Nigeria's central bank

REUTERS - Nigeria's central bank said on Friday it would return to a fully liberalised foreign exchange market over the next three months, allowing banks to freely trade among themselves after months of restrictions.
The regulator said it was increasing the net foreign exchange open position for banks to 2.5 percent from 1 with immediate effect, a first step toward lifting measures brought in in January to stem the naira currency's sharp decline.
"Banks are no longer mandatorily required to sell to the central bank after five daysfunds sourced from non-RDAS and non-oil export proceeds and may use such funds for interbank transactions," it said in a statement.
Nigeria introduced the Retail Dutch Auction System (RDAS) on Jan. 19, meaning bids for the purchase of foreign exchange must be cash-backed and funds purchased could only be used for eligible transactions.
The measures came after the naira fell more than 20 percent against the dollar in two months as the world's eighth biggest oil exporter battled with lower foreign earnings caused by a weaker oil price and the global economic downturn.

The Reserve Bank

In October 2009, the Reserve Bank released an updated version of its liquidity policy for banks Liquidity Policy (BS13) (PDF 189KB) and Liquid Assets Annex (BS13A) (PDF 127KB). Compared to the version issued on 30 June 2009, the updated policy reflects changes in the calibration of the minimum ratio requirements, in the light of feedback from banks on the expected impact of those requirements.
The Reserve Bank has now imposed new conditions of registration on most locally-incorporated banks requiring them to comply with the policy from 1 April 2010. A Regulatory Impact Assessment (PDF 203KB) of the new liquidity requirements sets out the objectives of the policy and the alternative options considered for achieving them, and assesses the relative costs and benefits of those options.
This completes the first stage of the implementation of the liquidity policy. A letter of 7 October 2009 (PDF 37KB) summarises further stages that the Reserve Bank is planning to achieve full implementation of the policy. In particular, the Reserve Bank intends to increase the minimum one-year core funding ratio from its initial level of 65%, to 70% from 1 July 2011, and to 75% from 1 July 2012. The Reserve Bank will keep this plan under review in the light of funding market conditions and banks’ experience in complying with the initial requirement.
In addition, the Reserve Bank will shortly be proposing new conditions of registration for the remaining registered banks, including branches of overseas-incorporated banks, to implement the liquidity policy for them. In October 2009, the Reserve Bank released an updated version of its liquidity policy for banks Liquidity Policy (BS13) (PDF 189KB) and Liquid Assets Annex (BS13A) (PDF 127KB). Compared to the version issued on 30 June 2009, the updated policy reflects changes in the calibration of the minimum ratio requirements, in the light of feedback from banks on the expected impact of those requirements.
The Reserve Bank has now imposed new conditions of registration on most locally-incorporated banks requiring them to comply with the policy from 1 April 2010. A Regulatory Impact Assessment (PDF 203KB) of the new liquidity requirements sets out the objectives of the policy and the alternative options considered for achieving them, and assesses the relative costs and benefits of those options.
This completes the first stage of the implementation of the liquidity policy. A letter of 7 October 2009 (PDF 37KB) summarises further stages that the Reserve Bank is planning to achieve full implementation of the policy. In particular, the Reserve Bank intends to increase the minimum one-year core funding ratio from its initial level of 65%, to 70% from 1 July 2011, and to 75% from 1 July 2012. The Reserve Bank will keep this plan under review in the light of funding market conditions and banks’ experience in complying with the initial requirement.
In addition, the Reserve Bank will shortly be proposing new conditions of registration for the remaining registered banks, including branches of overseas-incorporated banks, to implement the liquidity policy for them.

Global Finance

Global Finance names Alfa-Bank Best Forex Bank in Russia for 2005 — New York, USA

Alfa-Bank has been voted Best Forex Bank in Russia by Global Finance for two consecutive years.

“Success in FX these days means in-depth knowledge of the market, understanding mechanisms of its functioning and trends, creating a good product range, building up client base as well as a concerted and diligent work of the whole team starting with traders and sales force and ending with the back office, said Sergei Rodionov, Head of Capital Markets Division at Alfa-Bank.

This Award Report will be published as part of an exclusive survey in the April 2005 issue. In that issue the magazine will also publish rankings for “The Best Companies in Russia”, broken down by sector.

Global Finance editors — with input from end users, analysts, corporate reports and other expert sources — selected the best banks on a variety of criteria, both objective and subjective. Factors considered included: market leadership, innovation, commitment to markets and evidence of long-term strategy. “The Russian banking sector continued to show resilience and the ability to innovate and adapt,” said Global Finance publisher Joseph D. Giarraputo. “That’s recognized in our awards, for which there were strong competitors in every category. Russia’s banks show every sign of being able to mature and meet coming challenges in financing the country’s companies, consumers and savers.”

Alfa-Bank’s Foreign Exchange and Money Market department is headed by Igor Vasiliev.

Global Finance, which celebrates its 18th year of publishing in 2005, has 50,000 subscribers and more than 250,000 readers in over 158 countries. This audience includes chairmen, presidents, CEOs, CFOs, treasurers, and other financial officers responsible for making investments and strategic business decisions for large global companies and financial institutions. Global Finance targets most of the 8,000 key portfolio investors who control over 80% of all assets under professional management.

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The Polish zloty

The Polish zloty, one of the best performers among the Eastern EU members currencies this year had its rally halted today as the national bank indicated that a strong currency may jeopardize the economic recovery in one of the biggest European nations.

Today, the zloty was influenced by a national central bank policy maker, Jan Czekaj, who affirmed that if the Polish currency climbs further, the economic growth of Poland will be affected, creating a certain degree of tension regarding central bank future measures, naturally decreasing attractiveness for the zloty. The Polish economic recovery is likely to be driven by exports, mainly to the Eurozone, and being the zloty the best performing currency so far in this quarter, further appreciation is highly unwelcome by police markers in the National Bank of Poland. Within the European Union members, Poland is showing itself one of most resilient nations, posting a growth of 1.1 percent for the past quarter.

Jan Czekaj’s statements affected the zloty’s performance towards the end of this week, and most likely, it was meant to be so. Speculations that the central bank could take measures to slow down or halt the zloty’s rally are still not very significant, but if the Polish currency continues to climb, mainly versus the euro, measures may be considered for the mid-term future.

EUR/PLN traded at 4.1220 as of 13:34 GMT after being traded at 4.1075 yesterday.

If you want to comment on the Polish zloty’s recent action or have any questions regarding this currency, please, feel free to reply below.

forex business

Mangalore August 22, 2009: Aiming a forex business of Rs.9700 crore envisaging an increase of Rs.1850 crores for the year 2009-10, Mr. P. Jayarama Bhat Managiang Director and CEO of Karnataka Bank Limited said there is a need for expanding the forex credit and achieve sustainable growth as it is a national priority.
He was inaugurating the Foreign Exchange Seminar - 2009 of the bank convened on 18/8/2009 at Head Office of the bank to review the performance of the bank under forex business during the year 2008-09 and to discuss the plan of action for the current year 2009-10 in which Heads of all regions, International Division, Central Processing Centre, Overseas branches, forex Designated branches and few branch heads where there is potential to improve the forex business, of the bank participated

Noor Islamic Bank PJSC

Noor Islamic Bank PJSC announced the launch of foreign currency exchange services at its Dubai Airport Terminal 3 branch for the additional convenience of passengers and tourists.
The bank will provide ‘buy and sell’ services at market rates for all major GCC and international currencies, including the UAE dirham, Saudi riyal, Kuwaiti dinar, US Dollar, Euro, British Pound and the Japanese Yen. Cross border instant money transfer or bank transfer to over 170 countries can be made from these counters at very affordable charges in addition to encashment of 
Travellers’ cheques
Conveniently located in the departure area of Dubai International Airport Terminal 3 (T3-08), the Noor Islamic Bank branch is operational 24/7. The full service branch also provides a range of banking services to passengers, retailers, visitors and airport staff. Customised forex solutions for corporate is 
also available.
Galal Kulaib, Chief Executive Officer of Noor Islamic Bank, said: “We are pleased to offer foreign exchange services at the Terminal-3 branch, which caters to millions of visitors from around the world. We have been rapidly expanding our product and service offerings over the past 12 months, and our latest initiative will meet a significant proportion of requests that we receive from our existing customers, travellers and the airport staff.”
He added, “Following our introduction of the UAE’s first 24/7 retail banking branch in May this year, the addition of foreign currency exchange (FX) services at our Dubai Airport Terminal 3 branch is testament to our commitment to providing customers with unrivalled products and services, at the right locations.” Noor Islamic Bank aims to roll out forex service across other branches within the next few months. Launched in January 2008, Noor Islamic Bank is one of the leading banks in the UAE. Earning a solid reputation for performance, service and customer care, the bank was voted one of the UAE’s top 20 performers in 2008 by the Newsweek magazine.

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forex bank trading

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Forex bank trading, simply put, is all about making big money. Some investors have found it quite easy to make a large amount of money in a very short period of time, due to the daily changes in the worldwide forex market, that are open for trade almost 24/7. Forex trading relates to the foreign exchange market, which is also called the FX market. Forex trading takes place through a broker or a financial institution often where you are able to purchase other types of stocks, bonds and investments as well.
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Finance

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Open a forex account and enjoy a 24-hour forex trading experience. Currencies are traded 24 hours a day, from Sunday afternoon * EST (Eastern Standard Time) to Friday afternoon EST. Through this 5 + day week on the market, there is always at least one financial center, Open For Business. Indeed, some markets closing for the night, the other open somewhere else on the planet. Since Forex trading hours overlap, currencies are traded. In other words, currency exchange services almost never stops.
New dealer in the world of foreign exchange operations tend to think that, because the market is open 24 hours a day, they can trade them during the day. Although this preconceived idea that it should be clarified. Because when it comes to forex trading hours, a few hours, a better chance than others. Because of the better opportunities, we are of course potentially higher profits. So what are the best forex trading hours, and why?
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These hours are usually the time in the Forex market is active and has the largest volume of trade and the largest PIP movements. It is where the currencies are the most active is that traders have a better chance of some profit. Slow offer few opportunities for profit and Forex traders usually stay out of them. If you have forex trading times overlap

China's central bank

China's central bank said on Wednesday that while currency adjustments can play some role in addressing external imbalances, any large fluctuations would be harmful to its economy and to others around the world.
In a statement on its Web site (www.pbc.gov.cn), the People's Bank of China said it held a "reserved" attitude towards a recent International Monetary Fund decision on monitoring foreign exchange policies of member countries.
The IMF on Monday approved changes that sharpen its monitoring of member countries' foreign exchange policies.

China orders ackdown

China orders ackdown on labor abuse(AP)Updated: 2007-06-19 17:05
ZHENGZHOU, Henan - China's trade union federation has ordered a nationwide crackdown on labor abuses following gruesome revelations of workers being beaten, starved and forced to slave away in brick yards for no pay.
Grassroots trade unions have been ordered to "immediately carry out a thorough examination to stop the violation of migrant workers' rights," the All-China Federation of Trade Unions said in a statement published by Tuesday in state media.
Federation official Zhang Mingqi was quoted as saying the group was "extremely shocked and indignant" on hearing of the slavery cases.
At least 568 workers have been freed, including dozens of boys, and 168 people detained following media revelations that prompted a series of police raids over recent weeks in the north-central provinces of Henan and Shanxi.
Few details were given in the federation's statement and similar crackdowns have been ordered in the past to little effect. However, the statement adds to signs of high-level concern over the issue, which last week prompted President Hu Jintao and other top leaders to order a thorough cleanup of such abuses.
Typically, slaves were sold to kilns for 500 yuan ($66) each by people traffickers who abducted the young and weak from train and bus stations or off the streets, and lured the stronger with false promises of well-paid jobs.
The use of slave workers came under the spotlight in part because of an open letter posted online signed by a group of 400 fathers appealing for help in tracking missing sons they believed were sold to kiln bosses.
The fathers accused Henan and Shanxi authorities of ignoring them or even protecting the kiln operators. At least one village-level Communist Party chief has been investigated after his son was found to be running a kiln that used slaves.
The fathers' letter said about 1,000 children were being forced to work at kilns under conditions of extreme cruelty, but that number has been impossible to verify.
Authorities have appeared to muzzle further reporting on the scandal after a a flurry of television and newspaper reports last week, including lurid pictures of slave workers with bloody patches of skin burned or rubbed raw. Tuesday's newspapers in Henan's provincial capital Zhengzhou, where the story first broke, contained no items on the slavery, and the local television station did not return calls seeking comment.
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