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Euro zone private sector loans contract further in June: ECB FRANKFURT: The decline in lending to households and firms in the euro zone slowed slightly in June, and money supply grew as the European Central Bank's new stimulus measures find their way through the system. In an unprecedented move, the ECB started in June charging banks to keep their deposits overnight, a step it hopes will encourage banks to lend. A fresh injection of ultra-long loans later this year should make lending easier yet.The central bank is also putting the bloc's top banks through a thorough review of their balance sheets to weed out soured loans, update collateral valuations and adjust capital so that they can give out loans more freely in future.This will also, however, take time to take full effect. ECB data showed on Friday that loans to the private sector fell by 1.7 percent in June from the same month a year earlier after a contraction of ...

Caixabank to take 7bn euros from ECB long-term loan scheme MADRID: Spain's Caixabank intends to take around 7 billion euros ($9.4 billion) in new long-term loans being offered by the European Central Bank, Chief Executive Gonzalo Gortazar told a news conference on Friday. "The intention is to take that amount in the auctions," Gortazar said. The ECB said in June it would give banks fresh access to long-term liquidity with the aim of improving lending to euro zone companies, in two so-called targeted longer-term refinancing ...
Russia raises main interest rate over Ukraine tensions MOSCOW: Russia's central bank unexpectedly raised its main interest rate by a half point to 8.0 percent on Friday, warning that geopolitical tensions were increasing inflationary risks."At the same time, inflation risks have increased due to a combination of factors, including, inter alia, the aggravation of geopolitical tension and its potential impact on the ruble exchange rate dynamics," the Bank of Russia said.Its statement was an apparent reference to the crisis in Ukraine and Western ...
Eurozone loans to private sector still contracting: ECB FRANKFURT: Loans to the private sector in the euro area, a gauge of economic health, fell year-on-year in June, but by less than in May, the European Central Bank said Friday.The volume of loans to private businesses and households declined by 1.7 percent from the same month in 2013, a smaller rate than the minus 2.0 percent in May, the ECB said in a statement. The long and deep financial crisis in the 18 countries ...
China approves three private banks: regulator SHANGHAI: China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants.Previously, China had just two privately-owned banks, Minsheng Bank and Ping An Bank, according to state media.The China Banking Regulatory Commission (CBRC) said it had approved private banks in the southern boomtown of Shenzhen, the northern port city of Tianjin and ...
Royal Bank of Scotland reports recovery, shares leap LONDON: Britain's state-rescued Royal Bank of Scotland posted a surge in profits on Friday, boosting its share price, but warned over future earnings. Net profit almost tripled to £1.425 billion ($2.42 billion, 1.8 billion euros) in the six months to the end of June, compared with the outcome equivalent period in 2013, the bank said.Pre-tax profits jumped 93 percent to £2.65 billion, it added.In reaction, RBS shares rocketed 14.34 percent to 376 pence, topping London's ...
Danske Bank shares hit six-year high after raised outlook COPENHAGEN: Danske Bank A/S has raised its 2014 net profit forecast after posting its best quarterly result since the start of the global financial crisis in 2008, sending its shares up 4.5 percent to a six-year high.Denmark's largest lender said it now expected to earn between 10 billion Danish crowns ($1.8 billion) and 13 billion in net profit in 2014, against a previous forecast of hitting the higher end of a 9 to 12 billion ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln