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Mediterranean Shipping Co. has launched the "Clanga" line at Jubail Commercial Port, enhancing trade links between Saudi Arabia and East Asia. This service connects Jubail with key ports including Dammam, Singapore, Shanghai, and Colombo, with a capacity of 6,000 TEU, aiming to boost foreign investment and improve supply chain efficiency. The initiative supports Saudi Arabia's goal of becoming a global logistics hub and strengthens its position in international trade, particularly for industrial and petrochemical exports.
Sri Lanka has signed a $2.5 billion debt restructuring deal with Japan, marking its first agreement with bilateral creditors since last year's debt relief pledges. The deal is crucial for the nation's economic recovery, following its default on $46 billion in external debt in April 2022. Japan's support is seen as vital for Sri Lanka's stability in the Indo-Pacific region, as the country continues to implement reforms under an IMF bailout.
Sri Lanka’s central bank has established a new single benchmark interest rate at 8% to support the economy's recovery from a significant crisis. This adjustment translates to an effective reduction in the policy interest rate of approximately 50 basis points, as stated by the central bank.
Sri Lanka's central bank is set to streamline its monetary policy by adopting a single benchmark interest rate, the Overnight Policy Rate, effective from the next update on Wednesday. This change replaces the existing dual-rate system and aims to enhance the clarity and effectiveness of monetary policy management.
Sri Lanka's central bank is poised to lower interest rates by a quarter percentage point on Wednesday. This move aims to stimulate economic growth as the country continues its recovery from an ongoing financial crisis.
India is expanding its mobile-payment linkages with several countries, according to a senior official from the Reserve Bank of India. Current arrangements include partnerships with Sri Lanka, Bhutan, and Nepal, with ongoing discussions for collaborations with the UAE and other neighboring nations.
The recent IMF-World Bank Meetings highlighted a consensus on a soft landing for the economy, with inflation nearing targets, allowing for potential easing by the Federal Reserve. Emerging markets like Kenya and El Salvador have shown significant recovery, successfully refinancing debts and implementing reforms, while concerns grow over fiscal sustainability in developed markets. Investor sentiment towards emerging market debt is improving, with expectations of capital controls lifting in Argentina and cautious optimism for restructuring in Lebanon.
Sri Lanka's central bank governor, Nandalal Weerasinghe, indicated that there is potential for interest rate cuts, contingent on the economic outlook. While no commitments will be made before the policy rate meeting on November 26, current indicators suggest a favorable environment for loosening monetary policy.
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