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.
KSE-100 rallies over 1% to hit another record high
Asia must work closely on capital flows
Airline revenues: IATA urges Pakistan to allow repatriation of $399mn
Rupee strengthens marginally against US dollar
SBP expected to hold rates on Monday ahead of IMF deal, Reuters poll finds
Pakistan’s economic condition shows improvement, but ‘needs surgery’: PM Shehbaz
Army chief vows to work for Pakistan’s development despite ‘negative propaganda’
Nawaz Sharif urged to take up PML-N’s presidency, says Rana Sanaullah
Pakistan rejects provocative statements from Indian leaders on Kashmir
Gold price per tola jumps Rs2,500 in Pakistan
Quetta court issues arrest warrant for Mahmood Khan Achakzai
JS Bank registers massive 376% jump in profit in 1QCY24
Read more stories
Next StoryCurrency | Rate |
---|---|
USD PKR Interbank Selling
/ Apr 26
|
278.58
|
USD PKR Interbank Buying
/ Apr 26
|
278.28
|
USD to Japanese Yen
/ Apr 26
|
156.17
|
USD to Swiss Franc
/ Apr 26
|
0.91
|
Pound Sterling to USD
/ Apr 26
|
1.25
|
Euro to USD
/ Apr 26
|
1.07
|
Stock | Volume |
---|---|
S&P 500
/ Apr 25
|
5048.42
|
Nasdaq
/ Apr 25
|
15611.76
|
Dow Jones
/ Apr 25
|
38085.80
|
India Sensex
/ Apr 26
|
74171.68
|
Tokyo Nikkei
/ Apr 26
|
37934.72
|
Hang Seng
/ Apr 26
|
17626.75
|
FTSE 100
/ Apr 26
|
8123.98
|
Germany DAX 30
/ Apr 26
|
18016.27
|
Item | Value |
---|---|
Karachi Cotton PKR/37.32 KG
/ Apr 25
|
20535
|
Gold 10 Grams PKR
/ Apr 25
|
240900
|
Petrol/Litre
/ Apr 26
|
293.94
|
Crude Oil USD/Barrel
/ Apr 26
|
83.89
|
Gold Spot USD/Ounce
/ Apr 26
|
2336.33
|
Diesel/Litre
/ Apr 26
|
290.38
|
Stock | Price |
---|---|
786 Invest Ltd
/ Apr 26
786 Investments Limited(786)
|
5
▼ 0.00
(0.00%)
|
AL-Abbas Sugar
/ Apr 26
Al-Abbas Sugar Mills Limited(AABS)
|
585
▼ 0.00
(0.00%)
|
Agro Allianz
/ Apr 26
Agro Allianz Limited(AAL)
|
16
▼ 0.00
(0.00%)
|
AL-Abid Silk
/ Apr 26
Al-Abid Silk Mills Limited(AASM)
|
3.49
▼ 0.00
(0.00%)
|
Ali Asghar
/ Apr 26
Ali Asghar Textile Mills Limited(AATM)
|
2.07
▼ 0.00
(0.00%)
|
Allied Bank
/ Apr 26
Allied Bank Limited(ABL)
|
87.10
▼ 0.00
(0.00%)
|
Abbott Lab.
/ Apr 26
Abbott Laboratories (Pakistan) Limited(ABOT)
|
499.34
▼ 0.00
(0.00%)
|
Abson Ind.
/ Apr 26
Abson Industries Limited(ABSON)
|
2.50
▼ 0.00
(0.00%)
|
Alfalah ETF.
/ Apr 26
Alfalah Consumer Index ETF.(ACIETF)
|
9.84
▼ 0.00
(0.00%)
|
Stock | Price |
---|---|
786 Invest Ltd
/ Apr 26
786 Investments Limited(786)
|
5
▲ 0.00
(0.00%)
|
AL-Abbas Sugar
/ Apr 26
Al-Abbas Sugar Mills Limited(AABS)
|
585
▲ 0.00
(0.00%)
|
Agro Allianz
/ Apr 26
Agro Allianz Limited(AAL)
|
16
▲ 0.00
(0.00%)
|
AL-Abid Silk
/ Apr 26
Al-Abid Silk Mills Limited(AASM)
|
3.49
▲ 0.00
(0.00%)
|
Ali Asghar
/ Apr 26
Ali Asghar Textile Mills Limited(AATM)
|
2.07
▲ 0.00
(0.00%)
|
Allied Bank
/ Apr 26
Allied Bank Limited(ABL)
|
87.10
▲ 0.00
(0.00%)
|
Abbott Lab.
/ Apr 26
Abbott Laboratories (Pakistan) Limited(ABOT)
|
499.34
▲ 0.00
(0.00%)
|
Abson Ind.
/ Apr 26
Abson Industries Limited(ABSON)
|
2.50
▲ 0.00
(0.00%)
|
Alfalah ETF.
/ Apr 26
Alfalah Consumer Index ETF.(ACIETF)
|
9.84
▲ 0.00
(0.00%)
|
Stock | Volume |
---|---|
P.I.A.C.(A)
/ Apr 26
Pakistan International Airlines Corp(PIAA)
|
47,200,500
▲ 0.00
|
Cnergyico PK
/ Apr 26
Cnergyico PK Limited(CNERGY)
|
29,719,327
▲ 0.00
|
Pak Petroleum
/ Apr 26
Pakistan Petroleum Limited(PPL)
|
21,170,581
▲ 0.00
|
Pak Refinery
/ Apr 26
Pakistan Refinery Limited(PRL)
|
16,965,134
▲ 0.00
|
The Searle Co.
/ Apr 26
The Searle Company Limited(SEARL)
|
15,793,227
▲ 0.00
|
P.T.C.L.
/ Apr 26
Pakistan Telecommunication Company Ltd(PTC)
|
15,054,641
▲ 0.00
|
K-Electric Ltd.
/ Apr 26
K-Electric Limited(KEL)
|
14,145,556
▲ 0.00
|
WorldCall Telecom
/ Apr 26
Worldcall Telecom Limited(WTL)
|
13,158,668
▲ 0.00
|
Telecard Limited
/ Apr 26
Telecard Limited(TELE)
|
12,358,668
▲ 0.00
|
Comments
Comments are closed.