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Rising Singapore interest rates sting mortgage borrowers SINGAPORE: The era of ultra-easy money is drawing to an end for Singapore mortgage holders, with domestic interest rates rising at their fastest pace in a decade in a country that already ranks among the world's most expensive places to live.The three-month Singapore inter-bank offered rate (Sibor), used to set floating-rate mortgages, climbed to 0.78756 percent on Tuesday. It has gained 33 basis points so far this year, exceeding all the annual increases since 2005.Analysts expect the rate to end 2015 at around 1.0 percent. The surge has been fuelled by the Singapore dollar's weakness against the greenback. A softer Singapore dollar can put upward pressure on local interest rates as investors seek higher yields as compensation for holding a weakening currency.Exacerbating the Singapore dollar's fall and boosting Sibor, the central bank in late January allowed the currency to appreciate at a slower pace. Most economists polled by Reuters expect ...

Tunisia's El Wifack Leasing to convert to Islamic bank in Q3 MANAMA: Tunisia's El Wifack Leasing plans to become the country's third full-fledged Islamic bank by August and will receive a capital injection from the private sector arm of the Islamic Development Bank, a senior executive told Reuters.El Wifack, rated BBB- by Fitch Ratings, will complete the conversion process through a partnership and technical assistance agreement signed on Monday with the Islamic Corporation for the Development of the Private Sector (ICD).The ICD will inject up to ...
Bank of England's Carney declines to comment on auctions probe report LONDON: Bank of England Governor Mark Carney declined to comment on a report that the central bank had launched an internal inquiry into possible wrongdoing in British money markets. The Financial Times reported in November that the Bank of England was investigating whether staff knew or even aided possible manipulation of auctions it held at the onset of the financial crisis to pump liquidity into the banking system. Carney was asked about the report by ...
Ukraine's central bank extends obligatory sales of 75pc of foreign currency revenue KIEV: Ukraine's central bank said on Tuesday it would extend a rule obliging companies to sell 75 percent of their foreign currency earnings to help stabilise the struggling national hryvnia currency. Speaking in a briefing, central bank chief Valeriia Gontareva did not say how long the measure would remain in place. Copyright Reuters, 2015 ...
China urges banks to speed up agriculture sector loans BEIJING: China urged its banks to speed up lending to agriculture, the country's banking regulator said on Tuesday, in an effort to bolster a sector that employs almost one third of its 1.4 billion people, but remains in desperate need of funding.Policymakers have cut interest rates, increased lending targets and freed up banks' reserves to lend more, but this has done little for farming, which produces some 9 percent of China's GDP, though with low ...
Turkish central bank says core inflation expected to continue to fall ISTANBUL: Turkey's core inflation is expected to decline further in the period ahead and its current account deficit will continue to narrow thanks to an improvement in its energy trade balance, the central bank said in minutes published on Tuesday. In the minutes of last week's interest rate decision, the bank said it would employ policy tools to support the economy if an additional slowdown in external demand and a sizeable decline in global growth ...
Spain's Caixabank targets ROTE of 12-14pc from 2017 onwards MADRID: Spain's third-biggest lender Caixabank on Tuesday said it was targeting a ROTE profitability ratio of 12 to 14 percent from 2017 onwards, up from 3.4 percent today, thanks to both a rise in revenues and a sharp improvement in its efficiency ratio.The Barcelona-based bank, one of the few Spanish lenders to have weathered the worst financial crisis in decades without needing public aid, said it would grow its revenues by 5.7 percent annually over ...


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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 $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln