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Nigerian interbank rates ease on improved liquidity LAGOS: Nigeria's interbank lending rates eased to an average of 10.37 percent this week, compared with 10.62 percent a week earlier, with markets expecting a liquidity boost from monthly government budgetary disbursement. Traders said though market liquidity was hit by large cash outflows to bond auction and open market operation (OMO), resulting in an outflow of about 220 billion naira ($1.35 billion), the market closed with a surplus of about 200 billion in cash on Friday. Nigeria sold 100 billion naira in 3-year, 10-year and 20-year bonds on Wednesday, while the central bank issued about 117 billion in new OMO treasury bills. "We are expecting a further boost in liquidity level by the close of business today (Friday) from budget allocations to government agencies and this has helped to keep the market in check," one dealer said. Africa's biggest economy distributes revenue from oil imports among its three tiers of ...


Ghana inflation to ease to roughly 9.5pc in 2015: central bank ACCRA: Ghana expects inflation to ease to 9.5 percent, plus or minus two percentage points, by the second half of 2015 from a four-year high of 15.9 percent in August, central bank governor Henry Kofi Wampah said on Friday. He told Reuters the inflation rate would fall as the Bank of Ghana maintains its tight monetary policy stance, aided by government stabilisation efforts and a boost in foreign exchange liquidity.On Wednesday, the bank maintained its ...

BoE says its bond-buying failed to boost bank lending LONDON: The Bank of England's 375 billion pounds ($612 billion) of stimulus pumped into Britain's financial system did not boost bank lending, research from the central bank showed on Friday, although it helped turn the economy round in other ways.The BoE launched its bond buying programme in March 2009 during the nadir of Britain's worst post-war recession, and at the time said it might make banks more willing to lend to companies and households.New research ...

Prada to open fewer stores in 2014 after H1 profit drops HONG KONG: Prada SpA will open fewer stores than previously planned this year, the Italian luxury goods group said on Friday, after reporting a 21 percent fall in its first-half net profit.The company said it did not see significant improvements in the luxury market in the coming months and forecast a second half broadly in line with the first six months to end-July, without specifying if it was referring to sales or profit.In April Prada ...

Turkey working to produce electricity from pistachios ISLAMABAD: Turkey, the world's third-largest producer of pistachios, will gather biogas from the nuts, which are related cashews, to produce electricity.Production will begin initially in Gaziantep, a southeastern city of more than a million people that is one of the most important agricultural centers in the country, Anadolu Agency reports.Among Gaziantep's features are numerous pistachio orchards.Scientists in Turkey have been working to produce biogas from pistachios on an experimental level for more than three years ...

Alibaba's Ma rides 'Forrest Gump' story to riches NEW YORK: In his long road to riches, Alibaba founder Jack Ma says his inspiration has been the film character "Forrest Gump.""I like that guy. I've been watching that movie about 10 times," Ma said in an interview with CNBC as his Chinese online firm made its historic Wall Street trading debut on Friday."Every time I get frustrated, I watch the movie."Ma said the lesson he learned from the blockbuster featuring Tom Hanks was "that ...

Air France strike extends into weekend PARIS: French travellers were facing a weekend of travel disruption, as pilots at Air France announced Friday they were extending their strike, their longest since 1998.The company said it will have to scrap 55 percent of its flights on Saturday, when pilots' unions will also announce whether the strike will continue into a second week.Pilots have downed tools in protest at the airline's plans to develop its low-cost subsidiary Transavia France, whose pilots cost considerably ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln