Asia must work closely on capital flows
SEOUL: Asian countries must cooperate more closely to prevent excessive capital flows damaging financial market stability and overall economic growth, South Korea's finance minister said Friday.
Yoon Jeung-Hyun said it was urgent policymakers find policy measures "to mitigate the risk of excessive volatility in capital flows facing many emerging economies without negating the benefits of capital flows".
He was speaking at a meeting of financial officials from the 10-member Association of Southeast Asian Nations plus South Korea, Japan and China, convened to discuss cooperation and other issues in the post-crisis era.
Yoon said the 13 Asian countries should more than double the size of the Chiang Mai Initiative, to help the fund deal more effectively with any financial crisis that could follow sudden capital outflows.
"I believe we should expand (the initiative) to more than twice its current volume to an amount over $240 billion," he said.
The Chiang Mai Initiative currently draws upon a pool of $120 billion in foreign reserves to support a multilateral system of currency swaps that can be triggered if any member faces a currency crisis.
Foreign investors have piled huge sums of money into emerging markets in Asia -- which are seeing strong growth after the downturn -- as they are more likely to find better returns for their money than in the West.
The inflows have led Asian governments to take a series of steps to curb the flood of capital from the United States and elsewhere, which is pushing up their currencies.
South Korea in December announced plans for a levy on foreign borrowing by banks.
And in November it said it would restore a tax on foreigners buying Seoul government bonds, warning that excessive capital flows could destabilise the economy and push the won higher.
Pakistan misses wheat production target
Asia must work closely on capital flows
Net metering power: Govt mulling bringing buyback rates down to Rs11/unit from Rs21
Intra-day update: rupee registers minor gain against US dollar
Liquidation of certain appellate fora: Cabinet approves amendments to tax laws
Bullish momentum continues, KSE-100 gains over 300 points
The Organic Meat Company secures another $4mn export contract to UAE firm
Despite lower finance cost, National Refinery posts Rs2.87bn loss in 3QFY24
Gold price per tola increases Rs500 in Pakistan
Oil steady as US demand concerns balance Middle East conflict risks
Tax law amendment bill introduced in NA
FBR’s POS system: 1,680 Tier-1 retailers told to integrate by May 31st
Read more stories
Next StoryCurrency | Rate |
---|---|
USD PKR Interbank Selling
/ Apr 25
|
278.52
|
USD PKR Interbank Buying
/ Apr 25
|
278.32
|
USD to Japanese Yen
/ Apr 25
|
155.60
|
USD to Swiss Franc
/ Apr 25
|
0.91
|
Pound Sterling to USD
/ Apr 25
|
1.25
|
Euro to USD
/ Apr 25
|
1.07
|
Stock | Volume |
---|---|
S&P 500
/ Apr 24
|
5070.63
|
Nasdaq
/ Apr 24
|
15712.75
|
Dow Jones
/ Apr 24
|
38460.92
|
India Sensex
/ Apr 25
|
73780.80
|
Tokyo Nikkei
/ Apr 25
|
37628.48
|
Hang Seng
/ Apr 25
|
17264.90
|
FTSE 100
/ Apr 25
|
8077.84
|
Germany DAX 30
/ Apr 25
|
17994.97
|
Item | Value |
---|---|
Karachi Cotton PKR/37.32 KG
/ Apr 23
|
21035
|
Gold 10 Grams PKR
/ Apr 23
|
213220
|
Petrol/Litre
/ Apr 25
|
293.94
|
Crude Oil USD/Barrel
/ Apr 25
|
83.02
|
Gold Spot USD/Ounce
/ Apr 25
|
2325.45
|
Diesel/Litre
/ Apr 25
|
290.38
|
Stock | Price |
---|---|
786 Invest Ltd
/ Apr 25
786 Investments Limited(786)
|
5
▼ 0.00
(0.00%)
|
AL-Abbas Sugar
/ Apr 25
Al-Abbas Sugar Mills Limited(AABS)
|
585
▼ 0.00
(0.00%)
|
Agro Allianz
/ Apr 25
Agro Allianz Limited(AAL)
|
16
▼ 0.00
(0.00%)
|
AL-Abid Silk
/ Apr 25
Al-Abid Silk Mills Limited(AASM)
|
3.49
▼ 0.00
(0.00%)
|
Ali Asghar
/ Apr 25
Ali Asghar Textile Mills Limited(AATM)
|
2.07
▼ 0.00
(0.00%)
|
Allied Bank
/ Apr 25
Allied Bank Limited(ABL)
|
87.10
▼ 0.00
(0.00%)
|
Abbott Lab.
/ Apr 25
Abbott Laboratories (Pakistan) Limited(ABOT)
|
499.34
▼ 0.00
(0.00%)
|
Abson Ind.
/ Apr 25
Abson Industries Limited(ABSON)
|
2.50
▼ 0.00
(0.00%)
|
Alfalah ETF.
/ Apr 25
Alfalah Consumer Index ETF.(ACIETF)
|
9.84
▼ 0.00
(0.00%)
|
Stock | Price |
---|---|
786 Invest Ltd
/ Apr 25
786 Investments Limited(786)
|
5
▲ 0.00
(0.00%)
|
AL-Abbas Sugar
/ Apr 25
Al-Abbas Sugar Mills Limited(AABS)
|
585
▲ 0.00
(0.00%)
|
Agro Allianz
/ Apr 25
Agro Allianz Limited(AAL)
|
16
▲ 0.00
(0.00%)
|
AL-Abid Silk
/ Apr 25
Al-Abid Silk Mills Limited(AASM)
|
3.49
▲ 0.00
(0.00%)
|
Ali Asghar
/ Apr 25
Ali Asghar Textile Mills Limited(AATM)
|
2.07
▲ 0.00
(0.00%)
|
Allied Bank
/ Apr 25
Allied Bank Limited(ABL)
|
87.10
▲ 0.00
(0.00%)
|
Abbott Lab.
/ Apr 25
Abbott Laboratories (Pakistan) Limited(ABOT)
|
499.34
▲ 0.00
(0.00%)
|
Abson Ind.
/ Apr 25
Abson Industries Limited(ABSON)
|
2.50
▲ 0.00
(0.00%)
|
Alfalah ETF.
/ Apr 25
Alfalah Consumer Index ETF.(ACIETF)
|
9.84
▲ 0.00
(0.00%)
|
Stock | Volume |
---|---|
P.I.A.C.(A)
/ Apr 25
Pakistan International Airlines Corp(PIAA)
|
47,200,500
▲ 0.00
|
Cnergyico PK
/ Apr 25
Cnergyico PK Limited(CNERGY)
|
29,719,327
▲ 0.00
|
Pak Petroleum
/ Apr 25
Pakistan Petroleum Limited(PPL)
|
21,170,581
▲ 0.00
|
Pak Refinery
/ Apr 25
Pakistan Refinery Limited(PRL)
|
16,965,134
▲ 0.00
|
The Searle Co.
/ Apr 25
The Searle Company Limited(SEARL)
|
15,793,227
▲ 0.00
|
P.T.C.L.
/ Apr 25
Pakistan Telecommunication Company Ltd(PTC)
|
15,054,641
▲ 0.00
|
K-Electric Ltd.
/ Apr 25
K-Electric Limited(KEL)
|
14,145,556
▲ 0.00
|
WorldCall Telecom
/ Apr 25
Worldcall Telecom Limited(WTL)
|
13,158,668
▲ 0.00
|
Telecard Limited
/ Apr 25
Telecard Limited(TELE)
|
12,358,668
▲ 0.00
|
Comments
Comments are closed.