The central banks of Indonesia and the Philippines on September 27 decided to raise interest rates, following the similar move by the US’ Federal Reserve.
Indonesia's central bank - Bank Indonesia (Photo: AP)
Hanoi (VNA) – The central banks of Indonesia and thePhilippines on September 27 decided to raise interest rates, following thesimilar move by the US’ Federal Reserve.
The Indonesian central bank, Bank Indonesia, decided to raise itsseven-day reverse repo rate by 25 basis points to 5.75 percent,its fifth rise since May.
The hike extended the tightening cycle applied by the central bank withthe total rate hike of 150 basis points since May 17, a move aiming at paringdown the country’s capital outflows.
ᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚ The capital outflows have slid rupiah about 9 percent against the USdollar this year, by far, standing at 14,910 per one USD after the lending ratehike on September 27.
The move came along with the government's policy to swiftly drift upimport tariffs on over 1,000 items and put off construction of biginfrastructure projects to bring down imports as well as extended usage ofbio-fuel which is looked to edge off oil import.
The same day, the Bangko Sentral ng Pilipinas raised key interest ratesfor the fourth time this year as it aims to tame inflation that has spiked to anine-year high and shore up its tumbling currency.
The central bank of the Philippines pumped the brakes this time with a50 basis point hike to 4.5 percent, as worries grow that the nation's economyis overheating.
The country’s consumer prices hit a nine-year high to 6.4 percent inAugust, with some analysts warning the September data, due out next week, couldtop 7 percent.
The destruction wrought earlier this month by Typhoon Mangkhut, 2018'smost powerful storm so far, is expected to further push up prices because ofwidespread damage to key agricultural areas.
The central bank also said the latest rate hike should help reducefurther risks to inflation, including exchange rate volatility.
🅺 The Philippine peso has been hovering at 13-year lows, hitting 54.12pesos per USD late on September 27.-VNA
Three Indonesian fishermen abducted by members of an Islamist group have been freed 18 months after they were abducted in waters off the southern Philippines, the Philippine military said on September 16.
The Asian Development Bank (ADB)’s Board of Directors has approved a new six-year country partnership strategy with the Philippines, under which the bank will provide a credit package worth 7.8 billion USD to the Southeast Asian country until 2021 to support it in attaining sustained high and inclusive economic growth.
Indonesia’s economic growth is expected to continue to be robust in 2018 and 2019 amid global headwinds, according to an update of the Asian Development Bank (ADB)’s flagship annual economic publication, Asian Development Outlook (ADO) 2018.
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Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Indonesia's central bank - Bank Indonesia (Photo: AP) 
