The weighted average interest rate on one-month [b]Sertifikat Bank

The weighted average interest rate on one-month Sertifikat Bank Indonesia notes Wednesday fell slightly from last week, the central bank said.The one-month SBI notes stood at 17.5 percent at the weekly auction, down from 17.62 percent from at last week's auction, Bank Indonesia said.--Dow Jones

Mexico on Tuesday welcomed OPEC's decision to cut oil output and reaffirmed it would join the effort to bolster world prices by reducing its own exports by 100,000 barrels per day (bpd) in the first half of 2002. The energy ministry said in a statement it was confident the supply cuts by OPEC and major non-OPEC producers "will achieve a healthy balance between supply and demand, which will allow a halt in the fall of prices and assure the necessary investments to maintain a sure and reliable supply of oil." --Reuters

Pakistan, buried under US$65 billion in foreign and domestic debt, said on Tuesday it planned to reduce the burden of debt servicing to 30-35 percent of foreign exchange earnings over the next three years from 70 percent now. "Our strategy is to reduce our debt servicing to a normal level of 30-35 percent over the three year period instead of current 70 percent," The State (central) Bank of Pakistan (SBP) Governor, Ishrat Husain told reporters at a news conference. --Reuters

The Philippine government plans to take out more foreign loans this year to free up the local debt market for domestic businesses, an official said Wednesday. Budget Secretary Emilia Boncodin, however, stressed the government does not plan to go on a borrowing binge and will practice "calibrated borrowing".--DPA

South Korea will pay US$4.5 million to catch 25,000 metric tons of pollack in Russian waters this year, a 10.2% increase over last year's fishing fee, officials said Wednesday. Last month, Russia agreed to allow South Korean fishing boats to catch 22,000 tons of pollack in the Bering Sea and another 3,000 tons in the North Kuril Sea. That was a 28.6% drop from last year.--AP

Less volatile economic conditions combined with benign inflation prompted Singapore's central bank to narrow the policy band on Wednesday that it uses to guide the city-state's currency. The Monetary Authority of Singapore (MAS) said it is "restoring a narrower policy band, as market and economic conditions have become less volatile".--DPA

Hong Kong's economy will continue to be affected by the deteriorating global economy in the early months of this year, according to a report released by the Better Hong Kong Foundation, a private business group. "Given the slowdown in the global economy and the Sept.11 attacks in the United States, Hong Kong being an externally driven economic entity is undoubtedly put in a difficult situation," said George Yuen, chief executive of the foundation.--Reuters