Asia Banking
Syria receives IMF visit for first time since 2009
Conflict-torn country faces “enormous challenges”, says mission. Majority of GDP wiped out. Restoring power infrastructure alone could cost at least $40bn.
Pakistan holds key interest rate at 11% amid oil price risks
Pakistan’s central bank has kept the interest rate unchanged at 11%, citing fresh inflationary risks due to volatile global oil prices and regional geopolitical tensions.
How Turkey became a fintech operator in Spain and Pakistan by seizing unicorn enterprise Papara
State trustee appointed to Turkish firm that owns Madrid-based neobank Rebellion Pay and reportedly took over Pakistani operator SadaPay.
How Turkey freed Islamic State suspects after G7 terrorist money watchdog took country off grey list
Fact that trial of 19 alleged terror finance individuals was being pursued was factor in FATF’s decision to end listing.
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South Korean consumer confidence up as optimism over new government kicks in, rate cuts expected
The boost in sentiment is being attributed to growing expectations that the incoming government, set to be formed after the June 3 election, will deliver economic support and policy stability.
Sri Lanka likely to hold rates steady amid stable growth and tariff uncertainty
The country's economy grew by 5% in 2024, outperforming expectations and marking a significant turnaround after a deep financial crisis triggered by a severe shortage of US dollars three years ago.
Currency appreciation in Taiwan sparks concern in business and on the street
Over the past week, the New Taiwan Dollar has experienced a significant appreciation against the US dollar, surging nearly 6% in a month and marking its largest single-day gain since the 1980s.
China’s central bank unveils 10-point plan to help calm markets, steer growth
Among the most headline-grabbing moves is a 0.5 percentage point cut in the reserve requirement ratio, expected to unleash some CNY1 trillion ($138bn) into the financial system. But that’s just the beginning.
Reserve Bank of India signals further rate cuts as inflation eases and growth outlook weakens
With inflation in India expected to remain close to target during the current fiscal year, the Reserve Bank of India has room for further monetary easing, members of the Monetary Policy Committee said in the minutes of the April policy meeting.
Singapore eases monetary policy again as growth outlook dims and tariff pressures mount
In its latest policy statement, MAS announced a reduction in the rate of appreciation of the Singapore dollar nominal effective exchange rate policy band, though it will maintain a path of gradual appreciation.
Russia and Indonesia work on direct bank settlement framework to bolster trade
Russia and Indonesia are currently working to establish direct settlement mechanisms between their respective banking institutions.
Bank of Korea expected to lower rates in April despite currency slide
South Korea's central bank is leaning towards reducing interest rates this April, even as the national currency hits its weakest point since 2009.
Bank Indonesia: Rupiah slide won’t trigger debt or inflation crisis
Bank Indonesia has assured the public that the recent depreciation of the rupiah will not lead to increased debt burdens or inflationary pressures.