Publishing date: Feb 18, 2021 • February 18, 2021 • 3 minute read •
Article content
(Bloomberg) Indonesia’s central bank cut its benchmark interest rate to a record low and downgraded its growth outlook amid fears that a resurgence in Covid-19 cases is slowing the economy’s recovery.
Bank Indonesia slashed the seven-day reverse repurchase rate Thursday by 25 basis points to 3.5%, the lowest level since the rate was introduced in 2016. The move was expected by 22 out of 29 economists surveyed by Bloomberg, while seven forecast no change.
We apologize, but this video has failed to load.
Try refreshing your browser, or Bank Indonesia Cuts Rates and Outlook as the Recovery Stalls Back to video
Singapore Sees Steady 2021 Rebound as More Stimulus Expected
Bloomberg 2/15/2021 Michelle Jamrisko
(Bloomberg) Singapore reaffirmed its forecast for a rebound in economic growth this year after its worst annual contraction since independence, signaling the recovery is on track while more stimulus expected in this week’s annual budget presentation will provide further support.
The Ministry of Trade & Industry on Monday maintained its projection for growth in a range of 4% to 6% for 2021, seeing a faster rollout of the vaccine in advanced economies while the U.S. and Europe could achieve population immunity in the second half of the year. Those gains could be offset by a bleaker regional outlook with the resurgence of the virus in some countries.
The central bank yesterday punished four foreign banks for helping grain merchants speculate in New Taiwan dollar-deliverable forwards in contravention of foreign-exchange regulations.
In a statement issued on its Web site, the central bank said it has revoked the Deutsche Bank Taipei branch’s licenses to trade NT dollar deliverable forwards and NT dollar non deliverable forwards.
The branch has also been banned from foreign-exchange derivatives transactions for two years, the statement said.
The central bank has banned the Taipei branches of ING Bank NV and Australia & New Zealand Banking Group Ltd from trading NT dollar deliverable forwards and NT dollar non
FOREIGN LENDERS: The central bank took steps against Deutsche Bank’s Taipei branch, as well as ING Bank, Australia & New Zealand Banking Group and Citibank TaiwanBy Chen Cheng-hui / Staff reporter