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From Almaty to the skies: Kazakhstan tests Central Asia's first air taxi
Central Asia's first air taxi test flight has taken place in Kazakhstan, as authorities and private partners work to develop a new urban air mobility network. Commercial trial operations are expected by early 2029, subject to certification and regulatory approval. Central Asia's first air taxi has taken to the skies in Kazakhstan.
Indonesian central bank says governor briefs foreign investors following surprise rate hike
Indonesian central bank says governor briefs foreign investors following surprise rate hike JAKARTA, June 10 : Indonesia's central bank has briefed investors from Europe, the United States and Asia following its surprise rate hike, senior deputy governor Destry Damayanti told Reuters on Wednesday. On Tuesday, Bank Indonesia raised interest rates by 25 basis points in a rare off-cycle move to 5.50 per cent to try to stabilise the rupiah after the currency hit a series of record lows. Destry...
Indonesia central bank, finance minister agree to boost asset yields to aid rupiah
Indonesia central bank, finance minister agree to boost asset yields to aid rupiah JAKARTA, June 6 : Indonesia's central bank chief and finance minister on Saturday agreed to increase yields on Indonesian assets to attract portfolio inflows and support the rupiah, after the currency hit record lows in the past few weeks. Bank Indonesia and the finance ministry "will increase the attractiveness of yields" on Indonesian assets "so that portfolio inflows return" to the country, Governor Perry...
Like Indonesia, India's central bank may hike rates to defend its currency
India's central bank may defy expectations that it will leave its benchmark interest rate unchanged during its monetary policy decision meeting on Friday. The majority of economists polled by CNBC expect the Reserve Bank of India to keep rates unchanged at 5.25% while signaling a rate hike may only occur towards the end of the year. A minority expect policymakers to act at this week's meeting in a bid to anchor the rupee, which has depreciated to record lows against the dollar.
Hong Kong well placed to help Central Asia grow yuan trade, leading banker says
Hong Kong has the “most complete renminbi financial ecosystem” and is well placed to serve as a hub for Central Asian countries seeking to expand the currency’s use in trade and investment, according to a veteran banker. Stephen Chan Man, deputy chief executive of Bank of China (Hong Kong), also said on Thursday that the high-level delegation led by Chief Executive John Lee Ka-chiu next month to Kazakhstan and Uzbekistan was an opportunity to deepen financial ties with the region under a...
Indonesia raises rates in surprise move to prop up sinking rupiah
Indonesia raises rates in surprise move to prop up sinking rupiah The rupiah has been under pressure due to a wide range of investor worries, including President Prabowo Subianto's big spending plans and a ballooning fuel subsidy budget following the Iran war. JAKARTA: Indonesia's central bank raised interest rates by 25 basis points on Tuesday (Jun 9) in an unexpected off-cycle rate hike, taking the benchmark rate to 5.50 per cent as it moves to stabilise the rupiah, which has hit a series...
EBRD lowers growth forecast as Iran war energy shock continues to hit economies
Economic growth across the European Bank for Reconstruction and Development's regions is expected to slow more sharply than previously forecast this year, largely due to higher inflation linked to the Iran war, which has pushed up energy prices. Inflation across the bank's regions rose to 6.4%. The European Bank for Reconstruction and Development (EBRD), which invests across emerging economies spanning central and eastern Europe, Central Asia, the Middle East and North Africa, has lowered...
South Korea Q1 GDP grows 1.8% q/q, stronger than advance estimate
South Korea Q1 GDP grows 1.8% q/q, stronger than advance estimate SEOUL, June 9 : South Korea's economy grew in the first quarter at a stronger pace than previously estimated in April, revised central bank data showed on Tuesday. Gross domestic product grew 1.8 per cent in the January-March quarter from the preceding three months, faster than the 1.7 per cent increase estimated earlier, according to the Bank of Korea. Asia's fourth-largest economy grew 3.8 per cent from a year earlier,...
Singapore pushes to become regional gold hub as demand for bullion rises
Singapore pushes to become regional gold hub as demand for bullion rises Industry players say interest in storing gold in Singapore is rising among investors from markets such as India, Indonesia and Vietnam, drawn by the country's reputation for stability, security and strong governance. Singapore is looking to position itself as a regional hub for gold trading and storage, as demand for bullion grows across Asia. Industry players say interest in storing gold in the country is rising among...
India scraps tax on overseas bond investors in bid to attract foreign capital and shore up the rupee
India is doubling down on measures aimed at attracting foreign portfolio investments, as capital outflows hit a record high. The government on Friday announced that it has exempted foreign investors and the Bank for International Settlements — a global financial institution owned by central banks— from income tax on any interest or capital gains. The exemption will take effect from April 1, 2026, as per the government's release.