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Turkey bank keeps rates steady ahead of polls ANKARA: Turkey's central bank on Wednesday kept its main interest rates unchanged, in a widely anticipated move just over two weeks ahead of June 7 elections.The central bank is keeping a careful eye on inflation while also trying not to provoke President Recep Tayyip Erdogan who has called for aggressive rate cuts to boost growth.The bank said in a statement after its latest monetary policy committee meeting that the one-week repurchase rate would be kept at 7.50 percent, the marginal funding rate at 10.75 percent and the borrowing rate at 7.25 percent.The bank said in its statement that it was carefully watching inflation due to recent pressure on the Turkish lira on currency markets."Recently elevated volatility in the exchange rates has limited the improvement in the core inflation," the bank said."This, combined with the uncertainty in global markets and volatility in energy and food prices, makes it necessary to maintain ...

UBS says not fined in currency rigging probe but must pay US $342mn ZURICH: Swiss banking giant UBS said Wednesday that the US Department of Justice had dropped charges against it after a probe into currency rigging.The bank must nevertheless pay a $342-million penalty (307 million) to the Federal Reserve, the bank said in a statement. A previous agreement with US authorities struck in 2012 over the Libor scandal into manipulation of benchmark interest rates, however, has been overturned.Copyright AFP (Agence France-Presse), 2015 ...
Julius Baer says assets under management fall at start of 2015 ZURICH: Swiss private bank Julius Baer said on Tuesday its assets under management fell 1 percent to 289 billion Swiss francs ($311.93 billion) in the first four months of the year.In an interim management statement, the Zurich-based wealth manager said net new money was at the low end its medium-term target of between 4 percent and 6 percent on an annualised basis.Julius Baer's cost to income ratio, a key efficiency measure for banks, improved to ...
Credit Suisse announces terms of share issue for scrip dividend ZURICH: Credit Suisse said on Tuesday it is issuing new shares representing 1.9 percent of its currently issued share capital as a result of the Swiss bank's 2014 scrip dividend.Zurich-based Credit Suisse said in a statement that the issue price of the new shares is 23.00 Swiss francs.Copyright Reuters, 2015 ...
Societe Generale 'knew about rogue trader's actions': report PARIS: Bosses at French banking giant Societe Generale were aware of the activities of "rogue trader" Jerome Kerviel, a top detective working on the case told an investigating judge, according to Mediapart.The French investigative news website quoted Nathalie Le Roy as telling judge Roger Le Loire she was "certain" that Kerviel's superiors "could not have been unaware" he was taking wildly risky bets on derivatives.Kerviel nearly brought Societe Generale to its knees in 2008 with ...
Bundesbank urges German banks to re-think business model FRANKFURT: Germany's banking sector proved its strength during the financial crisis, but needs to examine its business model to increase stability in the future, Bundesbank board member Andreas Dombret told AFP in an interview. Dombret, in charge of banking and financial supervision at the German central bank, called on banks to diversify their revenue sources, which are currently too dependent on interest rates, and cut costs. "Fundamentally speaking, German banks can't all be lumped together ...
India's ICICI bank opens first branch in China MUMBAI: ICICI Bank Ltd, India's biggest private sector lender by assets, on Saturday opened its first branch in China as trade between Asia's two key economies flourishes.ICICI, which is also traded in New York, said the Shanghai branch got regulatory approval in March 2015.Initially, the branch inaugurated by Indian Prime Minister Narendra Modi during a three-day visit to boost economic ties, will have 17 staff.China and India signed 26 business deals worth more than $22 ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln