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November 29, 2016    Reading Time: 2 minutes

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Zimbabwe issues bond notes as a parallel currency. Image Credit - ZYZYBILO / depositphotos

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ADB provides loan to develop capital markets

Sri Lanka has received a loan of USD 250 million from the Asian Development Bank’s Ordinary Capital Resources Fund to carry out a Capital Market Development Programme (CMPD). The CMPD aims to promote stable, transparent and efficient capital markets.

The programme will be implemented by the Central Bank, the Securities and Exchange Commission, the Sri Lanka Insurance Board, and the Sri Lanka Accounting and Auditing Standards Monitoring Board.

Indian Navy chief in Sri Lanka

The Chief Admiral of the Indian Navy, Sunil Lanba, is in Sri Lanka, on a visit aimed at strengthening maritime security relations between the two countries. Chief Admiral Lanba is scheduled to meet President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, and senior officials of the defence force during his five-day visit.

The Admiral will participate in the ‘Galle Dialogue’ Maritime Conference, where he will deliver a keynote address on ‘India’s perspective on the benefits of Strategic Maritime Partnerships’.


Zimbabwe launches parallel currency

The Reserve Bank of Zimbabwe has issued new ‘bond notes’, each worth 1 US dollar, in an attempt to halt US dollar outflows from its economy.

The issuing of new currency has raised further concerns over the possibility of hyperinflation in the economy. Zimbabwe’s high unemployment levels and failing economy have sparked growing protests against Zimbabwean President, Robert Mugabe.

South Korean President willing to resign

The President of South Korea, Park Geun-hye, has made a statement calling on the South Korean National Assembly to decide how she would resign from power.

President Park delivered her statement in response to widespread opposition calling for her impeachment. Protests have been occurring since October, with the latest having taken place on 26 November.

Thailand begins process of succession

The Thai Cabinet has submitted the name of the Crown Prince, Maha Vajiralongkorn, to the National Legislative Assembly of Thailand, to succeed the late King Bhumibol Adulyadej as Thailand’s monarch.

The succession would proceed with the Speaker of the Assembly formally inviting the Crown Prince to become the country’s monarch, and then making an official proclamation to the public.

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