India extends $1 billion credit line for Sri Lanka by a year
Sri Lanka's reserves dropped to record lows in April last year, triggering its worst financial crisis since independence from British colonial rule in 1948.
Sri Lanka's reserves dropped to record lows in April last year, triggering its worst financial crisis since independence from British colonial rule in 1948.
The minister also noted that there is a trend of gradually shifting international oil transactions from the US dollar to other currencies, particularly the Chinese Yuan.
The move comes as global inflationary pressure stemming from global crises, namely the Russia-Ukraine war, has driven up domestic prices of edible oil and sugar.
The renminbi is among the top-five most-used currencies in global payments, but it has a long way to go before it can challenge the US dollar, notes the writer.
Asean economic growth is estimated at 4.7 percent in 2023 and is forecast to grow to 5 percent in 2024, making Asean “a bright spot on the dark horizon”.
National Statistician Dennis Mapa said that in March, the number of jobseekers decreased by 58,000 compared with Feb 2023 and by 461,000 compared with March 2022.
The writer says money has lost so much value that many people don’t bother to count pesos in the hundreds anymore.
The popularity of electric SUVs has exploded since Tesla delivered its domestically-produced Model Y two years ago in China.
Cooped up in China for three years under Covid-19 curbs, Bian is among a flood of Chinese hunting for property in the southeast Asian nation.
Only 19 per cent rated themselves as “not poor.”