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China takes step towards interest rate liberalisation SHANGHAI: China has taken a step towards liberalising interest rates by allowing foreign currency deposit rates to be freely set in its new Shanghai free trade zone (FTZ), the central bank said Wednesday.From March 1, banks in the FTZ will be able to set their own rates for foreign currency deposits, the Shanghai branch of the People's Bank of China said in a statement on its website.The move does not apply to deposits in China's yuan currency.China began allowing banks to decide their own lending rates in July last year, but still sets deposit rates by administrative order.The move for the FTZ effectively scraps an upper limit on interest rates for foreign currency deposits of less than $3.0 million, state media reported on Wednesday."After relaxing the cap, the FTZ will be the first in the country to realise full liberalisation of foreign currency deposit rates," the central bank statement said."This ...

HSBC exits Kazakhstan with bank sale LONDON: Global banking giant HSBC said on Wednesday that it had agreed to sell its Kazakhstan division to JSC Halyk Bank for US$176 million (128 million euros) in cash.The disposal of HSBC Bank Kazakhstan is part of the group's strategy to sell non-core assets, it added in a brief statement.The transaction was expected to be completed in the fourth quarter of this year.HSBC had revealed on Monday that in 2013 net profits soared by 15.5 ...
Swiss bank accused of helping clients evade US taxes WASHINGTON: Switzerland's second largest bank, Credit Suisse, used elaborate measures to find wealthy clients and help an estimated 19,000 US customers evade American tax authorities, a scathing report from a Senate inquiry said Tuesday.The report contains the results of a two-year Senate investigation and comes a day before the heavily-anticipated questioning of Credit Suisse chief Brady Dougan and other top bank officials before the panel.Bank figures suggest there were "nearly 19,000 US customers with hidden ...
Democratic Republic of Congo copper output rises 52pc KINSHASA: Democratic Republic of Congo produced 942,000 tonnes of copper in 2013, up 52 percent from the year before, the International Monetary Fund (IMF) said on Tuesday.The IMF said a buoyant mining sector would spur economic growth to 8.7 percent this year, up from 8.5 percent in 2013 but short of the government's double-digit target for 2014.Congo's economy leans heavily on the mining sector, even though decades of conflict has made it difficult to exploit ...
Bank card fraud rose in Europe in 2012: ECB FRANKFURT: Bank card fraud rose for first time in four years in 2012, largely due to Internet fraud, data compiled by the European Central Bank showed on Tuesday. "Card fraud within the Single Euro Payments Area (SEPA) increased in 2012 for the first time since 2008, driven mainly by higher internet fraud," the ECB wrote in a new report. "More efforts will be required to ensure the security of online card payments as Internet purchases ...
Russia's central bank shifts boundaries of rouble's floating corridor MOSCOW: Russia's central bank has shifted its target exchange-rate corridor for the rouble by five kopecks, following market interventions to curb the pace of the currency's decline. The new corridor extends from 35.05 to 42.05 roubles to the dollar-euro currency basket as of Feb. 24, compared to 35.00-42.00 previously. Under its managed float, the central bank increases its interventions as the rouble approaches the boundary of the corridor. Once an intervention allotment of $350 million ...
South Africa central bank indicator steady in December JOHANNESBURG: The central bank's monthly leading business cycle indicator was unchanged on a month-on-month basis in December, partly as a lack of jobs advertised was countered by an increase in the number of residential buildings likely to be built. Copyright Reuters, 2014 ...


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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