September 13, 2013
Source: The New Straits Times
The ringgit is set to recoup its strength in the months ahead to trade at the RM3.15 level against the greenback in 2014, Alliance Research said in a report.
“We expect the local currency to close higher at RM3.22 per US dollar by year-end due to improving economic fundamentals, from the current level of around RM3.30,” its chief economist Manokaran Mottain said in a report yesterday. More…
August 30, 2013
Nepal Rastra Bank (NRB), the central bank, has fixed the exchange rate of Nepali rupee at 108.90 against US dollar for Friday.
In response to the value of Indian currency, which hit record low of 68.75 against the greenback on Wednesday, the central bank fixed the exchange rate on the basis of rate settled by commercial banks. More…
August 29, 2013
Source: The Financial Express
Bangladesh’s exports, mainly the ready-made garment (RMG), is set to face the toughest competition amid weakening of currencies of major competitors in global market as the development would erode its competitiveness significantly.
This warning came from the country’s leading economists. More…
July 23, 2013
Cuba is accelerating its pace of economic reform
Reposted from The Economist
AT 9.01am one morning earlier this month, Marino Murillo, a member of Cuba’s ruling Politburo, strode on to the stage at the International Press Centre in Havana, gave a concise account of the government’s economic plans, and took questions for 45 minutes. What would have been routine elsewhere was remarkable in communist Cuba, for three reasons. Gone is the interminable waiting around for the late-night rants of Fidel Castro: punctuality is one of the hallmarks of the government led since 2006 by his younger brother, Raúl. And after internecine political battles over liberalising economic reforms, the government is confident enough of its message to have invited a small group of foreign journalists to hear it—the first such initiative in many years. More…
June 15, 2013
Frankfurt based Commerzbank could potentially break off U.S.-dollar correspondent relationships with a number of Afghani banks.
Reposted from The Wallstreet Journal
By Yaroslav Trofimov
Afghanistan’s fragile banking system is facing more turbulence after the German bank that was the main gateway to foreign transactions decided to sharply restrict its U.S.-dollar business in the country.
At a confidential meeting with Afghan banking executives in the Ritz-Carlton hotel in Dubai in April, Commerzbank said it would shut down U.S.-dollar correspondent relationships with those Afghan banks that don’t open separate correspondent accounts with U.S. banks by June 30, participants said. More…
December 27, 2012
Reposted from The Nation
“This is an important step for Myanmar’s electronic payment infrastructure” – Peter Maher
Yangon – Visa today announced that Visa cards will now be accepted at nearly 90 ATMs operated by Co-operative Bank and Kanbawza Bank across Myanmar. More…
August 6, 2012
Reposted from East Asia Forum
By Lex Rieffel, Brookings Institution
The global policy community has focused on the political challenges facing the government of President Thein Sein in Myanmar and paid little attention to the economic challenges. More…
July 26, 2012
Reposted from the Irrawaddy
By May Lay
Burma’s Central Bank (CB) allowed 11 local public banks to operate foreign currency accounts on Monday in the first step towards an international finance system deemed crucial for allowing foreign direct investment. More…