PREMIUM‘Bill will push central bank into dark age’: Experts voice concerns over BI Laws revision

first_imgFacebook Log in with your social account Linkedin LOG INDon’t have an account? Register here Forgot Password ? Experts and rating agency have voiced their concerns over the recent draft revision of the Bank Indonesia (BI) Laws, which is feared will undermine the central bank’s independence and prudence amid the economic risks the country faces during the COVID-19 pandemic.The bill, which was proposed by the House of Representatives’ legislation body, states that the central bank’s mandate will be to manage the rupiah exchange rate and inflation as well as boosting economic growth and helping to ensure sustainable job creation. The prevailing laws mandate BI to manage inflation and the rupiah exchange rate.The draft revision also scraps all existing articles stipulating BI’s independence in monetary policy making, which it was granted in the wake of the Asian financial crisis to help ensure the country had a prudent central bank. Instead, the draft revision requires… Google Topics : bank-indonesia central-bank independence monetary-policy Moodys-Investors-Service BI-Law-revision economic-growth finance-ministerlast_img read more

GOVERNMENT BOWS: St. Vincent PM heeds request from Christian Council

first_img Sharing is caring! Share Share NewsPoliticsRegional GOVERNMENT BOWS: St. Vincent PM heeds request from Christian Council by: – March 29, 2011 27 Views   no discussionscenter_img KINGSTOWN, St. Vincent, CMC – Prime Minister Dr. Ralph Gonsalves says his administration has heeded a request from the St. Vincent and the Grenadines Christian Council for an independent  review of the controversial amendment to the Representation of the People’s Act.The main opposition New Democratic Party (NDP) has been staging a series of demonstrations here against the proposed amendments to Section 51 of the Act, claiming that it would infringe up[on the rights of citizens.But Gonzales, who has already said that Section 16 of the Constitution states that any infringement of anyone’s rights or any allegation of any such infringement can be redressed by the aggrieved individual applying to the High Court, told party supporters on Sunday night that he was prepared to listen to the religious grouping.“The Bill is already on hold because the Joint Select Committee, the next meeting is May 5. The Christian Council says they want time to get somebody to look at the Representation of the People’s Act.“They have from now until May 5. If they say to me that they want another two weeks beyond that  I am prepared to say yes. I am willing to meet with the Christian Council and we hold our hands together because we all love this country and these are serious people….and I listen to them and I pay attention to what they say,” Gonsalves told supporters.,But the Prime Minister made it clear that “it is not everything they say I will agree with, but we pay attention to what they say”.Gonsalves said he was confident that the bill would meet the approval of legislators after all the studies are completed.“I know at the end of the study the independent study will show that there is nothing in the Bill to be afraid of in the way in which (Arnhim) Eustace (NDP leader) talking. So I don’t have any worry about that,” he said, adding “I know that the Bill will be passed.“I know when right thinking people will look at it the Christian Council must come to the conclusion that what we are saying is the right and proper thing,” he added.Source: Cana News Share Tweetlast_img read more