At present, remittances for normal imports (excluding import of gold/diamonds and precious stones/jewellery) into India are required to be completed within a period of six months from the date of shipment by the overseas supplier, except in cases where amounts are withheld towards guarantee of performance. … [Read more...] about COVID-19 impact: RBI announces measures to support foreign trade
Foreign exchange investment
Zimbabwe has reported just 34 coronavirus cases and four deaths. Yet the economic effects of its lockdown have been ruinous. More than half of Zimbabwe’s 15 million people already needed food aid after a drought in 2019, according to the government and aid agencies, which shrank the economy by 6%. … [Read more...] about Zimbabwe pleads with foreign lenders to prevent coronavirus ‘catastrophe’
The finance ministry official said PIF is still going ahead with investments in domestic mega-projects under Crown Prince Mohammed bin Salman’s diversification drive, including the $500 billion NEOM economic zone, the Red Sea tourism project, and Qiddiya, an entertainment development that will include a Six Flags theme park. … [Read more...] about Saudi Arabia’s PIF gets $40 billion from foreign reserves to fund overseas investments
HONG KONG: Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. If it gets to that stage, Beijing's move will come at a cost for China's economy. WHY DOES CHINA NEED HONG KONG AS IT IS? China still has extensive capital controls and often intervenes in its financial markets and banking system. Hong Kong is one of the world's most open economies and one of the biggest channels for equity and debt financing. The size of Hong Kong's economy may only be the equivalent of 2.7% of mainland China's, down from 18.4% in 1997 when it reverted to Chinese rule, but the territory punches above its weight due to world-class financial and legal systems. As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities. HOW IS THAT CHANGING? Under the 'one country, two systems' formula agreed as part of Britain's handover of the territory … [Read more...] about How important is Hong Kong to China as a free finance hub?
“Maximising returns on the kingdom’s assets will reflect positively on economic performance and public finances and limit negative effects of the coronavirus pandemic. Returns on PIF investments will be available to support public finances when needed,” he said. … [Read more...] about Saudi Arabia says it provided $40 billion to PIF from foreign reserves