GCC central banks seek to enhance financial inclusion

Times of Oman | Mar 23, 2019 at 4:08 PM
  • The Sultanate hosted the 72nd meeting of the Governors of Monetary Institutions and Central Banks of GCC countries on Thursday at the GCC Supreme Council Consultative Authority building in Muscat.
  • Al Amri pointed out that the banking sector in the region has proved its resilience and its ability to adapt to the changes.
  • It is to be noted that during the meeting, a number of issues related to supervision and control of the GCC banking system, the payment systems and the use of technologies in the financial sector were discussed.

United States

Court allows ED to send LRs to 21 countries for assistance in Rs 8,100 crore bank fraud case

Money Control | Mar 23, 2019 at 2:54 PM
  • A Delhi court has allowed the Enforcement Directorate to send letters rogatory (LR) to 21 countries, involving the UK and the UAE, seeking assistance in the probe of a Rs 8,100 crore bank fraud case involving Gujarat-based Sterling Biotech Ltd.
  • The LRs will also be send to Albania, where the court recently allowed the ED to send extradition requests, after its special public prosecutor Nitesh Rana informed that its two directors — Nitin Sandesara and Chetankumar Sandesara — have obtained the citizenship.
  • The total volume of the alleged loan defraud is pegged at Rs 8,100 crore.

United States


Seeking Alpha | Mar 23, 2019 at 12:37 PM
  • The contemporary Post-Keynesian monetary economic school of Neo-Chartalism advocates government deficit spending to yield full employment is attacked as inflationist.
  • Like in 2004-2006 Fed rate hiking cycle, Japanese investors had the option of either increasing exposure to lower rated credit instruments outside Japan or taking on currency risk.
  • Returning to credit, we have been advocating going higher the quality spectrum and using the recent rally to reduce highly illiquid high beta exposure such as leveraged loans.


(Multimedia) Business confidence index rebounds in Q1: central bank

Xinhua News Agency | Mar 23, 2019 at 11:18 AM
  • Business confidence among Chinese entrepreneurs rebounded in the first quarter of the year after falling for two quarters consecutively.
  • The entrepreneur confidence index climbed to 69.2 from 67.8 in the fourth quarter of 2018.
  • The credit demand index increased to 70.4 from 63 in the previous quarter, reflecting companies’ stronger needs for bank loans.


(Multimedia) Weekly policy snapshot of Chinese economy

Xinhua News Agency | Mar 23, 2019 at 11:08 AM
  • China has amended its regulations on the capital management of transnational companies to help promote the liberalization and facilitation of cross-border trade and investment and better serve the country’s real economy.
  • China will ease the registration management of foreign debt and offshore loans and launch pilot reforms to facilitate foreign exchange settlement and payment in multinational companies after registration.
  • The country will also cancel restrictions that demanded multinational companies cooperate with only a limited number of banks.


‘Dialogue with markets’ a must as Fed decides to halt rate hikes

Japan News | Mar 23, 2019 at 11:08 AM
  • It is essential for the U.S. Federal Reserve Board to steer policy measures flexibly to ensure sustainable growth and market stability.
  • Fed Chairman Jerome Powell has changed his remarks on rate hikes and asset reduction several times since last autumn, causing market confusion.
  • If the Fed’s asset portfolio remains large, a large amount of money supplied by monetary easing will be left in markets.


(Multimedia) China non-cash payment rises in 2018 Q4

Xinhua News Agency | Mar 23, 2019 at 11:06 AM
  • The amount of non-cash payments in China continued to rise from a year earlier in the fourth quarter of 2018.
  • The amount of money involved in non-cash payments, including commercial papers, bank cards and other payment vehicles, was 960.89 trillion yuan (about 143.41 trillion U.S. dollars) in the fourth quarter, up 0.33 percent year-on-year.
  • Non-bank payment vehicles transacted 56.63 trillion yuan, up 22.26 percent from a year earlier.


China provides $2b loan to Pakistan’s ailing economy: report

The Nation | Mar 23, 2019 at 10:13 AM
  • To help Pakistan weather its current fiscal woes, China has decided to provide a loan of approximately $2.1 billion.
  • Pakistan’s Finance Ministry announced on Friday that all procedural requirements for transfer of the loan by China to Pakistan have been completed.
  • The Dawn reported that the loan amount would be deposited with the State Bank of Pakistan (SBP) by 25 March.