Sydney: South Korea Finance Minister Choi Kyung Hwan urged the central bank to support Asia’s fourth-biggest economy, saying it’s important for monetary policy to be in “harmony” with government efforts to boost growth.

“The Bank of Korea probably shares many of our views regarding the Korean economy,” Choi, 59, said in an interview on Saturday in Cairns, Australia where he is attending a meeting of finance and central bank chiefs from Group of 20 economies. “I am sure they will come out with a wise decision on their own.”

With the economy slowing as consumer spending declines and a stronger won cuts profits for exporters, the government added fiscal stimulus this year and is poised to boost spending to a record in 2015. The central bank has cut the policy rate to the lowest in more than three years and Governor Lee Ju Yeol, who is also in Cairns, faces growing pressure to reduce borrowing costs further to support growth, reports Bloomberg.

The pace of recovery in the economy has been “very slow” since a ferry disaster earlier this year, Choi said. The accident prompted consumers and businesses to cut spending in mourning.

The trend in low inflation and growth can be seen across the world, Choi said. “To stem the cycle of low growth, what we need is to have some bold policies to boost demand. South Korea is similar,” he said.

Two months into his job, Choi has already announced an 11.7 trillion won ($11.2 billion) stimulus package, eased mortgage lending controls and outlined plans to give tax breaks for companies that boosts dividends and investments. His ministry also plans to increase spending by 20.2 trillion won in 2015 to support growth, the biggest amount since the 2009. Bets for another rate cut by the central bank gained momentum after Governor Lee said one member dissented on the decision to hold the benchmark rate at 2.25 per cent on Sept. 12 after the 25 basis point reduction last month. 

Md. Liakat Ali Chowdhury has been elected as Director of the Board of Al-Arafah Islami Bank Ltd.

The Board of Directors of the bank at the 261st meeting unanimously elected Liakat as Director of the bank.

Md. Liakat Ali Chowdhury is the owner of Asadi Steel Enterprise and Regal Oxygen. He is the managing partner of Jamuna Ship. Md. Liakat Ali, a prominent businessman of the country is a Director of Chittagong Metropolitan Chember of Commerce and Industry.

He is also the Founder Director of Southern University Bangladesh.

Sharia-based lenders can make renewable investment in the fund

Sharia-based lenders will have to repay the central bank the principal amount of the loan and the profits on it every three months. The lenders, however, will be able to borrow until their investment period lasts. 

The circular came on the back of a huge growth in Islamic banking in the country. There are seven full-fledged shariah-compliant banks. Most other banks have also launched their Islamic banking wing in recent years.

BASIC decided to take away some part of high management’s salaries