HKMA will resell stock

Article Abstract:

The Hong Kong Monetary Authority plans to create a fund management firm that will try to dispose of the stocks previously bought by the government in August 1998. The Hong Kong government purchased about $15 bil of foreign reserves to regulate Hong Kong currency and curb speculation and now wants to resell the bought stocks. The new company, to be called the Exchange Fund Investment Ltd, will be a private company owned by the Exchange Fund and is planned to be put up by the end of October 1998.

Economic aspects, Hong Kong

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IMF urges Jakarta to delay action on a currency board

Article Abstract:

International Monetary Fund Managing Director Michel Camdessus has exhorted the Indonesian government to put off the establishment of a fixed-exchange rate system. Immediate approval of the proposed currency board may endanger the economic recovery chances of the country. The most debatable issue of the proposed currency board was the proposals to boost Indonesian interest rates to as much as 300% after its enforcement.

International Monetary Fund, Economic policy, Political aspects, Foreign exchange, International relations, Indonesia, Indonesian foreign relations

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