JAKARTA: The weighted average interest rate on the Bank Indonesia
JAKARTA: The weighted average interest rate on the Bank Indonesia benchmark one-month SBI promissory notes fell to 13.22 percent, in the weekly auction held Wednesday, from 13.50 percent last week.
The fall was slightly steeper than market expectations for a fall to around 13.25 percent.
Bank Indonesia said that it accepted Rp 17 trillion, or 65.81 percent of the bids received at the auction.
The central bank has been trying to drive domestic interest rates lower to reduce the cost of servicing bonds issued by the government to bail out local banks after the 1997 Asian financial crisis.
Bank Indonesia has said it wanted to bring the SBI rate to 13.50 percent by the end of the year amid decreasing inflation pressure. -- Dow Jones
China expects 15% export growth
BEIJING: China's export growth is expected to hit 15 percent for the year based on a record US$30 billion monthly export high predicted for September, state press said Wednesday.
According to a report from the General Administration of Customs (GAC), a surge in machinery and electronics exports and a strong performance in the export of high-tech products would form the basis for the monthly high, the China Daily reported.
During the first eight months of the year, exports of machinery and electronic equipment were 27 percent over the same period last year, while high-tech exports enjoyed a 40 percent rise over the same period in 2001, it said.
China posted a 16 percent growth in foreign trade in the first eight months of 2002, with trade valued at $383.5 billion, according to GAC statistics issued earlier this month. -- AFP
Iraq's oil export volume surge
UNITED NATIONS: The volume of oil exported by Iraq under UN supervision surged last week to a four-month high of 13.3 million barrels, the office administering the UN oil-for-food program said Tuesday.
The total, equivalent to 1.9 million barrels a day, was the highest since the start of the current 180-day phase of the program on May 30 and came close to Iraq's estimated export potential of about 2.1 million barrels a day.
With Iraqi oil priced at an average of US$25.70 a barrel, revenue last week was estimated at $344 million, compared with $165 million the previous week. -- AFP
RP to buy more Australian coal
MANILA: The Philippines said Wednesday it will import more Australian coal if Canberra lifts a ban on Filipino fruit.
"If they want further coal importation from Australia (then) we would also like to also see further progress on Australia's removing of... barriers in buying our tropical fruits like mangoes, bananas and pineapples, as a reciprocal (gesture)," Philippine Energy Secretary Vincent Perez told reporters.
Australia has tight restrictions on the import of Philippine fruits like bananas and pineapples which are subject to a quarantine for supposed plant diseases and pests.
Mango exports from most of the Philippines are also banned. Australia imported Philippines mangoes until 1998, when it outlawed a chemical treatment by Philippines growers.
Perez said he raised his proposal during a visit to Australia last week, when he met with various officials on improved investment in the energy sector here. -- AFP
S. Korea's household debt surges
SEOUL: South Korea's household debt surged 34 percent by end-June compared with a year ago to 397.5 trillion won (US$325 billion), with consumers borrowing more to buy houses and cars, the Bank of Korea said Wednesday.
The figure was up eight percent from 368.1 trillion won at the end of March, the central bank said.
The debt includes loans from financial institutions, cash advances and card loans and payable bills for the purchases of goods on credit.
"Increased mortgage loans and sharp rises in purchases on credit of automobiles and other goods pushed up the household debt higher in the second quarter," the bank said.
At the end of June, debt rose to 27.2 million won per household from 20.7 million won a year ago and 25.2 million won at the end of March, it said. -- AFP
IMF praises Turkish reform program
ANKARA: Initial results of reforms implemented by Turkey to overcome its economic crisis are "encouraging", the International Monetary Fund (IMF) representative in Ankara said Wednesday ahead of further talks between the two parties.
"The authorities' strong policy implementation has enabled the program to yield encouraging initial results, despite the political uncertainty in recent months," Odd Per Brekk said in a statement here.
"Following a sharp pick-up in activity in the first half, growth is likely to outperform this year's three percent target and inflation is fully on course to meet the end-year 35 percent target," Per Brekk said.
Talks surrounding the granting to Turkey of a further US$1.5 billion in aid will take place this week in Washington on the sidelines of the annual IMF-World Bank meetings. The talks will continue in Istanbul and Ankara as of Oct. 2.
The IMF has already provided some $12.5 billion to Turkey in the wake of last year's economic crisis. -- AFP