RP eyes new currency swap agreements<\/p>\n
MANILA: The Philippine government is eyeing a currency swap
\nagreement with China and South Korea to boost its dollar reserves
\nas a precautionary measure against potential financial market
\nshocks.<\/p>\n
\"The trend is to have bilateral talks with as many countries
\nas we can...That's slowly being worked on,\" central bank Governor
\nRafael Buenaventura told reporters when asked about media reports
\nof such negotiations.<\/p>\n
Buenaventura said the arrangement with China was being
\ntargeted at around US$3 billion, almost the same with the
\ngovernment's swap deal with Japan made in July 2001.<\/p>\n
Under the Japan deal, the central bank may borrow dollars in
\nexchange for the local currency to meet huge demand for dollars.<\/p>\n
\"It is a precautionary measure. The more you have, the less
\nlikelihood of a contagion,\" Buenaventura said. --Reuters<\/p>\n
India's forex reserves top $53b<\/p>\n
BOMBAY: India's foreign exchange reserves jumped to US$53.317
\nbillion in the week to March 22, largely due to foreign direct
\ninvestment inflows and remittances from expatriate Indians,
\nanalysts and dealers said.<\/p>\n
Data released by the Reserve Bank of India (RBI) on Saturday
\nshowed foreign exchange reserves rose to the all-time high from
\n$52.189 billion a week ago. Reserves have now risen for 26
\nstraight weeks.<\/p>\n
\"We saw a lot of foreign direct investments pouring in during
\nthat week, most of which was mopped up by state-run banks,\" said
\nSharukh Wadia, treasury head at IndusInd Bank.
\npharmaceuticals sectors.<\/p>\n
In 2002, India's foreign currency reserves have risen by about
\n11 percent, or around $5 billion, as foreign investments -- both
\nportfolio and direct -- poured into the country.<\/p>\n
These capital inflows have been key to the higher surpluses in
\nthe country's balance of payments position. --Reuters<\/p>\n
Russia to lift ban on U.S. poultry<\/p>\n
MOSCOW: Russia agreed on Sunday to lift a ban on poultry
\nimports from the United States next month, removing an irritant
\nin relations ahead of a May summit between presidents Vladimir
\nPutin and George W. Bush.<\/p>\n
\"We are really pleased to have defused the immediate crisis,\"
\nU.S. ambassador Alexander Vershbow told a news briefing.<\/p>\n
\"With the visit of President Bush just two months away, we
\nneed to start working to expand our areas of cooperation now that
\nthis obstacle appears to have been removed.\"<\/p>\n
Russia slapped the ban on imports of chicken and turkey,
\nciting concerns including salmonella contamination and the use of
\nantibiotics in feed. -- Reuters<\/p>\n
Pakistan repays $4.5b foreign debt<\/p>\n
KARACHI: Pakistan, buried under $37.8 billion of foreign debt,
\nsaid on Saturday it had repaid $4.5 billion of foreign debt in
\nlast two and a half years and $1.4 of it billion was expensive
\ndebt.<\/p>\n
Finance Minister Shaukat Aziz told top business executives in
\nsouthern port city of Karachi the government was trying to reduce
\nthe huge debt burden, which he called a \"serious issue\" for the
\neconomy.<\/p>\n
\"During the period October 12, 1999 till March 26, 2002
\nPakistan repaid $4.5 billion of loans ... of which $1.4 billion
\nwas expensive, high interest rate debt,\" Aziz said marking the
\nperiod from when General Pervez Musharraf seized power in a
\nbloodless coup.<\/p>\n
\"In other words, 31 percent of the repayments amounted to
\nexpensive debt,\" he said. -- Reuters<\/p>\n
Bangladesh calls for regional cooperation<\/p>\n
DHAKA: Bangladesh Finance Minister M. Saifur Rahman on
\nSaturday called for the resolving of bilateral disputes among
\nSouth Asian nations and the forging of cooperation to face global
\ncompetitiveness.<\/p>\n
\"If Bangladesh, Pakistan and India are in a quarrel, then how
\ncould there be any effective cooperation?\" Rahman told a meeting
\nof business leaders from SAARC countries.<\/p>\n
The SAARC or South Asian Association for Regional Cooperation,
\ngroups Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and
\nSri Lanka.<\/p>\n
Rahman said: \"We must forge cooperation among the SAARC
\ncountries in the field of trade and economy, otherwise we can not
\nsurvive the globalization process.\" -- Reuters<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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