Economy and commerce
Banking and financial services
AIIB awaits Thai approval
Thailand’s investment of 48.68 billion baht in the China-led Asian Infrastructure Investment Bank (AIIB) will seek approval soon from the National Legislative Assembly. Keep reading ...
Myanmar's central bank talks up stability amid economic challenges
The Central Bank of Myanmar pledged 18 August to assist private banks that may run into financial difficulties, looking to address recent speculation that some financial institutions were heading for a crash due in part to the recent depreciation of the kyat. Central Bank officials held a ...
UnionPay signs chip card standard license with Thailand
UnionPay International and Thai Bankers Association signed Chip Card Standard License Agreement in Bangkok on 18 August. According to the agreement, the chip card standard of UnionPay will be introduced to local banks as the standard of Thailand’s banking industry. Thailand has become the first overseas ...
India must focus on expanding banks network in Cambodia, Laos, Myanmar and Vietnam
Expansion of Indian banks network in CLMV – Cambodia, Laos, Myanmar and Vietnam- countries would help in enhancing trade and investment relations with these nations, a report has suggested. The Commerce and Industry Ministry report – “India’s Strategy for Economic Integration with CLMV” was prepared by think ...
China's currency devaluation could spark 'tidal wave of deflation'
China’s devaluation of the yuan has sent shockwaves through global markets. Edwards, of the bank Société Générale, argues that as well as creating a challenge for China’s Asian rivals, by making its exports more competitive, a cheaper yuan will send “a tidal wave of deflation” breaking ...
Yuan devaluation seen reigniting currency wars in Asia
A measure of the region’s 10 most-traded currencies excluding the yen is set to decline for a third year, its longest losing streak since 1997, amid signs the US will raise interest rates for the first time in a decade. The People’s Bank of China’s cut ...
Vietnam widens dong’s trading band after China devalues yuan
Vietnam’s central bank doubled the width of the dong’s trading band 12 August, a day after China further weakened its currency, pushing the yuan into its biggest devaluation in two decades. The State Bank of Vietnam widened the dong’s trading band against the U.S. dollar to ...
Vietnam PM encourages Myanmar to grant licences to Vietnamese banks
Prime Minister Nguyen Tan Dung suggested Myanmar to consider granting licences to the Bank for Investment and Development of Vietnam to open branches in Myanmar. The Prime Minister received Governor of the Central Bank of Myanmar Kyaw Kyaw Maung in Hanoi on 6 August during his ...
Central bank monitoring weaker baht
The rapid weakening of the baht could cause problems for the real economic sector, says a senior official at the Bank of Thailand. The central bank is closely watching the baht’s movement, though no irregularity been detected so far, said Chantavarn Sucharitakul, the assistant governor overseeing financial ...
Banks offer discounts for overdue loan payments
In a bid to rein in non-performing loans, several commercial banks are offering a cut of 15-20% for payment of overdue loans to encourage customers to clear their credit card and personal debt, according to a debt collection firm. Pracha Chaisuwan, managing director of Chet Collection ...
