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Bank of England policymakers see oil price fall lowering short-term inflation LONDON: Bank of England policymakers focused heavily on falling oil prices in their December meeting, and the majority who have been voting to keep interest rates on hold appeared slightly more united.Minutes of the BoE Monetary Policy Committee's Dec. 3-4 meeting released on Wednesday showed the majority thought the weak outlook for inflation warranted keeping interest rates on hold at a record low 0.5 percent.Ian McCafferty and Martin Weale, who have voted for a rate hike since August, continued to argue that below target inflation was largely the result of a higher exchange rate and lower raw material prices.Policymakers said oil prices had fallen much more sharply than they expected in November. They said inflation was likely to fall below 1 percent in December -- far below its 2 percent target -- and was likely to stay lower than previously thought."However, there was also a risk that the degree of ...

Indonesia's central bank says economic fundamentals 'sound' JAKARTA: Indonesia's central bank deputy governor on Wednesday said there was no need for people to panic about the rupiah's recent depreciation, as the country's economic fundamentals are "sound".The rupiah strengthened by 0.12 percent on Wednesday in Jakarta, closing at 12,655 to the dollar. On Tuesday, it touched a 16-year low of 12,930.Mirza Adityaswara, Bank Indonesia's senior deputy governor, told reporters that have the rupiah "undervalued" helps make the country's exports competitive.Bank Indonesia will continue ...
China's central bank to provide short-term cash to some banks: sources SHANGHAI: China's central bank has issued short-term funds to some local banks to ease liquidity strains and has also renewed some banks' medium-term lending facilities that have expired, two sources with direct knowledge of the operations said on Wednesday.The cash was disbursed via short-term liquidity operations, or SLOs, which are usually transacted behind closed doors with individual banks that are short on funds, the sources said.The People's Bank of China was not immediately available for ...
Turkish central bank to keep tight policy until inflation improves ISTANBUL: The Turkish central bank will keep its monetary policy tight until there is a clear improvement in the inflation outlook, Governor Erdem Basci told a parliamentary commission in a presentation published on Wednesday."The positive impact of macroeconomic measures adopted early this year and the tight stance in monetary policy is observed on core inflation trends," Basci told the parliament's planning and budget commission, according to the presentation.Copyright Reuters, 2014 ...
Saudi Arabia to keep spending on projects, benefits in 2015 budget RIYADH: Saudi Arabia will continue spending on development projects and social benefits in the 2015 budget despite "challenging" international economic conditions, Finance Minister Ibrahim Alassaf was quoted as saying by state news agency SPA on Wednesday.The world's top oil exporter will be able to continue with its counter-cyclical fiscal policy next year and beyond after it reduced public debt and built up reserves, he said according to SPA.Copyright Reuters, 2014 ...
Bank of England's Cunliffe sees little direct exposure to UK from Russia LONDON: Britain has little direct exposure to economic turmoil in Russia, but it is important to weigh up risks to the financial system resulting from the market strife, a senior Bank of England official said on Wednesday.BoE Deputy Governor Jon Cunliffe also said the sharp fall in oil prices was good overall for the global economy and Britain, although policymakers should look beyond one-off effects from energy and food prices."What one needs to watch really ...
India HDFC's fund targets raising $500mn for real estate NEW DELHI: A private equity fund set up by Housing Development Finance Corp Ltd, India's biggest mortgage lender, is targeting raising $500 million to invest in residential real estate projects, said people directly involved in the process.HDFC Property Fund plans to raise part of the funding from investors, including Government of Singapore Investment Corp (GIC), investment firm Temasek Holdings and Oman's State General Reserve Fund, one of the people said.The fundraising comes at a time ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln