economics

Sri Lanka's rupee and stock market .CSE fell on Wednesday on concern over doubts on a $1.9 billion International Monetary Fund (IMF) loan after a British minister hinted at withholding it to punish Sri Lanka...

However, the Central Bank Governor Ajith Nivard Cabraal told Reuters the views expressed by individuals were political speculation.

Bangladesh has decided not to make fresh recruitment against the 10 per cent vacant posts in government sector to curtail public spending in view of the global recession.

"The government takes the decision on jobs cut prompted by the logic of saving the public resources," Finance Minister AMA Muhith said at a function yesterday, a day after a government circular disclosed the plan.

Sri Lanka’s central bank reduced interest rates for the fourth time in as many months to bolster an economy growing at the weakest pace since 2001.

The Central Bank of Sri Lanka cut the repurchase rate to 9 percent from 10.25 percent and lowered the so-called penal rate to 13 percent from 14.75 percent, according to a statement on the bank’s Web site today. The Colombo-based central bank left its reverse repurchase rate unchanged at 11.75 percent.

Bangladesh expatriates sent home a record $6.148 billion in remittances during the first eight months of the current fiscal year, marking a 27.01 percent growth over the same period of the last fiscal year.

"The flow of remittances is still at a satisfactory level," a senior official of the Bangladesh Bank (BB), the country's central bank, told AHN Media in Dhaka on Tuesday.

The BB official also said that the total amount of remittances dropped slightly in February over that of the previous month due mainly to fewer working days.

BEIRUT: Nepal's Foreign Employment Promotion Board has recommended the government lift its suspension on granting work permits to Nepali job-seekers in Lebanon, Nepal's news website My Republica reported on Tuesday. "The board's meeting held on Tuesday made the recommendation on the grounds that the security situation for migrant workers in Lebanon improved," the website said.

Remittances to Pakistan rose by 24.0% year-on-year in July-November 2007, demonstrating the importance of the emigrant community. Remittances in fiscal year 2006/07 reached 4.3% of GDP. This has helped Pakistan's economy to remain relatively resilient to political turbulence. Since a growing amount of remittances come from the Middle East rather than the USA, this should provide some insulation in the event of a slowdown in the US economy.

Disgruntled border guards who went on a shooting spree against their superiors in the crowded Bangladeshi capital of Dhaka on Wednesday agreed to surrender after the government promised amnesty, officials said. At least five people were killed and more than 20 were injured, police said. The guards were apparently motivated by demands for higher pay and better living conditions.