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State Bank of Mauritius' 2014 profits rise slightly PORT LOUIS: State Bank of Mauritius reported on Monday a 4.4 percent rise in 2014 profit after tax of 3.16 billion rupees ($87 million) from a year earlier, citing a decline in demand for loans. The Indian Ocean island's second-largest bank by market share said it had changed its financial year end from 30 June to 31 December, and its results were not comparable to the previous financial year, which were for an 18-month period. "The group posted a modest growth despite the challenging operating environment characterized by weak demand for credit, excess liquidity in the domestic market and increasing competition," the bank said in a statement. SBM said earnings per share rose to 12.25 rupees for the period to end-December from 11.71 rupees a year earlier. Copyright Reuters, 2015 ...

Mexico central bank sells $52mn in currency auction MEXICO CITY: The central bank of Mexico sold $52 million on Monday at an average price of 15.2456 pesos per dollar, the bank said, part of an auction program to boost foreign exchange liquidity following a recent slide in the peso currency. Monday's scheduled 10 a.m. (1600 GMT) auction was postponed by 45 minutes due to a technical problem.Copyright Reuters, 2015 ...
Egypt seeks to join China-based AIIB CAIRO: Egypt is interested in joining the Beijing-backed Asian Infrastructure Investment Bank, the foreign ministry spokesman said on Monday.Australia, Britain, France, Germany, Italy and Russia have all said they intend to join the bank, despite scepticism about the AIIB in Washington and Tokyo.China and 20 other countries signed a memorandum of understanding last October to establish the Beijing-headquartered $50 billion AIIB. "Egypt has applied to join the Asian Infrastructure Investment Bank," foreign ministry spokesman Badr ...
Swiss bank BSI fined $211mn in US tax evasion case WASHINGTON: Swiss Bank BSI will pay a $211 million penalty after acknowledging it helped clients create sham identities to evade US taxes, the Justice Department announced Monday.BSI employed myriad schemes to facilitate tax evasion, such as creating false-front corporations and trusts to hide money.BSI had more than 3,000 active accounts secretly tied to US taxpayers after 2008, many of which it knew were not disclosed to US authorities, Justice said.Under a two-year deferred prosecution agreement, ...
India's central bank tightens takeover rules for shadow banking MUMBAI: The Reserve Bank of India plans tougher rules for takeovers involving non-banking financial companies (NBFCs), according to a draft guideline published on Monday, outlining a demand that all substantial deals seek its prior approval.In its latest effort to boost transparency and strengthen its grip on the alternative lenders that account for a large part of India's shadow-banking sector, the RBI said any purchase of a stake of 26 percent or more in a company, ...
India central bank gives lenders more flexibility to cover bad loans MUMBAI: Indian banks can now divert as provision against bad loans a bigger share of the capital cushion required to be set aside to guard themselves against an economic downturn, the central bank said on Monday, easing pressure on a struggling sector.India currently mandates that banks set aside funds for emergency use in a so-called counter cyclical capital buffer. Up to half that buffer, held as of Dec. 31, can now be used for provision ...
Bank Indonesia says it doesn't have the luxury to go against market JAKARTA: Indonesia's central bank doesn't have the luxury to go against what is happening in the global financial market, senior deputy governor said, suggesting that Bank Indonesia would keep its policy tight next month.Bank Indonesia kept its key interest rate on hold at 7.50 percent in the eve of the U.S. Federal Reserve's meeting this month, but analysts have said it has scope to cut sometime this year.Analysts said the central bank had shifted its ...


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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 $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln