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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 Andreas Artemis, ex-CEOs Andreas Eliades and Yiannis Kypri and former executive Yiannis Pehlivanidis are set for a hearing on January 30, when the case is expected to be referred to the criminal court.Clerides said a police investigation had shown that "criminal offences had been committed."The charges relate to manipulation of the share price and to misleading statements on the capital adequacy of the bank, the island's largest lender.If convicted, the five face up to 10 ...

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 ...
Deutsche strategy rejig may presage CEO succession LONDON: Deutsche Bank's board faces a stability test. The German lender says it will review its direction and targets in 2015. Its bet on capital markets remains unproven and likely regulatory settlements in the coming months could raise further doubts. Recent executive moves suggest Deutsche is keeping options open for strategy and leadership change. Co-Chief Executives Anshu Jain and Juergen Fitschen are committed to a full service investment banking model. But the credibility of this ...
Serbia's central bank buys euros to curb dinar rally BELGRADE: Serbia's central bank bought euros on the interbank currency market on Friday to stem a mini rally of the dinar, which gained more than 1 percent in Friday's trade, dealers said.They said the national currency's rally was mostly due to increased demand and the news about probable Chinese investments in Serbia, but was also related to Russia's financial crisis. "The Russian rouble is volatile and dinar's new strenghening may partly be due to a ...


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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