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Shareholders to submit rescue plans for Bulgaria Corpbank, says central bank SOFIA: The two biggest shareholders of Corporate Commercial Bank (Corpbank) have pledged to submit rescue proposals for Bulgaria's fourth-largest lender, the country's central bank said in a statement on Monday. Corpbank was hit by a run on deposits in June, prompting the central bank to seize control and shut down its operations, pending the outcome of an audit due to completed next month.The central bank had asked the main shareholders to present a concrete proposal for possible capital and liquidity support for the troubled lender by the end of August. "We have received answers that do not contain concrete proposals and financial engagements but in which principle intentions for possible future actions are declared," the central bank said on Monday. The main owner of Corpbank, businessman Tsvetan Vassilev, has told the central bank that an investment company will submit a rescue proposal within days, according to the statement.Bulgarian prosecutors have ...

Banks to get some preliminary ECB results FRANKFURT: Banks will get preliminary information on how they have fared in the European Central Bank's landmark assessment of the sector a month early, so they can prepare a "market response", according to an ECB presentation obtained by Reuters. Investors are keenly awaiting the results of the ECB's unprecedented review, which will force lenders to come to terms with any lingering weaknesses, adjust capital buffers and write off soured loans to regain the trust of ...
Egypt's central bank keeps interest rates on hold, noting price risks CAIRO: Egypt's central bank kept its overnight deposit and lending rates at 9.25 percent and 10.25 percent respectively on Monday, as widely expected given competing pressures from high inflation and economic stagnation.The bank said in a statement the rates "are currently appropriate" to limit a general price increase.Economists in a Reuters poll had predicted Egypt would keep rates steady in an attempt to balance the need to hold down inflation while supporting an economy that ...
China's CCB says not considering hybrid ownership now HONG KONG: China Construction Bank Corp (CCB) has no plans now to implement a hybrid ownership scheme, Chairman Wang Hongzhang said on Monday. Wang was referring to a new scheme to be piloted by Bank of Communications which will see the Shanghai-based lender bring in more private investment. CCB would also implement any government request to reduce supervisors' pay at state-owned companies, Wang told reporters in Beijing. On Friday, CCB reported slowing profit growth and ...
Germany posts budget surplus as pressure rises to boost growth BERLIN: Germany posted a budget surplus of 16.1 billion euros in the first half of 2014, highlighting the strength of the country's finances at a time when Berlin faces pressure to loosen the fiscal reins and spend more to boost flagging growth in Europe. The data from the Federal Statistics Office showed that the federal government posted a surplus of 4.0 billion euros in the first six months of the year, the first time it ...
Turkish central bank opens 3bn lira repo auction ISTANBUL: Turkey's central bank opened a one-week, fixed-rate repo auction on Monday with a volume of 3 billion lira ($1.39 billion), bank data showed. The repo will mature on Sept. 8. Copyright Reuters, 2014 ...
Czech central bank head says will only mull tightening after bigger producer PRAGUE: Czech central bank Governor Miroslav Singer said he would only start considering tightening the country's monetary policy when producer prices started showing bigger rises. "So far we see that the fall of producer prices is slowing and some (prices) are beginning to rise by tenths of a percent. The economy is definitely not overheating and will not for a long time," Singer said in an interview with weekly magazine Euro published on Monday. "Once ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln