Chile Central Bank Won't Rule Out Increasing Foreign Exchange Reserves

SANTIAGO (Dow Jones)--The president of the Central Bank of Chile reiterated Tuesday he can't rule out increasing the bank's foreign currency reserves, but noted that current levels are "adequate."
With the peso trading at 31-month highs against the dollar, which exporters claim cuts into their competitiveness abroad, currency market participants say the bank could intervene if the peso continues to firm.
"We don't rule out anything ... but we are fairly satisfied with current reserve levels," bank president Jose De Gregorio told business leaders gathered at a conference where he commented on the bank's Monetary Policy Report released earlier this week.
As of Dec. 7, the central bank had $25.64 billion in foreign currency reserves.
The last time the central bank intervened in the local market was in 2008 when it announced programmed daily dollar purchases that lasted for several months.
Before it began its 2008 intervention, the peso was trading at 10-year highs against the dollar.
The central bank also reiterated that in real terms, the peso is trading at the lower end of the central bank's tolerance levels.
"We are at the minimum levels that are coherent with fundamentals," he said, reiterating similar comments made earlier in the month.
The monetary authority bases its decisions on the peso's real exchange rate, which is the nominal rate corrected for prices.

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Foreign exchange help may be required in 2011 by users of "fragile" pound

Firms in the UK that use the pound when dealing with companies from across the world may be in need of foreign exchange rates specialist help in 2011, as the outlook for their currency is poor.

Reuters reports the British money is looking "fragile" as the new year approaches and the future is bleak.

Despite this, sterling managed to strengthen its position against the US dollar by 0.3 per cent in early-morning trading today (December 24th).

The positive day came on the back of sustained demand from Asia, although the news source notes the money still hovered close to its three-month low.

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Foreign investors: repatriation of profit..

KARACHI : The repatriation of profit and dividend by the foreign investors registered a slight increase of 3 percent during the first five months of the current fiscal year. The repatriation of profit was constantly on decline during the initial months of the current fiscal year as global meltdown had hit the profitability of companies, resulting the repatriation of profit and dividend was on decline. However, repatriation of profit and dividend is on surge as foreign investors have repatriated some $288 million on account of profit and dividend during July-November of fiscal year 2010-2011 as against $279 million in the same period of last fiscal year. Sources said that government has allowed 100 percent transfer of profit or dividend to the foreign investment aimed to boost foreign investment in the country.

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