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China cuts red-tape for foreign bank branch openings, RMB business SHANGHAI: China has cut red-tape for foreign bank branch openings and entry into renminbi business, state media said on Saturday, the latest in a series of measures to liberalise the banking sector.The cabinet revised existing rules on Saturday, abolishing the requirement for foreign-owned and joint-stock banks to inject 100 million yuan ($16.08 million) or an equivalent in other currencies of working capital into a newly opened branch, the official Xinhua news agency reported.This should speed up the approval process, the news agency said. The revisions also lower the threshold for foreign banks to enter the renminbi business. The cabinet has cut the number of years a bank has to be registered before it conducts renminbi business from three to one, and scrapped a two-year profitability requirement.Banks now no longer have to first establish a China representative office before setting up other branches.Under the new rules, branches of a foreign bank ...

Italy's Renzi wins confidence vote to pass budget in Senate ROME: Italian Prime Minister Matteo Renzi won a confidence vote to get his tax-cutting 2015 budget through the Senate on Saturday and it is expected to be definitively approved by the lower house of parliament next week.In a session that ended shortly before dawn, the Senate voted 162-37 to pass a financial package that includes tax cuts for low earners worth almost 10 billion euros ($12.3 billion), and a reduction in labour taxes for businesses.Italian ...
Ex-Bank of Cyprus executives face trial over meltdown NICOSIA: Two former chairmen and three other one-time top executives of the Bank of Cyprus are being charged in connection with the economic meltdown that forced Nicosia to seek a painful international bailout.Attorney General Costas Clerides told the Cyprus News Agency a case was filed Friday before the Nicosia district court in what could lead to the first prosecution since the March 2013 banking crisis that almost bankrupted the country.Former BoC chairmen Theodoros Aristodemou and ...
Turkish central bank injects 24 billion lira in repo, bids 46.5bn ISTANBUL: The Turkish central bank injected 24 billion lira ($10.35 billion) into the market on Friday in a one-week repo auction at a fixed simple rate of 8.25 percent, central bank data showed. Total bids for the repo, which matures on Dec. 26, were 46.5 billion lira, it said. Copyright Reuters, 2014 ...
Indonesia's October loan growth slows to 12.6pc y/y JAKARTA: Indonesia's loan growth in October slowed to 12.6 percent from a year earlier, compared with 13.2 percent in September, the financial services authority said on Friday. Loan growth has slowed since the central bank tightened monetary policy from June to November last year, raising the benchmark interest rate 175 basis points to 7.5 percent. Bank Indonesia in November raised interest rates for the first time in a year, increasing it by 25 basis points ...
ECB considers making weaker euro zone states bear more QE risk FRANKFURT: European Central Bank officials are considering ways to ensure weak countries that stand to gain most from a fresh round of money printing bear more of the risk and cost. Officials, who spoke on condition of anonymity, have told Reuters that the ECB could require central banks in countries such as Greece or Portugal to set aside extra money or provisions to cover potential losses from any bond-buying, reflecting the riskiness of their bonds. ...
Iceland to pay back tranche of IMF loan early COPENHAGEN: Iceland is to repay ahead of time a further tranche of a $2.1 billion loan received from the IMF after its financial crisis in 2008, leaving about 17 percent to pay off, the Central Bank of Iceland said in a statement on Friday. The tranche amounts to about 50 billion Icelandic crowns, corresponding to 275 million IMF special drawing rights (SDR), and had been due for repayment next year. The IMF provided Iceland with ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln