayed by another two years, “said Djankov.
Djankov, who recently assumed the position of finance minister, said earlier that Bulgaria will apply in November for entry in the mechanism of the European exchange rates (ERM-2), the EU test of monetary stability on two years that the country must pass it before they give up their own currency and move to the euro.
The inflation and current account deficit of over 20% in recent years, and the country image of the most corrupt state in EU gave over the head Bulgaria’s efforts to enter ERM-2 mechanism before.
Djankov said that inflation will drop to below 3% at the end of this year, from 3.7% level recorded in June. Current account deficit is expected to decline to about 12% this year, analysts say.
Bulgaria previously intended to enter the euro zone in 2010, but failed to achieve targets related to the inflation rate and budget deficit. Lev is already tied to euro in a currency board that maintains the Bulgarian currency at 1.9558 against the euro unit. Entry into ERM could allow the Bulgarian to fluctuate up to 15% around a central strip.
Tags: bulgaria, Currency, deficit, euro area, Finance, Money
Posted in Currency, Finance, Investment, Money | 1 Comment »
June 24th, 2010, Thursday, 11:35
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 depreciated by 12% from 5 March till present, in report with an index that includes the euro, yen and other four reference currencies in the world.
China - which holds the largest reserves of foreign currency in the world - and Russia, had previously demanded the dollar replacement with another currency, a global currency, as the international reserve currency.
“The existing system is in a process of disintegration. The dollar is not a good reserve currency. At the moment, the dollar does not return any yield, but anyone who examines the situation must conclude that there is a risk, “said Stiglitz.
The dollar continues to depreciate as the U.S. government continues to “pump” massive money amounts in the economy, according to an analyst of Pacific Investment Management Co. (PIMCO), the largest global bond fund.
Tags: Currency, dollar, economy, Money, reserve currency
Posted in Currency, Finance, Money | No Comments »
August 27th, 2009, Thursday, 11:05
Credit Agricole SA, the third French bank by market value, reported a considerable increase in profit, recorded in the second quarter of 2009.
Bank exceeded analysts’ estimates, announces NewsIn. In the second quarter of the year net profit amounted to 201 million euro (286 million U.S. dollars), compared with 76 million, as recorded in the same period of 2008.
So, the earnings exceeded analysts’ estimates that expected a result of 122 million euro. At the same time, reserves have increased more than three times in the second quarter, to 1.13 billion euro, compared to same period of 2008.
Crédit Agricole has reduced losses from investment banking division in the second quarter to 87 million, well below the 855 million announced in the second quarter of 2008.
A year ago, executive chief of the bank, George Pauget, promised that he would reduce funding allocated to this division and that will eliminate 500 positions.
In addition, he said that will mitigate the bank’s riskier operations, on derivatives market. However, losses of Emporiki Bank, division of Credit Greece Agriculture, have affected the results of the French group.
Tags: bank, Currency, Money, profit, U.S.A
Posted in Currency, Finance, Money | 5 Comments »
August 20th, 2009, Thursday, 10:11
Bulgaria will not be able to use even half of the funds of 6.6 billion euro earmarked by the European Union for operational programs, says the head of the Bulgarian Institute for Management Programs and Projects, Petar Stoianov to Darik radio.
Bulgaria has used so far only 1.2% of the 13 billion leva (6.6 billion euro) made available by the EU in 2007-2013, for European programs, said Stoianov.
Therefore, small and medium firms have asked the new government to take urgent steps to improve legislation on projects financed by European funds.
The companies’ representatives suggested to invite a mission of the European Commission. However, they stressed the need for a better cooperation between authorities and the speed of resolving the cases of fraud.
Stoianov believes that a company with mixed capital, state and private or even with exclusively public participation, should be established to help small town’s councils to apply for European projects.
Tags: bulgaria, Currency, EU funds, Money
Posted in Currency, Finance, Money | No Comments »
