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Sri Lanka suffers sharpest monthly drop in worker remittances

Colombo - Muslimchronicle

Sri Lankan workers in the Middle East sent back fewer dollars in August, the sharpest monthly drop yet owing to adverse economic and geopolitical conditions in the region, its central bank said Wednesday. Remittances declined by a record 10 percent to $556.6 million (SR2.08 billion), compared with $618.3 million in August last year, the bank said in a report. AboutRead more

Cash-loving Japanese savers opt to play it safe

Tokyo - Muslimchronicle

The Tokyo stock market might be riding two-decade highs, but a growing number of Japanese are choosing to stash their cash in the humble home safe, wary of negative interest rates in the bank and out of the view of eagle-eyed tax officials. It is no secret that Japan has some of the world's biggest savers, learning from an earlyRead more

BNP Paribas stops funding shale energy firms, boosts green projects

Bengaluru - Muslimchronicle

BNP Paribas, France’s biggest listed bank, said on Wednesday it would no longer work with oil and natural gas companies that primarily do business in shale or oil sands as it plans to boost support for renewable energy projects. The bank also said that it would no longer finance new projects that are primarily involved in the transportation or exportRead more

Qatar orders aid to private sector as boycott hurts economy

Dubai - Muslimchronicle

Qatar’s government announced measures to help private sector businesses on Saturday after its economy was hurt by a boycott by other Arab states. Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani decided to cut rents paid by companies in Qatar’s logistics zones in half during 2018 and 2019, official news agency QNA reported. New investors in the zones willRead more

SAMA governor: Real GDP growth of 1.7% during 2016

Jeddah - Muslimchronicle

The governor of the Saudi Arabian Monetary Agency (SAMA) said that data show real gross domestic product (GDP) growth of 1.7 percent during 2016 compared to a growth rate of 3.5 percent in the previous year. Saudi Arabian Monetary Agency Governor Dr. Ahmed Al-Khulaifi held a press conference on Wednesday at SAMA headquarters in Riyadh to highlight its 53rd annualRead more

Royal order sets up National Development Fund, names new transport, civil service ministers

Riyadh - Muslimchronicle

King Salman issued a number of royal decrees on Wednesday announcing the establishment of a National Development Fund, and a minor Cabinet reshuffle moving Sulaiman Al-Hamdan from the Ministry of Transport to the Ministry of Civil Service, whose previous minister was dismissed in April. Nabeel Al-Amudi, head of the Saudi Ports Authority, has been appointed transport minister. The NationalRead more

Philippine president vows to file impeachment complaint against anti-graft agency head

Manila - Muslimchronicle

Philippine President Rodrigo Duterte on Wednesday vowed to file an impeachment complaint against the head of the country's anti-graft body after she launched an inquiry into allegations that he has billions of pesos in undeclared funds in bank accounts. The firebrand leader said he also wanted the chief justice of the Supreme Court removed because she allowed herself to beRead more

UK consumer credit picks up in August

London - Muslimchronicle

Consumer lending in Britain rebounded in August and rose by the largest amount in three months, Bank of England figures showed on Friday, shortly after Governor Mark Carney said banks had been lending too much. Consumer credit increased by £1.583 billion (SR7.97 billion) last month, compared with a rise of £1.166 billion in July. A Reuters poll of economists hadRead more

Philippine banking system outlook stable despite rapid loan growth, Moody’s says

Dubai - Muslimchronicle

Moody’s Investors Service on Friday said the Philippine banking system’s outlook over the next 12-18 months was stable, reflecting the lenders’ asset performance, strong loss provisioning and liquidity capacity. These factors, according to the ratings agencies would allow the banks to accommodate rapid loan growth as the Southeast Asian country’s economy gathers pace. The Philippine economy grew by 6.5 percentRead more

Government Treasury Bills issue 1672 oversubscribed

Manama - Muslimchronicle

The Central Bank of Bahrain today announced that this week’s BD 70 million issue of Government Treasury Bills has been oversubscribed by 111%. The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain. The issue date of the bills is 4th October 2017 and the maturity dateRead more