Foreign Exchange News

Plans to launch an Asian Currency Unit (Acu) to help develop regional bond markets and promote monetary co-operation have been delayed by political and technical arguments over which currencies to include and how the weighting system would work, say people familiar with the project. // “There is agitation over which currencies are to be in the Acu,” said one official at the Asian Development Bank ...

Burma’s military regime is increasing the salaries of its poorly paid civil servants and armed forces by between 500 and 1,200 per cent this year, a move analysts warn will worsen inflation and add to pressure on the nation’s currency. // The sharpest increases will benefit the highest-ranking officials and officers, whose salaries will increase to 120,000-200,000 kyat ($100-$166) per month, up from the previous 10,000 to 16,000 kyat, the Financial Times has learned. The salaries of the lowest ...