Archives for March 2008

Their run was stopped by the CCB sleuths on Sunday when they raided the quarters and arrested two persons and recovered fake currencies worth Rs 12 lakh. Money doubling is a deceitful game in which they lure people by promising to treble the money in a few minutes and vanish giving them fake currencies. The raiding police teams have recovered fake notes in the Rs 100 denomination and currencies in the same denominations worth Rs 2,400. The doubling agents ?” who from the lower rung of the mafia ladder ?” strike a deal to treble the money and would pass it on to the arrested duo,” the officials explained. read more

[Tags]arrested, fake, ?, currencies, doubling, duo, forex news[/Tags]

RTTNews – Currency Trading, Currency Market Update, Trading Opportunities, US Market Update . The dollar-loonie pair closed last week’s deals at 1. Latest report form the Japanese Ministry of Finance, showed that business sentiment index, which determines the difference between those companies that feel the economy will get worse in the coming months and those companies that feel it will get better stood at -9. The pair that closed last week’s trading at 1. read more

[Tags]1, pair, trading, 0, 4day, closed, forex news[/Tags]

On the background of the weakening US dollar, against the European single currency, Algeria has increased the Euro rate in the foreign exchange holdings totalling $120 billions, by early current March, a source close to finances sector said. Although the US dollar is still the reference currency for all trade deals, including oil and gas, as well as in the key stock markets trading worldwide, numerous oil producing countries, such as Venezuela, which has decided recently to adopt the euro when sealing oil deals. Such a decision has been taken after the US dollar underscored its unprecedented lowest level. In this context, the Algerian foreign exchange holdings are valued at $120 billions, or 55% in euro, and 40% in US dollar, while 5% in other currencies. This step is aiming at securing a minimum level of earnings, however a sizable foreign exchange holdings not exceeding 4%, have been changed in bonds, and put in the US central bank, these bonds are secured from at-risk loans crisis hitting the US economy which is threaten by a recession. Also a rate has been changed to gold assets, so Algeria’s gold assets reaching more than 147 tons by early 2008, rank it as a key gold assets owner in Middle East, and North Africa. read more

[Tags]dollar, assets, euro, exchange, foreign, gold, forex news[/Tags]

Contrasting the fast-growing hoard held by both government and residents, China’s fixed-assets due to overseas investment reached100 billion U. Chinese banks are expected to stage more m&a abroad, also a challenge for them, said ICBC’s chairman Jiang Jianqing on the ongoing China Economic Development forum. Considering clients demand and risk dilution, Chinese banks are eager to go global, Guo said on the forum, stressing CCB sticks to localization, other than direct control of the banks. Compared with leading global banks, overseas performance is still weak in Chinese banks. read more

[Tags]banks, chinese, overseas, 3, china, forum, forex news[/Tags]

The Bank of Tanzania (BoT) is working to reduce interest on Treasury-bills to force down the high lending rates being charged by commercial banks. The central bank has in the past relied heavily on the sale of Treasury-bills to mop up excess liquidity in the financial system. Prof Benno Ndulu, Governor of the Bank of Tanzania, told The EastAfrican in Dar es Salaam that in order to achieve reasonable market-determined interest rates and minimise the adverse impact of high interest rates on domestic credit, the bank had opted to use various strategies. Prof Ndulu said the measures taken included stepped up foreign-exchange sales in the inter-bank market for sterilisation purposes, thereby reducing reliance on Treasury-bills. Due to the need to address high and volatile Treasury-bill rates, the BoT reduced over dependence on Treasury-bills for liquidity management by increasing sales of foreign exchange. Starting January this year, the Bank also reduced the frequency of Treasury-bills auctions from weekly to fortnightly and Treasury bonds to once a month, a move taken mainly to foster competitive bidding and stimulate secondary trading of securities. read more

[Tags], treasurybills, bank, rates, high, interest, forex news[/Tags]

Sonia Gandhi should thank Finance Minister Chidambaram for resisting proposals to put part of India’s foreign exchange reserves into a Sovereign Wealth Fund, which would buy equity shares in top global companies. Many countries with surplus forex reserves?”mostly oil exporters, but also China and Singapore?”have set up SWFs that invest in equities. India has experienced a huge inflow of dollars in recent years, raising its reserves to $ 290 billion, vastly in excess of any balance of payments needs. In a seminal paper two years ago, economist Larry Summers, former US Treasury Secretary, made a strong case for developing countries to put excess reserves into stock markets. Even after that, he calculated, 121 developing countries would have excess forex reserves of $2 trillion, equal to 19% of their combined GDP in 2004. So, Summers proposed that all developing countries should put excess reserves into SWFs that would invest in shares. read more

[Tags]reserves, india, swfs, countries, chidambaram, excess, forex news[/Tags]

RTTNews – Currency Trading, Currency Market Update, Trading Opportunities, US Market Update . Currently, the franc is trading at multi-day lows of 2. Currently, the dollar is trading at 12-day highs of 1. Against the pound and the yen, the dollar is now trading at 4-day highs of 99. Feedback | Terms of Service | How To Use RTTNews. read more

[Tags]trading, , currency, dollar, highs, market, forex news[/Tags]

This is in comparison to other services that try to explain investing strategy in the foreign exchange market, yet try to sell a product or even demand money for their secrets to be revealed. Some subjects, such as foreign exchange day trading, are reserved for more experienced investors who have a firm grasp on the market and how to play it. But perhaps one of the most prized possessions the website holds is information pertaining to foreign exchange software. Indeed, over $3 trillion dollars are spent in the foreign exchange market each day and LatestForex. Email Form Your Name Your Email Your Recipient’s Name Your Recipient’s Email Comments Bookmark this Release Show all del. read more

[Tags]market, exchange, foreign, money, , email, forex news[/Tags]

Korea??s central bank said yesterday it will allow a one-year rollover of foreign currency loans used as working funds to help ease borrowers?? financial burdens from the weakening of the local currency. Foreign currency loans were permitted only for capital investment by manufacturing companies or payments which should be done in foreign currencies. But the central bank said it will extend the repayment deadline for foreign currency loans, which were borrowed for conversion into the won before last year??s restriction, by one year starting tomorrow, but noted that the move is a one-time measure. As of the end of February, foreign currency loans extended by banks stood at an outstanding $47 billion, up $1. Terms of Use | Copyright Policy | Privacy Policy | E-mail address privacy All materials contained on this site are protected by Korean copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior consent of Joins. read more

[Tags]foreign, currency, loans, bank, |, central, forex news[/Tags]

Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here . read more

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