Central Banking

Macau’s Forex Reserves Fall after Disappointing Golden Week

Following a poor turnout at casinos over China’s Golden Week, the Monetary Authority of Macau quickly reevaluated preliminary estimates of Macau’s foreign exchange reserves for the month of September 2017 to 157.9 billion MOP (US$ 19.63 billion), down 1.0% from the previous month. The pataca experienced a similar decline in its trade-weighted effective exchange rate […]


Ethiopia to Sign Currency Swap Deal with Sudan

In an effort to ease the severe shortage of foreign currency within the country, the National Bank of Ethiopia (NBE) is expected to sign a three-year deal with the government of Sudan to swap some US$ 16 million worth of currency, allowing the neighboring countries to use their local currencies within each other’s borders without […]


Randal Quarles Confirmed as Fed Vice Chairman for Supervision

Randal Quarles was confirmed by the United States Senate on October 5, 2017 in a 65-to-32 vote to serve on the Federal Reserve Board of Governors as vice chairman for supervision. Quarles will be the first person to hold the position, created by the Dodd-Frank act in the wake of the 2008 financial crisis to […]


Government Overdraft at Central Bank of Trinidad and Tobago Nearly Depleted

On October 7, 2017, Trinidad and Tobago Finance Minister Colm Imbert admitted at his party’s post-budget public meeting that he received a letter in mid-September from the governor of the country’s central bank, Alvin Hilaire, warning him that the People’s National Movement (PNM) had ran through 99.7% of the government’s overdraft limit. [ Content protected […]


PULLBACK: Bank Hapoalim Sells Off Swiss Units Amid Regulatory Investigation

Bank Hapoalim, a large Israel bank, agreed to agreed to sell its units in Switzerland and Luxembourg to Switzerland-based J. Safra Sarasin Group in a deal worth 27-33 million CHF (US$ 28-US$ 34 million) that is expected to close in the first half of 2018 upon regulatory approval. [ Content protected for Sovereign Wealth Fund […]


Yngve Slyngstad

Norway’s SWF Touches a Trillion USD in Assets

UPDATED – September 17, 2017 The wealth fund’s administrators said the fund officially hit US$ 1 trillion on September 19, 2017 at 2:01 a.m. local time. “I don’t think anyone expected the fund to ever reach 1 trillion dollars when the first transfer of oil revenue was made in May 1996. Reaching 1 trillion dollars […]


Jamie Dimon Calls Bitcoin a Fraud

JPMorgan CEO Jamie Dimon, a long-time critic of bitcoin, spoke out against the cryptocurrency, commenting that, “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


turkey

Turkey Wealth Fund Chairman Exits

Turkey President Recep Tayyip Erdoğan’s administration is signaling change at Turkey’s sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Federal Reserve Vice Chairman Stanley Fischer to Exit Mid-October

U.S. Federal Reserve Vice Chairman Stanley Fischer has resigned effectively around October 13, 2017. He was appointed to the Federal Reserve Board by U.S. President Barack Obama in 2014. Fischer cited personal reasons on his exit in a resignation letter. He stated in the letter, “During my time on the Board, the economy has continued […]


SWFI First Read, September 4, 2017

Norway SWF Increased Ownership in 25 Air Street On September 1, 2017, Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (NBIM), grew its partnership with The Crown Estate, by purchasing another 25% interest in 20 Air Street in central London. Post-deal, NBIM will have a 50% ownership interest in […]


NBIM Proposes Major Changes to SWF Bond Portfolio

Norges Bank penned a letter to Norway’s Ministry of Finance, “Letter to the Ministry of Finance, 1 September 2017”. The letter essentially recommended four major changes to the Norway Government Pension Fund Global’s (GPFG) fixed income portfolio. Four Recommendations. 1. The Bank recommends that a specific currency list is drawn up for the bond index. […]


risk management

Should Bitcoin Be Treated Like a Commodity?

As central bankers take a closer examination at bitcoin, digital currencies and other cryptocurrencies, many are saying they should be treated as a commodity, not as a currency. Bank of Mexico Governor Agustín Carstens, ranked #11 on the SWFI Public Investor 2016 rankings, made some remarks on bitcoin during a recent lecture at Instituto Tecnológico […]


Deutsche Bundesbank Brings Back Gold Ahead of Schedule

Deutsche Bundesbank, the central bank of Germany, has completed bringing back a significant portion of its gold reserves abroad from locations such as London, Paris and New York – back to Frankfurt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


POLITICAL CHAOS: Maldives Monetary Authority Governor Resigns

Governor Zeema Adam of the Maldives Monetary Authority has resigned from her post with immediate effect. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Since 2014, ISIS Had Stolen Over $750 Million Worth from Iraqi Banks

The Central Bank of Iraq (CBI) declared that the Islamic State, also referred to as ISIS, had plundered roughly US$ 101 million and 856 billion Iraqi dinars to a total estimate of US$ 750 million over the past three years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]


Since 2017 SOFAZ Sold Nearly $1 Billion to Azerbaijani Banks

In July 2017, the State Oil Fund of Azerbaijan (SOFAZ) sold US$ 253.2 million at currency auctions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


tibbles

SWFI First Read, July 30, 2017

Former CIC Executive to Joins Neuberger Berman Bin Yu is bringing his team from CloudRidge Capital, a firm that he formed in 2014, to Neuberger Berman. Bin Yu was named a Portfolio Manager at Neuberger Berman. Bin Yu was formerly at the China Investment Corporation (CIC), running a US$ 10 billion plus global equity portfolio. […]


ECB debt

ECB Staff Pensions Award Mandates to SSgA and UBS

The European Central Bank (ECB), on behalf of its pension funds, awarded two mandates in total to UBS Asset Management (UBS Asset Management (Deutschland) GmbH) and State Street Global Advisors (State Street Global Advisors GmbH). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Portion of CIC Funding Bonds to be Rolled Over

China’s Ministry of Finance had issued roughly 1.55 trillion RMB of notes back in 2007 to help establish the China Investment Corporation (CIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


The RDIF Could be Getting Bigger

With the Russian Direct Investment Fund (RDIF) closing more strategic deals with outside partners and other sovereign funds, the Russian government is looking to funnel more capital into it. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]