Issue link: https://maltatoday.uberflip.com/i/335393
maltatoday, WEDNESDAY, 25 JUNE 2014 11 Business Today Money Market Report for the week ending June 20, 2014 Exchange Rates Issue Date: 24-Jun-14 Set: 2 Issue Time: 14:37:07 Value Date: 26/06/2014 Currency Cash Cash Non-Cash Non-Cash Revaluation Buying Selling Selling Buying British Pound (GBP) 0.8367 0.7776 0.7816 0.8216 0.8016 United States Dollar (USD) 1.4216 1.3211 1.3280 1.3961 1.3620 Swiss Franc (CHF) 1.2702 1.1805 1.1866 1.2474 1.2170 Australian Dollar (AUD) 1.5128 1.4059 1.4132 1.4856 1.4494 Canadian Dollar (CAD) 1.5260 1.4181 1.4255 1.4986 1.4620 Japanese Yen (JPY) 144.8500 134.6166 135.3105 142.2495 138.7800 Danish Krone (DKK) 7.7900 7.2400 7.2700 7.6500 7.4600 Swedish Kronor (SEK) 9.5600 8.8900 8.9300 9.3900 9.1600 Hong Kong Dollar (HKD) 11.0192 10.2406 10.2934 10.8212 10.5573 Norwegian Krone (NOK) 8.6700 8.0600 8.1000 8.5200 8.3100 New Zealand Dollar (NZD) 1.6326 1.5173 1.5251 1.6033 1.5642 Singapore Dollar (SGD) 1.7752 1.6498 1.6583 1.7433 1.7008 South African Rand (ZAR) 15.0146 13.9536 14.0256 14.7448 14.3852 Czech Koruna (CZK) 28.6400 26.6200 26.7579 28.1301 27.4440 Polish Zloty (PLN) 4.3400 4.0300 4.0506 4.2584 4.1545 Hungarian Forint (HUF) 336.2701 287.3563 298.0537 313.3421 305.6982 Moroccan Dirham (MAD) 12.3530 10.5562 ********* ********* 11.2300 Tunisian Dinar (TND) 2.3900 2.2300 2.2368 2.3516 2.2942 United Arab Emirates Dirham (AED) 5.5033 4.7028 4.8779 5.1281 5.0030 Bahraini Dinar (BHD) 0.5650 0.4828 ********* ********* 0.5136 Gibraltar Pound (GIP) 0.8817 0.7534 ********* ********* 0.8015 Israeli New Sheqel (ILS) 5.1468 4.3982 ********* ********* 4.6789 Kuwaiti Dinar (KWD) 0.4225 0.3611 ********* ********* 0.3841 Saudi Riyal (SAR) 5.6197 4.8023 ********* ********* 5.1088 Turkish New Lira (TRY) ********* ********* 2.8348 2.9802 2.9075 Thailand BAHT (THB) ********* ********* 43.0554 45.2632 44.1593 Chinese Renminbi (CNY Onshore) ********* ********* 8.2752 8.6996 8.4874 Chinese Renminbi (CNH Offshore) ********* ********* 8.2707 8.6949 8.4828 All Chinese Renminbi transactions, irrespective of amounts, are to be referred to Branches or Treasury. Rates shown here are indicative only and are subject to change without notice. The final exchange rate offered by the bank /applied to your transaction may vary from the rate indicated here. Our staff at the Branches or Treasury will be pleased to provide you with exchange rates for your specific transactions. The rates quoted above are against the euro. 20.97 21.05 1322.10 1322.20 D + 1 SEPA payments and payments sent to countries and in the currencies regulated by the Payments Services Directive (PSD) D + 2 All Other Currencies US Dollars per TROY ounce Value Date Currency Same Day EUR/GBP/USD/CAD SILVER GOLD PUBLIC The rates quoted above are against the EURO. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt Regular market closed – 24/06/2014 Initial Charge Share Price** Change from previous NAV Income Yield*** La Valette Funds SICAV p.l.c. Euro Malta Money Fund - Institutional 0.00% €2.99 0.00 0.88% Euro Malta Money Fund - Retail 0.00% €2.97 0.00 0.77% Multi Manager Property Fund - Main Pool 4.00% €0.56 0.02 0.57% Multi Manager Property Fund - Side Pocket^ 0.00% €0.17 -0.02 0.00% Vilhena Funds SICAV p.l.c. Broad Opportunities Fund**** 2.00% 0.80 0.00 0.00% Euro Income Fund A - Quarterly Distributor*2.00% €1.20 0.00 2.61% Euro Income Fund B1 - Accumulator 3.00% €3.28 0.00 0.00% Euro Income Fund B2 - Monthly Distributor 3.00% €2.58 0.00 2.61% European Multi-Manager Fund 4.00% €1.68 -0.01 0.00% Far East Opportunities Fund 4.00% €1.69 -0.01 0.00% Global Balanced Multi-Manager Fund***** 2.00% €1.02 0.00 0.00% Global Themed Fund - EUR Class 4.00% €2.38 -0.01 0.00% Global Themed Fund - GBP Class 4.00% €1.10 0.00 0.00% Global Themed Fund - USD Class 4.00% €1.26 0.00 0.00% High Yield Fund 3.50% €0.84 0.00 6.62% Malta Bond Fund - Accumulator 0.75% €548.13 0.14 0.00% Malta Bond Fund - Distributor 0.75% €343.39 0.08 3.46% Malta Fund - Accumulator 1.25% €600.02 0.17 0.00% Malta Fund - Distributor 1.25% €449.69 0.13 4.01% Malta Government Bond Fund - Accumulator 0.75% €499.33 0.05 0.00% Malta Government Bond Fund - Distributor 0.75% €318.97 0.04 3.36% Maltese Equity Focus Fund - Accumulator 2.50% €2.62 0.00 0.00% Maltese Equity Focus Fund - Distributor 2.50% €2.12 0.00 3.73% Maltese Opportunities Fund - Accumulator 2.00% €7.92 0.01 0.00% Maltese Opportunities Fund - Distributor 2.00% €5.83 0.01 4.59% Mediterranean Rim Fund - EUR Share Class 3.50% €1.00 0.00 2.93% Mediterranean Rim Fund - USD Share Class 3.50% €1.48 0.00 2.93% Sterling Income Fund* 2.00% €1.00 0.00 4.16% Sterling Money Fund 0.00% €1.41 0.00 0.00% Wignacourt Funds SICAV p.l.c. Capital Guaranteed AquaEnergy Fund 0.00% €1.00 0.00 0.00% ECB decisions On Tuesday, June 17, the Governing Council of the European Central Bank (ECB), in cooperation with the Bank of England, the Bank of Japan and the Swiss National Bank, decided to continue to offer one-week US dollar liquidity-providing operations after July 31, 2014, until further notice. In future the ECB will, on a regular basis, assess the need for US dollar liquidity- providing operations. It will take into account that recently established standing swap lines have created a framework for the provision of US dollar liquidity to counterparties, if warranted by market conditions. ECB Monetary Operations On Monday, June 16, the ECB announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, June 17, and attracted bids from euro area eligible counterparties of €97.89 billion, €38.88 billion lower than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.15%, in accordance with current ECB policy. On Wednesday, June 18, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.60% and once again did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day and 182-day bills maturing on July 18 and December 19, 2014, respectively. Bids of €18.00 million were submitted for the 28-day bills, with the Treasury accepting €5.00 million, while bids of €25.00 million were submitted for the 182-day bills, with the Treasury accepting €15.00 million. Since €10.00 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €10.00 million, to stand at €398.87 million. The yield from the 28-day bill auction was 0.179%, i.e. 10.60 basis points lower than on bills with a similar tenor issued on May 16, 2014, representing a bid price of 99.9861 per 100 nominal. The yield from the 182-day bill auction was 0.395%, i.e. 0.40 basis point lower than on bills with a similar tenor issued on June 13, 2014, representing a bid price of 99.8007 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day and 180-day bills maturing on July 25 and December 24, 2014, respectively. The new EUR10 banknote How are preparations going for the introduction of the new €10 banknotes in September? We'll be introducing the new €10 banknotes on 23 September this year as part of our ongoing efforts to keep euro banknotes secure against counterfeiting and to ensure that the 334 million people across the euro area continue to have confidence in their money. We are pleased with the efforts made by all so far and are confident that the launch will go smoothly. It's a complex exercise, but since the development stage, we have been in close contact with the main stakeholders, including banknote equipment manufacturers and suppliers, the vending machine industry, cash-in-transit companies and all others whose business depends on handling banknotes. We know that they are working hard to prepare for the launch and that they will do everything necessary to adapt their equipment in time to accept the new notes. Last year, there were some issues with the new €5 banknotes. What have the ECB and the national central banks done to ensure that this doesn't happen again? Yes, we are well aware that there were issues in some countries with banknote machines that weren't adapted in time for the new €5 notes last year. I think everyone learned from that experience. For the new €10, we have worked from an earlier stage and even more intensively with the banknote equipment manufacturers and operators to help them understand what needs to be done and provide them with the necessary support. For example, we initiated the on-site test programme for the €10 banknotes much earlier in order to give everyone more time to adapt their machines, and we also made it much easier to borrow the banknotes from the national central banks, with more flexible collateral and security arrangements. Is there anything more that banknote equipment manufacturers and operators could or should be doing ahead of the launch? We are confident that most manufacturers and operators are already taking the right steps. We will offer all the support we can at our level, both at the ECB and the national central banks, but anyone who is responsible for banknote equipment knows that in the end it is their responsibility to avoid disappointing their clients by checking that all their machines and devices are ready to handle the new €10 notes as soon as possible. It's easy to borrow the new notes before their issuance, and anyone who needs to do so can either contact us at the ECB or directly approach their national central bank. A brief interview with Ton Roos, Director Banknotes, ECB