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Turkish central bank signals early policy meeting, possible rate cut ANKARA: Turkey's central bank may hold an early monetary policy meeting next week and discuss an interest rate cut if inflation continues to fall sharply, Governor Erdem Basci said on Tuesday.Basci, who is under pressure from the government to lower rates ahead of a June parliamentary election, said the bank could act as early as Feb. 4 if data due a day earlier shows January inflation slowing by more than 1 percentage point.The lira weakened to 2.36 against the dollar on his comments, reversing earlier gains after he announced a cut in the bank's forecast for inflation this year to 5.5 percent from a previous 6.1 percent."We could hold a meeting to take a rapid decision," Basci told a news conference called to announce the bank's quarterly inflation report."If January inflation falls more than one (percentage) point and core (inflation) is good, we could even make an assessment on Feb. ...


Kenya's remittances jump 10.7pc in 2014, help cushion currency NAIROBI: Money sent home by Kenyans living abroad rose 10.68 percent last year to $1.43 billion, the central bank said on Tuesday, setting a new annual record and cushioning the weakening local currency.Known as remittances, the cash is a major source of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism. Kenyans abroad typically send money to help their families and to invest in projects like real estate.The shilling weakened gradually against ...

Indian carmaker Maruti's profit disappoints on one-off costs NEW DELHI: India's largest carmaker Maruti Suzuki India Ltd posted a smaller-than-expected rise in profit for the third quarter, hit by one-off items including a jump in advertising costs, a higher tax rate and lower income from investments.Maruti, which sells nearly one in two cars in India, reported a quarterly net profit of 8.02 billion rupees ($130.53 million), up 18 percent. Analysts on average expected the company to make a profit of 9.06 billion rupees, ...

Turkish central bank cuts 2015 inflation forecast to 5.5pc ANKARA: Turkey's central bank cut its mid-point inflation forecast for the end of this year to 5.5 percent from a previous 6.1 percent, governor Erdem Basci said on Tuesday.At a news conference to announce the bank's quarterly inflation report, Basci said the midpoint of the bank's 2016 year-end inflation forecast was 5 percent.Copyright Reuters, 2015

S&P downgraded Russia credit rating 'on Washington's orders' MOSCOW: Moscow on Tuesday condemned a decision by Standard and Poor's to strip sanctions-hit Russia of its investment-grade rating, saying the downgrade to "junk" status had been ordered by the United States."I personally have no doubt that this was done not even on the prompting but on direct orders from Washington," Deputy Foreign Minister Vasily Nebenzya was quoted by the state RIA Novosti news agency as saying.Copyright AFP (Agence France-Presse), 2015

Ericsson profits drop as North America demand slumps STOCKHOLM: Swedish telecoms giant Ericsson said Tuesday its net profit plunged by over a third in the fourth quarter, dragged down by falling demand in its key market North America.Profits slumped 35 percent to 4.17 billion crowns (447 million euros, $503 million) in the last three months of 2014 as currency hedge losses further eroded earnings.Net profit for the full year was down 4 percent to 11.57 billion kronor.The group said demand slowed particularly towards ...

Novartis flags faster sales and profit growth for 2015 ZURICH: Swiss drugmaker Novartis forecast sales and profits to grow at a faster pace this year as recent drug successes and its portfolio overhaul help it weather the impact of generic competition.Excluding currency moves, the Basel-based firm on Tuesday said it expected mid-single digit sales growth and core operating income to increase at a high-single digit rate in 2015.Still, a surge in the Swiss franc following a shock move by the Swiss central bank to ...


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln