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ECB's negative interest rates under fire in Germany FRANKFURT: The European Central Bank is under fire in Germany because of its policy of negative interest rates, which is prompting some banks to charge customers for holding money in their bank accounts.In Germany, where saving is considered a virtue, the announcement by one of the country's biggest lenders, Commerzbank, that it will start charging clients with high deposits on their accounts has angered many.Commerzbank insists that mom-and-pop retail customers will not be affected and the so-called "deposit fees" will be levied only on major corporate clients holding more than 10 million euros ($12.5 million) on their accounts. Nevertheless, at a time when savers in particular are already feeling the pinch from an extended period of ultra-low interest rates, Commerzbank's move "broke a taboo", complained the television news channel n-tv.Some observers think it is only a matter of time before private retail customers are hit, too.The idea behind the ECB's ...

India central bank under pressure to cut rates as growth slips NEW DELHI: India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates.The sources said Finance Minister Arun Jaitley would press Reserve Bank of India (RBI) Governor Raghuram Rajan to lower borrowing costs when the two meet ahead of a decision on interest rates next Tuesday.Six months ...
China won't consider more rate cuts or easing until Q4 data out: official BEIJING: China's central bank will wait until fourth-quarter economic data is out and monitor U.S. and Japanese monetary policy before considering any more rate cuts or easing, a central bank adviser said on Tuesday.The People's Bank of China surprised the markets by cutting rates last Friday for the first time in more than two years to help stabilize the world's second-largest economy. Reuters then reported that China was prepared to ease policy again."Regarding the next ...
Kenya's central bank chief appeals abuse-of-office charge NAIROBI: Kenya's central bank chief filed an appeal on Tuesday asking a court to throw out a case accusing him of abusing his office through his involvement in issuing a tender to install security software at the bank.Earlier this month, Kenya's High Court ruled the government's anti-graft agency and chief prosecutor could pursue the case against Central Bank Governor Njuguna Ndung'u.Ndung'u has denied involvement in the case, saying he was not involved in the tender ...
Europe's biggest bank names new boss in reshuffle MADRID: Spain's Santander, the biggest bank in Europe by market value, on Tuesday named Jose Antonio Alvarez its new chief executive in a reshuffle after longtime chairman Emilio Botin died.The bank's chief financial officer for the past decade, Alvarez was promoted to the top management post to replace Javier Marin after his two years in the job, the bank said in a statement.Several other managers were internally promoted under the leadership of Ana Botin, Emilio ...
India central bank under rate cut pressure as growth slips back NEW DELHI: India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. The sources said Finance Minister Arun Jaitley would argue forcefully for Reserve Bank of India (RBI) Governor Raghuram Rajan to lower interest rates when the two meet ahead of a decision on rates next ...
Nigeria's central bank sells dollars at 162.5 naira, breaches its band LAGOS: Nigeria's central bank auctioned dollars at 162.50 naira at its official forex window, outside its preferred band of 150-160 and ahead of a key interest rate decision on Tuesday. It the second time in a row it has auctioned the currency outside a band it burst out of in May. It auctioned the greenback at 158.41 to the dollar at its previous session. The naira, which is down 9 percent this year, hit a ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln