Sri lanka central bank exchange rates

Late last year, the central bank said that the number of credit institutions would be cut from the current 34 to roughly 17 to 19. Therefore, it is possible that more M&As will be announced. According to Dau Tu (Vietnam Investment Review) newspaper, the most likely targets are banks with overlapping ownerships, small or financially weak financial institutions, and those that have seen their bad debt ratio rising over the past few years. Some banks have been asked by the State Bank of Vietnam (SBV) to raise their registered capital. However, in case they cannot raise it by issuing more shares, they will have to explore M&As. Saigonbank, for example, was allowed to raise its capital from VND3.08 trillion (US$136 million) to VND4.08 trillion, but it has failed to carry out the increase. There are currently at least four other commercial banks that have the charter capital roughly around the level of Saigonbank’s VND3 trillion. Those are Kienlongbank, Viet … [Read more...] about M&A information to be released

Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year. (Source: asia-first.com) Jakarta (VNA) - Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year despite the government's efforts to boost buying power and exports. Indonesian Chief Economic Minister Darmin Nasution said on March 19 that he estimated the country's gross domestic product (GDP) in the first three months will grow lower than 5.01 percent, the pace recorded in the same period last year. Nasution explained that the country's harvest season of rice will take place in April, instead of March, reducing contributions of the farming sector to the national economy. The government has decided not to raise fuel price in the first quarter and would keep electricity prices steady by year end, in an effort to boost people’s buying power in the country where consumption accounts for over half of GDP growth. Nasution said credit … [Read more...] about Indonesia’s Q1 GDP forecast to grow lower than 5.01 pct

Prime Minister Nguyen Xuan Phuc at the sixth GMS Summit “We have been working to meet our commitments to protect intellectual property rights, innovative ideas, and the inventions of startups. We will continue to boost tax policy reforms and corporate income tax will be decreased to 15-17 per cent from the current 20-22 per cent,” stated Prime Minister Nguyen Xuan Phuc at the sixth Greater Mekong Subregion (GMS) Summit. At the summit, the PM said that in 2017, Vietnam continued to maintain one of Asia’s highest economic growths, with inflation controlled at 3.5 per cent. The country’s interest and exchange rates remained stable, trade turnover reached a record $425 billion, and foreign reserves have exceeded $60 billion. According to the World Bank, Vietnam’s Ease of Doing Business Index last year jumped 14 places to stand 68th among 190 economies. The World Economic Forum (WEF) placed Vietnam’s Global Competitiveness Index (GCI) at 55th out of … [Read more...] about PM promises 5-7 per cent corporate income tax cuts at GMS Summit

National Assembly Chairwoman Nguyen Thi Kim Ngan addresses the meeting (Photo: VNA) Hanoi (VNA) – National Assembly Chairwoman Nguyen Thi Kim Ngan hosted a reception in Hanoi on March 7 for a delegation from the Parliamentary Network on the World Bank and the International Monetary Fund (the Parliamentary Network) led by its Vice President Soukri Cherif. Showing her delight at the effective cooperation between Vietnam and the WB, the top legislator said that Vietnam needs the support of the international community, including the bank, to fulfill its goals amidst many difficulties and challenges. She affirmed that the NA of Vietnam will closely supervise the management and use of WB assistance, ensuring it is used effectively to bring added value to the local socio-economic development. She also spoke highly of the cooperation and support that the WB has given to NA agencies, which she said helped improve the legislature’s supervision over finance, budget and economy. … [Read more...] about NA leader receives WB-IMF Parliamentary Network delegation

A river in Thailand. Illustrative photo (Photo: The Straits Times) Bangkok​ (VNA) – Thailand’s economy saw an increase in external demand but domestic demand was not “sufficiently strong”, according to a minutes of the Bank of Thailand (BoT)’s latest policy meeting. The minutes show that some members of the country’s Monetary Policy Committee (MPC) felt economic growth was still “at the initial stage” and facing structural changes, the minutes said. Household debt remained an issue, particularly for low-income earners while expansion in private consumption needs to be closely monitored after the Thai government’s 2018 supplementary budget is spent. The MPC viewed that it is still necessary to adopt an accommodative monetary policy stance to foster stronger domestic demand. Public investment would remain a key growth driver and was expected to resume growth, the minutes added. The BoT forecast that Thailand’s … [Read more...] about Thailand: Domestic demand not strong enough