Posted on 03/22/2008 10:48:03 AM PDT by BGHater
Southeast Asian central bank governors, plus South Korea and Taiwan, will discuss financial market uncertainty and dollar weakness at a meeting in Jakarta starting on Friday, Indonesian central bank officials said.
The financial leaders of these exporting nations are meeting for two-days as policy makers globally try to tackle the global credit crisis that is threatening to drag on worldwide economic growth.
The meeting "addresses the problem of uncertainties in the global economy which, by now, I think everybody has realised is getting bigger and we have to try to make efforts in these conditions to maintain macroeconomic stability," Burhanuddin Abdullah, Indonesia's central bank governor, told a news conference.
The dollar slumped this week to a record low against the euro and a basket of major currencies <.DXY>. It stands at a 13-year low against the yen. Most Southeast Asian currencies -- the Thai baht , Malaysian ringgit , Indonesian rupiah and Singapore dollar -- have risen against the dollar. The baht, for example, is up 7.9 percent since the start of the year.
But the Philippine peso has eased 0.3 percent and the South Korean won has dropped 7.3 percent.
The credit crisis emanating from the U.S. housing market has engulfed U.S. banks and hit the world's biggest economy hard, reflected in data that some economists believe suggests the United States is already in recession.
Hartadi Sarwono, a deputy governor at Bank Indonesia, said the dollar will be discussed by the financial leaders.
(Excerpt) Read more at guardian.co.uk ...
Let me guess, this is a global problem.
global problem, does that mean a global solution?
This constitutes an admission that there is no such thing as economics. There is policy and policy bends with the tide.
Good point Right!
it’s the difference between fiat and freemarket.
and fiat is in control.
lurking’
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