Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Asia will weather financial storm: Asean

Asia will weather financial storm: Asean

Asia will weather financial storm: Asean

SINGAPORE - Asean's finance ministers reaffirmed the region's economic and financial resilience on Wednesday - the same day as Asian stock markets plummeted to levels not seen in years.

"We expressed full confidence in Asean member states' economic and financial resilience, and their ability to weather the current difficulties in global financial markets," the 10-member bloc said in a statement received in Singapore, which held the group's rotating chair until earlier this year.

Trading on the stock market in Indonesia, an Asean member, was suspended due to "irregularities" Wednesday after the main index plummeted more than 10 percent in midmorning trade, officials said.

In Singapore the local bourse was down more than six percent and shares in Asean member Thailand fell more than eight percent.

The Asean ministers said the region's economic fundamentals remained sound and significant reforms have been undertaken since the 1997-98 financial crisis hit the region.

"The strong capitalisation of banking and financial institutions in the Asean region ... and their limited direct exposure to the deterioration in the US and other affected credit markets, constitute important strengths," the ministers said.

Asean said a Macroeconomic and Finance Surveillance Office would be established to help boost regional financial stability and accelerate regional integration. AFP

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all