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SNB says it will keep cap on Swiss franc as long as necessary RUESCHLIKON: The Swiss National Bank's cap on the franc remains a key part of monetary policy and it will be maintained as long as required, a central bank board member said on Friday. "It's clear that the minimum exchange rate of 1.20 is absolutely central to prevent an unwanted tightening of monetary policy conditions," Fritz Zurbruegg said in a speech in Rueschlikon, near Zurich. The cap will remain in place for as long as necessary, Zurbruegg said. The safe-haven Swiss franc is hovering close to the 1.20 per euro limit imposed by the Swiss central bank in 2011, when the currency's strength squeezed exporters and threatened deflation. Copyright Reuters, 2014 ...

Draghi says ECB ready to act fast to tackle low inflation FRANKFURT: The European Central Bank is ready to act in a timely manner if low inflation persists, ECB President Mario Draghi said on Friday. "We will continue to meet our responsibility - we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us," Draghi said in a speech at an annual banking congress. "If on its current trajectory our policy is not ...
Turkish central bank injects 19 billion lira in repo auction ISTANBUL: Turkey's central bank injected 19 billion lira ($8.54 billion) into the market in a one-week repo auction on Friday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Nov. 28, amounted to 36.84 billion lira. Copyright Reuters, 2014 ...
Vietnam caps bank credit for stock investment at 5pc HANOI: Vietnam's central bank will cap bank loans to customers for investment in shares at a maximum 5 percent of the bank's registered capital, it said in a directive. The new rule, which had been widely expected by the market, replaces a previous regulation which allowed banks to lend up to 20 percent of their registered capital for investment in securities, including bonds and shares, based on State Bank of Vietnam's regulations. The new directive ...
China central bank cuts interest rate by 0.25pc point BEIJING: China's central bank announced Friday it is cutting benchmark interest rates for the first time in more than two years, as growth in the world's second-largest economy slows.The People's Bank of China (PBoC) said in a statement on its website that it is slashing its one-year rate for deposits by 0.25 of a percentage point to 2.75 percent and its one-year lending rate by 0.40 of a percentage point to 5.6 percent, both effective ...
Australia's RBA upbeat on outlook for China resource demand SYDNEY: Chinese demand for Australian resources is likely to stay strong over the long run as the Asian giant continues to urbanise and mature into a consumer-led economy, a top central banker said on Friday.The Reserve Bank of Australia's (RBA) head of economic research, Alexandra Heath, acknowledged that slower growth in China and a rapid increase in the supply of coal and iron ore had pressured resource prices in recent months.Yet the urbanisation of the ...
Commerzbank hits customers with negative interest rates FRANKFURT: Commerzbank, Germany's second-biggest lender, announced Thursday that it will start charging large corporate customers and institutional investors to hold a high level of deposits on their accounts.However, individual private customers and small and medium-sized businesses would not be affected, the bank insisted."We reserve the right to charge some large corporates a fee on parked liquidity" above a certain threshold, Commerzbank said in a statement. The move comes following a decision by the European Central ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln