Saturday, 15 June 2013 17:21
Posted by Muhammad Iqbal
ABU DHABI: Egypt's government is in the late stages of verifying its economic reform programme with the International Monetary Fund before obtaining a $4.8 billion IMF loan, its central bank governor said on Saturday.The loan, needed to help stabilise Egypt's balance of payments and state finances, has been under discussion for two years but agreement has repeatedly been postponed by political unrest in the country and the government's reluctance to commit to austerity measures."The IMF ...
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GENEVA: Switzerland said Monday that it wants the OECD group of industrialised nations to broker a global deal on the exchange of information about people who bank their cash outside their homeland.In a statement, the Swiss government said that a "global standard" was necessary for the automatic exchange of information for taxation purposes."The most suitable body for preparing this would be the broadly based Organisation for Economic Co-operation and Development," it said, referring to the 34-nation grouping.The statement was issued after Swiss Finance Minister Eveline Widmer-Schlumpf met with European Union tax chief Algirdas Semeta.The financial crisis has thrown the spotlight squarely on the issue of tax evasion, notably by EU and US citizens who bank their cash out of sight of their home countries' authorities.Swiss lawmakers are Tuesday scheduled to vote on a controversial deal with Washington that would give the Alpine country's banks legal closure in probes of their ...
ZURICH: Foreign banks based in Switzerland called on Monday for a rapid resolution of a dispute with Washington over Swiss banks' role in tax evasion by Americans, warning the prolonged uncertainty was putting entire financial institutions at risk.Alfredo Gysi, who heads the Association of Foreign Banks in Switzerland, told reporters in Zurich he hoped the lower house of the Swiss parliament would give its blessing Tuesday to a secretive deal between Bern and Washington to ...
BUDAPEST: Hungary central bank has room to cut interest rates further while it is also eyeing external markets "very seriously" and would be ready to act if investor sentiment soured a rate setter told Dow Jones on Monday."As long as financial market and inflation developments are on our side, we do see room for further rate cuts," rate setter Gyula Pleschinger was cited as saying in an interview."There is still room to maneuver, but for ...
ABU DHABI: Egypt's government is in the late stages of verifying its economic reform programme with the International Monetary Fund before obtaining a $4.8 billion IMF loan, its central bank governor said on Saturday.The loan, needed to help stabilise Egypt's balance of payments and state finances, has been under discussion for two years but agreement has repeatedly been postponed by political unrest in the country and the government's reluctance to commit to austerity measures."The IMF ...
COLOMBO: The fall in Sri Lanka's rupee currency is no cause for concern as foreign investors have been changing their positions rather than pulling out of the island nation's bond market, Central Bank Governor Ajith Nivard Cabraal said.The rupee had sunk to a more than six-month low of 129.00/129.10 per dollar on Friday, as foreign investors sold bonds as part of a broader sell-off in emerging markets on fears that loose global monetary conditions were ...
COLOMBO: Sri Lanka's central bank intervened in the currency market on Friday, selling dollars to stabilise the rupee after it had fallen to a more than six-month low."We have done a limited intervention, because I think there is some unnecessary speculation," Central Bank Governor Ajith Nivard Cabraal told Reuters. "We have stabilised the market."The rupee had sunk to a 129.00/129.10 per dollar in early trade, its lowest since Dec. 4, as foreign investors sold bonds ...
MUMBAI: Indian bank loans rose 14.1 percent from a year earlier in the two weeks to May 31, while deposits were up 13.4 percent, the Reserve Bank of India's weekly statistical supplement showed on Friday.Outstanding loans rose 488.4 billion rupees ($8.5 billion) to 53.79 trillion rupees in the two weeks to May 31.Non-food credit rose 509.3 billion rupees to 52.61 trillion rupees, while food credit fell 20.9 billion rupees to 1.18 trillion rupees.Bank deposits rose ...
