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French fiscal watchdog deems govt growth forecasts ‘optimistic’ PARIS: France's independent fiscal watchdog said on Wednesday the government's growth forecasts for 2016 and 2017 were "optimistic", while the 1.7 percent target for 2015 was attainable but dependent on favorable circumstances. The High Council for Public Finances, weighing in on the government's three-year budget plan ahead of its submission to the European Commission later, said the government's forecast for 1.0 percent growth in 2014 was "realistic." The government's budget outline, which is partly based on these growth forecasts, is under close scrutiny from Brussels, which has already given Paris two extra years to bring the deficit to below 3 percent of output by end-2015, in line with EU rules. The government is predicting 2.25 percent growth each year in 2016 and 2017, the watchdog said. Copyright Reuters, 2014 ...

China cuts reserve requirements for rural banks BEIJING: China will cut the amount of funds rural banks must keep in reserve by up to two percentage points, the central bank said Tuesday, easing monetary policy in a bid to boost its slowing economy.The announcement comes after the government said last week that gross domestic product grew 7.4 percent year-on-year in the first quarter, sharply down from 7.7 percent the previous three months owing to a slow global recovery as well as domestic ...
UniCredit, Intesa partner with KKR on loan restructuring MILAN: Italy's two biggest banks, Intesa Sanpaolo and UniCredit, have signed a deal with US private equity firm KKR and restructuring adviser Alvarez & Marsal to create a vehicle for restructured loans, a statement said on Tuesday.An agreement to "jointly develop and implement an innovative solution" has been signed and talks on the details of the new partnership are ongoing, the four said in a joint statement.The aim is to "optimize the performance and maximize ...
Kenyan central bank says in the market to mop up 15bn shillings NAIROBI: Kenya's central bank said on Tuesday it planned to mop up 15 billion shillings ($172.81 million) in excess liquidity from the money markets using repurchase agreements (repos). By absorbing excess liquidity from the market, the central bank makes it more expensive to hold onto long dollar positions, which in turn helps strengthen the shilling. Copyright Reuters, 2014 ...
ECB's Coeure says has margin to reduce main interest rate PARIS: European Central Bank executive board member Benoit Coeure said there was further margin to reduce the main interest rate below 0.25 percent and that the strength of the euro could be keeping inflation too low."We have many tools in the event that it becomes necessary to loosen our monetary policy," Coeure told Le Monde newspaper in an interview published on Tuesday. "We still have further margin to reduce our main interest rate." Asked about ...
Turkish central bank may keep rates on hold, ease reserves rules ISTANBUL: Turkey's central bank is expected to keep interest rates on hold on Thursday despite political pressure to cut them, but it may take steps to add liquidity to the market after giving an upbeat view on the economy last week. Central bank governor Erdem Basci said last Thursday that he saw no need for Turkey to lower its growth targets for this year and that inflation will peak in May. That was more optimistic ...
Credit Agricole to sell 50pc stake in Belgian bank Crelan PARIS: French bank Credit Agricole said on Tuesday it had agreed to sell its 50 percent stake in Belgian bank Crelan, Belgium's seventh-largest banking group, to Belgian cooperative banks. Credit Agricole, France's third-largest bank, declined to give any financial details of the deal, set to close in June. The transaction was estimated earlier this year to be worth 350-400 million euros ($483-$552 million). Crelan, which controls Europabank, Crelan Insurance and Keytrade Bank in Belgium, has ...

 



 
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Banking Review 2013


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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln