Asia-Pacific

An order requiring all foreign currency held in bank accounts to be converted into local currency will not apply to businesses in special economic zones and most other foreigners.

Bangladesh Bank issued the order to ensure banks comply with guidelines issued by BFIU requiring them to establish vessel-tracking systems.

The adjustment boosted market liquidity and fresh investments by participants, while the disciplinary actions helped to bolster investor confidence.

The SBV had asked banks to direct credit away from risky areas such as real estate and towards productive industries.

The UNDP says Sri Lanka should introduce a temporary basic income and negotiate “debt-for-nature” swaps. The stock market has been closed all week.

In a survey of APLMA member institutions, more than half of respondents said they would not complete remediation of their legacy book until H1 2023.

Banks will have to hold 'bad debt' level provisions against funds allocated for certain business expenditures if they sit on the balance sheet as 'other assets' for over a year.

The new commodity exchange in Bangladesh will introduce standardised commodity contracts and help address concerns over manipulation in domestic commodity trades.

Bangladesh Bank says the court did not dismiss the entire case concerning its 2016 hack; only two of the 20 accused were acquitted due to "lack of jurisdiction".

The SBV has warned of fraud incidents involving e-wallets and asks banks to monitor the use of data by fintechs until the new regulatory framework is in place.