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​Icelandic pension funds to hold off forex till September

first_img“It is clear that this hiatus has played an important role in maintaining macroeconomic stability during the shockwave that has struck the domestic economy in recent months,” Jónsson said.Guðrún Hafsteinsdóttir, chair of the Icelandic Pension Fund Association (Landssamtök lífeyrissjóða, LL), also wrote a letter today to the lobby group’s members encouraging them to keep on with the currency buying suspension, following her meeting with Jónsson.In the statement from the central bank, Jónsson said that in the past few years, Iceland had been transformed from a capital-importing country with a sustained current account deficit to a capital exporter with a large current account surplus – a shift he said was in large part down to the growth in pension assets, which had laid entirely new foundations for the maintenance of macroeconomic stability in recent years.“This has certainly been of benefit to Iceland in the past few months,” Jónsson said.Pension funds’ foreign investments in particular were very important in the long run, both for fund members and the nation as a whole, he said.Icelandic pension funds have been focusing on re-building their exposure to foreign investment markets over the last four years after capital controls were finally lifted following their imposition in the island country’s 2008 financial collapse.The governor of the Central Bank of Iceland said today foreign assets were important in order to diversify their risk and prevent pension benefit payments from having an adverse impact on the economy in the future.“Furthermore, the pension funds’ foreign investments are necessary in order to maintain balance of payments equilibrium alongside a current account surplus, export-driven output growth, and job creation,” he said.The bank said it appreciated the social responsibility the pension funds were demonstrating during the ongoing crisis, and that its cooperative relationship with the sector had attracted attention abroad and been mentioned explicitly in statements from international credit rating agencies.“This cooperative relationship is dynamic in nature, in that it will be possible to respond quickly if conditions in the foreign exchange market change in a way that enables the pension funds to resume foreign investment and the associated foreign currency purchases,” said Jónsson.To read the digital edition of IPE’s latest magazine click here. Iceland’s pension funds are to refrain from buying foreign currency for another three months, according to a decision by the country’s central bank today, extending the arrangement which started on 17 March.Ásgeir Jónsson, governor of the Central Bank of Iceland, said: “It has now been decided to extend the hiatus by another three months, or until 17 September 2020.“With this, the pension funds have once again demonstrated their commitment to supporting stability in the foreign exchange market,” he said.The foreign exchange suspension for pension funds was originally agreed three months ago at the beginning of the COVID-19 crisis, in order to avoid adding to the downward pressure on the krona from the big fall in export revenues.last_img read more

Windies crash to 59-run defeat after Kohli’s 42 nd ODI ton

first_imgPORT OF SPAIN, Trinidad, (CMC) – Veteran opener Chris Gayle broke Brian Lara’s record for the most runs by a West Indies batsman in One-Day Internationals but his failure typified the Caribbean side’s brittle batting and overshadowed the achievement, as the hosts crashed to a 59-run defeat under Duckworth-Lewis-Stern in the second ODI here Sunday.Chasing a revised target of 270 off 46 overs following a rain break 13 overs into their run chase at Queen’s Park Oval, West Indies were toppled for 210 with four overs remaining, to fall behind 1-0 in the three-match series.Opener Evin Lewis, playing in front of his home crowd, top-scored with 65 while fellow countryman Nicholas Pooran chimed in with 42 but West Indies lost wickets at key stages to watch their chase come apart at the seams.In fact, they appeared well en route to victory at 148 for three in the 28th over but collapsed and lost their last seven wickets for 62 runs in quick time.Bhuvneshwar Kumar led India’s attack with four for 31 while fellow new-ball seamer Mohammed Shami claimed two for 39 and left-arm spinner Kuldeep Yadav, two for 59.India captain Virat Kohli had earlier struck his 42nd One-Day International hundred to become his country’s second highest run-scorer in ODIs as the visitors reached 279 for seven off their 50 overs, after choosing to bat first.The right-hander’s polished 120, which also saw him surpass Pakistani Javed Miandad for the highest ODI aggregate against West Indies, left him only behind legend Sachin Tendulkar in India’s all-time ODI scoring charts.He was supported by Shreyas Iyer who stroked 71, the pair putting on 125 for the fourth wicket to stabilise the innings.Kohli struck 14 fours and a six off 125 balls while Iyer’s knock required only 68 balls and included five fours and one six.Seamer Carlos Brathwaite was the best bowler with three for 53 from his 10 overs.West Indies struck as early as the third ball of the morning when left-arm pacer Sheldon Cottrell got one to straighten and trap Shikhar Dhawan lbw for two, courtesy of DRS.Kohli then dominated a 74-run, second wicket stand with an unusually subdued Rohit Sharma whose 18 came from 34 balls before he was taken at point by Nicholas Pooran in the 16th over, attempting to clear the infield with off-spinner Roston Chase.When left-hander Rishabh Pant fell for 20 in the 23rd over, bowled trying to pull a length ball from Brathwaite, India were in need of a partnership and got it through Kohli and Iyer.Kohli started positively with boundaries on either side of the wicket off seamer Kemar Roach in the second over, and he sustained the momentum to reach his half-century off 57 balls at the end of the 15th over, when he steered Brathwaite to the third man ropes.He needed a further 55 deliveries to reach triple figures, with the landmark arriving in the 38th over when he punched pacer and captain Jason Holder to long on for a single.Kohli eventually fell in the 42nd over to a catch in the deep off Brathwaite but India never found the acceleration they wanted in the last 10 overs, and managed only 67 runs.Faced with a challenging but hardly daunting target, West Indies were handed a decent start of 45 off 57 deliveries for the first wicket by Lewis and Gayle.Not for the first time, Gayle struggled with momentum but passed Lara’s mark of 10 405 runs when he took a single to third man at the start of the ninth over.Unsurprisingly, however, he perished in the following over after facing 24 balls for his 11, lbw to a full length delivery from Kumar, with the resulting review more out of desperation than prudence.Shai Hope then played on to left-arm seamer Khaleel Ahmed in the 13th over for five as the Windies reached 56 for two at the rain break.With the target revised, Lewis set about building the foundation for a possible win, facing 80 balls and striking eight fours and a six as he anchored two key partnerships to tilt the balance in the home side’s favour. First, he put on 40 or the third wicket with Shimron Hetmyer (18) before adding a further 56 for the fourth with Pooran.He lost Hetmyer at the end of the 18th over, caught at cover off Kuldeep miscuing a pull before he then departed in the 28th over, hauled in at cover by Kohli also off Kuldeep.Even then, West Indies still looked safe bets to prevail as Pooran struck four fours and a six off 52 balls in a 31-run, fifth wicket stand with Chase (18).But with the partnership threatening, Kumar removed both in the 35th over in a wretched period that saw West Indies lose four wickets for three runs in the space of 14 balls, as India regained control of the contest.INDIAS Dhawan lbw b Cottrell 2Rohit Sharma c Pooran b Chase 18*V Kohli c Roach b Brathwaite 120+R Pant b Brathwaite 20S Iyer b Holder 71K Jadhav run out 16R Jadeja not out 16B Kumar c Roach b Brathwaite 1Mohammed Shami not out 3Extras (b1, w9, nb2) 12TOTAL (7 wkts, 50 overs) 279Fall of wickets: 1-2 (Dhawan), 2-76 (Sharma), 3-101 (Pant), 4-226 (Kohli), 5-250 (Iyer), 6-258 (Jadhav), 7-262 (Kumar)Did not bat: K Yadav, Khaleel AhmedBowling: Cottrell 10-0-49-1 (w2), Roach 7-0-54-0 (w2, nb1), Holder 9-0-53-1 (w1), Thomas 4-0-32-0 (w2, nb1), Chase 10-1-37-1, Brathwaite 10-0-53-3 (w2).WEST INDIES (target: 270 off 46 overs)C Gayle lbw b Kumar 11E Lewis c Kohli b Kuldeep Yadav 65+S Hope b Khaleel Ahmed 5S Hetmyer c Kohli b Kuldeep Yadav 18N Pooran c Kohli b Kumar 42R Chase c and b Kumar 18*J Holder not out 13C Brathwaite c Mohammed Shami b Jadeja 0K Roach b Kumar 0S Cottrell c Jadeja b Mohammed Shami 17O Thomas lbw b Mohammed Shami 0Extras (b4, lb5, w11, nb1) 21TOTAL (all out, 42 overs) 210Fall of wickets: 1-45 (Gayle), 2-52 (Hope), 3-92 (Hetmyer), 4-148 (Lewis), 5-179 (Pooran), 6-179 (Chase), 7-180 (Brathwaite), 8-182 (Roach), 9-209 (Cottrell), 10-210 (Thomas).Bowling: Kumar 8-0-31-4 (w1), Mohammed Shami 8-0-39-2 (w2), Khaleel Ahmed 7-0-32-1 (w2), Kuldeep Yadav 10-0-59-2 (w1), Jadhav 5-0-25-0 (w1), Jadeja 4-0-15-1 (nb1).Man-of-the-Match: Virat Kohli.last_img read more