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Agence France-Presse (The Jakarta Post) PREMIUM Sintra, Portugal    ● Tue, June 28 2022 Central bank chiefs and economists gather on Monday evening at their annual forum in southern Portugal to discuss the best approach to the inflationary challenges exacerbated by Russia's invasion of Ukraine. Some 200 delegates will attend the European Central Bank (ECB) Forum on Central Banking at a luxury hotel in Sintra, west of Lisbon, after two years of COVID-imposed virtual gatherings. When ECB president Christine Lagarde last attended this event, it was in her previous role as director general of the International Monetary Fund (IMF) back in 2014. to Read Full Story SUBSCRIBE NOW Starting from IDR 55,500/month Unlimited access to our web and app content e-Post daily digital newspaper No advertisements, no interruptions Privileged access to our events and programs Subscription to our newsletters We accept Register to read 3 … [Read more...] about Central bank chiefs meet to discuss inflation challenge

SHANGHAI: China's central bank (pic) said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations. The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include the Central Bank of Malaysia (Bank Negara), Bank Indonesia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile. Each participant will contribute a minimum of 15 billion yuan ($2.2 billion) or the U.S. dollar equivalent, it said. The BIS said in a separate statement that the funds could be contributed either in yuan or U.S. dollars, and that they would be placed with the BIS, creating a reserve pool. ($1 = 6.6878 Chinese yuan renminbi) - Reuters … [Read more...] about China’s central bank renminbi liquidity arrangement includes Malaysia

File image of the People's Bank of China China's central bank said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations. The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include Bank Indonesia, the Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile. Each participant will contribute a minimum of 15 billion yuan ($2.2 billion) or the U.S. dollar equivalent, it said. The BIS said in a separate statement that the funds could be contributed either in yuan or U.S. dollars, and that they would be placed with the BIS, creating a reserve pool. … [Read more...] about China’s central bank, BIS set up renminbi liquidity arrangement

The Reserve Bank of India (RBI) is in talks with pre-paid instrument (PPI) issuers in the wake of last week’s clarification , with the central bank not keen on encouraging innovation that is fuelled by regulatory arbitrage, according to a person aware of the deliberations. “The RBI has only clarified what was already there. The idea is that innovation should not exclusively base itself on regulatory arbitrage,” the aforementioned person told Moneycontrol on condition of anonymity. “If one entity requires a licence to do a certain activity, the RBI cannot let some other entity, in the name of innovation, do the same thing without a licence. So, there is nothing against innovation itself,” the person added. On June 20, the RBI issued a clarification that current rules did not permit non-banks to allow loading of PPIs such as wallets and prepaid cards using credit lines. The clarification from the central bank, which is yet to be made public on its website, further said … [Read more...] about RBI, PPI companies in talks; central bank not in favour of innovation based on regulatory arbitrage

- A + A SHANGHAI (June 27): China's central bank made the biggest daily cash injection into the banking system via open market operations in nearly three months on Monday, to ease pressure from rising cash demand towards the end of the first half of the year. The People's Bank of China (PBOC) injected 100 billion yuan ($14.95 billion) worth of seven-day reverse repos, the biggest daily injection via the liquidity tool since March 31. The central bank said the operation was to keep "half year-end liquidity stable," according to an online statement. The PBOC started pumping more cash into the financial system last Friday. Demand usually surges towards the end of the quarter, when commercial banks also have to shore up cash positions for an administrative quarterly health check by the central bank. With 10 billion yuan worth of such reverse repos due on Monday, the PBOC net injected 90 billion yuan on the day. ($1 = 6.6886 Chinese yuan) … [Read more...] about China’s central bank makes biggest daily cash injection in three months

- A + A (June 28): After years of building their foreign-exchange reserves, central banks in Asia are tapping into their stockpiles to bolster their weakening currencies against a rising US dollar. Thai reserves slid to US$221.4 billion as of June 17, in data released late last week. That was the lowest in more than two years. Monthly figures show that Indonesia’s stash is at the smallest since November 2020. Reserves in South Korea and India are at their lowest in more than a year. Malaysia’s stockpile, meanwhile, has fallen the most since 2015. “Some countries would have used their reserves to stabilize their currencies when moves were excessive,” said Rajeev De Mello, a global macro portfolio manager at GAMA Asset Management in Geneva. “They know that they can’t reverse their currencies’ weakness against the USD, but they can smooth the declines.” Learning from the 1997 Asian financial crisis, central banks have been accumulating dollars to help defend their … [Read more...] about Central banks in Asia spend billions to slow currency declines

- A + A BANGKOK (June 27): A tightening of Thai monetary policy will be conducted so it does not disrupt the recovery of Southeast Asia's second-largest economy, central bank officials said on Monday, reinforcing market expectations of interest rate hikes later this year. Thailand's economy will continue growing this year and next, driven by domestic demand and tourism, and could beat forecasts despite a risk that inflation will be higher than expected, Bank of Thailand (BOT) officials told an analysts' meeting. The BOT will try to prevent the economy from overheating, which would cause demand-driven inflation, by gradually shifting from the current very accommodative policy, assistant governor Piti Disyatat told the meeting. The BOT's task was to help the economy take off smoothly, he said. "It's a challenge for monetary policy to release the accelerator pedal appropriately and timely so that the recovery has good momentum," Piti said, referring to the current … [Read more...] about Thai central bank says policy tightening will not disrupt economy recovery

- A + A (June 23): Pakistan’s Central Bank asked its employees to work from home two days a week as the country looks to conserve fuel and ensure it doesn’t run out of dollars. In a Twitter message Thursday, State Bank of Pakistan told its staff to opt for virtual meetings, car pooling and cutting down on air conditioning. It also suspended purchases of furniture and restricted travel. “These measures are intended to help with the energy bill while not compromising work,” the authority said. “We encourage the banking industry and other stakeholders to save energy as much as possible.” Pakistan’s government has already ordered shopping malls and factories to shut early in various cities including Karachi, Lahore, Islamabad and Rawalpindi, and cut the working week by a day. Prime Minister Shehbaz Sharif’s administration has increased pump prices by as much as 83% in less than a month as he tries to curb subsidies and win a bailout from the International Monetary … [Read more...] about Work from home to save fuel, Pakistan’s Central Bank tells staff

BANGKOK, June 25 (Reuters): Thailand's inflation will remain elevated this year but should fall back into the central bank's target range of 1-3% in the second quarter of next year, a bank official had announced, South-East Asia's second-largest economy is expected to return to its pre-pandemic level late this year or early next year, Sakkapop Panyanukul, a senior director at the Bank of Thailand, told a trade seminar. The BOT predicts headline inflation of 6.2% this year and 2.5% next year. Thailand's economy is expected to grow by 3% this year and 3.7% next year, driven by exports, increased domestic demand and a recovery in tourism, the state planning agency had said earlier. Exports, a key driver of growth, still had momentum despite the impact of Russia's invasion of Ukraine on the global economy, Danucha Pichayanan, head of the National Economic and Social Development Council, told a business seminar. "The Russia-Ukraine issue is a risk but it's also an opportunity, … [Read more...] about Thai inflation seen back to target in Q2 2023, says central bank; economy expected to grow by 3% in 2022

- A + A SHANGHAI (June 24): Chinese stocks closed up at their highest level since early March on Friday (June 24), gaining for a fourth straight week, as the country stepped up effort to stimulate a Covid-19-hit economy with the infusion of fresh capital into the banking system to keep liquidity stable. The blue-chip CSI 300 Index rose 1.2% to 4,394.77, while the Shanghai Composite Index gained 0.9% to 3,349.75 points. The Hang Seng Index rose 2.1% to 21,719.06, while the China Enterprises Index gained 2.2% to 7,629.06 points. For the week, the CSI 300 Index rose nearly 2%, while the Hang Seng Index added 3.1%. The People's Bank of China injected 60 billion yuan (US$8.96 billion or about RM39.45 billion) worth of seven-day reverse repos as demand for cash for the end of the first half of the year started to pick up. Global equity markets rose as commodities including copper and oil dropped, offering a salve for inflation fears. Refinitiv data showed strong … [Read more...] about China stocks log fourth weekly gain after central bank injected cash