SBI rate falls this week<\/p>\n
JAKARTA: The weighted average interest rate on one-month
\nSertifikat Bank Indonesia notes Wednesday fell slightly from last
\nweek, the central bank said.<\/p>\n
The one-month SBI notes stood at 17.5 percent at the weekly
\nauction, down from 17.62 percent from at last week's auction,
\nBank Indonesia said.<\/p>\n
Bank Indonesia said it accepted Rp 13.99 trillion (US$1.3
\nbillion) in bids, or 39.4 percent of total bids.<\/p>\n
In the past two auctions the rate was steady at 17.62 percent.
\n-- Dow Jones<\/p>\n
Mexico backs OPEC cuts<\/p>\n
MEXICO CITY : Mexico on Tuesday welcomed OPEC's decision to cut
\noil output and reaffirmed it would join the effort to bolster
\nworld prices by reducing its own exports by 100,000 barrels per
\nday (bpd) in the first half of 2002.<\/p>\n
The energy ministry said in a statement it was confident the
\nsupply cuts by OPEC and major non-OPEC producers \"will achieve a
\nhealthy balance between supply and demand, which will allow a
\nhalt in the fall of prices and assure the necessary investments
\nto maintain a sure and reliable supply of oil.\"<\/p>\n
It said the 100,000 bpd reduction would put its export cap at
\n1.66 million bpd for the first six months of this year.<\/p>\n
In November, Mexico produced an average 3.168 million bpd of
\ncrude, excluding liquids, and exports averaged 1.682 million
\nbpd.--Reuters<\/p>\n
Pakistan plans to halve debt servicing<\/p>\n
KARACHI: Pakistan, buried under US$65 billion in foreign and
\ndomestic debt, said on Tuesday it planned to reduce the burden of
\ndebt servicing to 30-35 percent of foreign exchange earnings over
\nthe next three years from 70 percent now.<\/p>\n
The State (central) Bank of Pakistan (SBP) Governor, Ishrat
\nHusain said Islamabad was pursuing a strategy to reduce its huge
\ndebt servicing cost, which leaves meager funds available for
\ndevelopment projects.<\/p>\n
\"Our strategy is to reduce our debt servicing to a normal
\nlevel of 30-35 percent over the three year period instead of
\ncurrent 70 percent,\" Husain told reporters at a news
\nconference.--Reuters<\/p>\n
HK economy to shrink in 2002<\/p>\n
HONG KONG: Hong Kong's economy will continue to be affected by
\nthe deteriorating global economy in the early months of this
\nyear, according to a report released by the Better Hong Kong
\nFoundation, a private business group.<\/p>\n
\"Given the slowdown in the global economy and the (Sept.11)
\nattacks in the United States, Hong Kong being an externally
\ndriven economic entity is undoubtedly put in a difficult
\nsituation,\" said George Yuen, chief executive of the foundation.<\/p>\n
\"The contraction of the economy is expected to continue at the
\nbeginning of year 2002,\" he said. --Reuters<\/p>\n
MAS narrows currency trading band<\/p>\n
SINGAPORE : Less volatile economic conditions combined with
\nbenign inflation prompted Singapore's central bank to narrow the
\npolicy band on Wednesday that it uses to guide the city-state's
\ncurrency.<\/p>\n
The Monetary Authority of Singapore (MAS) said it is
\n\"restoring a narrower policy band, as market and economic
\nconditions have become less volatile\".<\/p>\n
The statement followed the government's advance estimates
\nshowing the economy contracted by 2.2 per cent in 2001 compared
\nwith a robust 9.9 per cent a year earlier, while shrinking 7 per
\ncent in the fourth quarter from 2000.<\/p>\n
The current level of the nominal effective exchange rate \"is
\nsupportive of economic recovery and growth in a benign
\ninflationary environment\", the MAS said.--DPA
\n
\nPhilippine to take out more foreign loans<\/p>\n
MANILA : The Philippine government plans to take out more foreign
\nloans this year to free up the local debt market for domestic
\nbusinesses, an official said Wednesday.<\/p>\n
Budget Secretary Emilia Boncodin, however, stressed the
\ngovernment does not plan to go on a borrowing binge and will
\npractice \"calibrated borrowing\".<\/p>\n
\"Its part of our new policy this year,\" she said in a radio
\ninterview. \"We expect that there will be some pick up in the
\neconomy this year so we don't want to crowd out the domestic debt
\nmarket.\"<\/p>\n
\"We don't want to compete with domestic investors,
\nbusinesses,\" she added. \"We will try to borrow more from abroad
\nbecause of the very low interest rates in the world market.\"<\/p>\n
Boncodin did not say how much the government plans to borrow
\nfrom abroad this year.--DPA<\/p>\n
Russia raises fishing fees<\/p>\n
SEOUL : South Korea will pay US$4.5 million to catch 25,000 tons
\nof pollack in Russian waters this year, a 10.2 percent increase
\nover last year's fishing fee, officials said Wednesday.<\/p>\n
Last month, Russia agreed to allow South Korean fishing boats
\nto catch 22,000 tons of pollack in the Bering Sea and another
\n3,000 tons in the North Kuril Sea. That was a 28.6 percent drop
\nfrom last year.<\/p>\n
Under the agreement, Russia will allow 24 South Korean fishing
\nboats to catch pollack for $183 per ton, up from $166 last year,
\nsaid Kim Tae-gi, an official at South Korea's Ministry of
\nMaritime Affairs and Fisheries.--AP<\/p>",
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