top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

16 Feb 2022

Indonesia Calls for Forex Diversity amid Pandemic Stimulus Withdrawals

The Index Today

G20 host country Indonesia has called for forex diversification in the financial markets after officials on Wednesday hailed the inclusion of local currencies in an attempt to support economic stability amid retreating pandemic-related stimulus support.

Indonesia and other Asian countries have come together to enable the facilitation of local currency transactions in lieu of the dollar, referred to as local currency settlement (LCS) arrangements.

Sri Mulyani Indrawati, the Finance Minister of Indonesia, believes that LCS arrangements need to be widely adopted and put into practice in order to protect the economies of emerging countries when developed nations tighten their monetary policies.

On Thursday, the minister addressed a seminar saying, "This [LCS] has been brought into a global agenda because this can also create a financial safety net for financial transactions between countries and reduce the vulnerability risks due to global economic shocks that cause financial instability.”

As per the People’s Bank of China (PBOC), mutual currency exchanges among China, South Korea, Japan and members of the Association of Southeast Asian Nations (ASEAN) have hit $360 billion.

©Photo: Financial Times

Clay pottery with table linens
bottom of page