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Poland cuts key rate by quarter point to 4.25pc  WARSAW: Poland's central bank announced Wednesday it had cut its key interest rate by a quarter-point to 4.25 percent.   The decision was in line with analysts' forecasts, after inflation dipped and the third quarter saw a significant slowdown in growth.   The Polish National Bank's independent Monetary Policy Council (MPC) cut the benchmark seven-day intervention rate by 25 basis points to 4.25 percent.   Analysts said Wednesday they expected further rate cuts in the months to come.   "We think the economy is set to slow further over the coming months which, ultimately, could trigger larger rate cuts by early next year," Capital Economics analysts said in a statement.   "Either way, we think interest rates will fall further than most seem to expect," they said.   Poland's economy slowed faster than expected in the third quarter, owing primarily to doldrums in neighbouring Germany with some analysts predicting a deeper slump in 2013, but no recession.   The third quarter saw adjusted growth ...

Greek banks set Friday board meetings to decide on buyback  ATHENS: Greek banks will decide on Friday whether to take part in a bond buyback that is crucial for the country's debt sustainability, two banking sources told Reuters on Wednesday.   Greek banks' participation is key for the success of the plan, under which Athens aims to spend 10 billion euros of borrowed money to buy back bonds far below their nominal value, thus cutting its debt by a net 20 billion euros.   Greek lenders, which hold an ...
To debate if easing enough for undershooting economy: BOJ  NIIGATA: Bank of Japan Deputy Governor Kiyohiko Nishimura said on Wednesday the central bank will debate whether its monetary easing in September and October was enough to support the economy, which may be undershooting its projections.   "When you look at which way the economy's momentum is headed compared with the BOJ's forecasts made in October, it is heading downwards despite some positive signs such as a rise in industrial output," Nishimura told a news conference in ...
China SHANGHAI: China's money rates fell slightly on Wednesday, as ample liquidity offset the impact of required reserve ratio (RRR) payments, dealers said.   Banks must adjust their reserve balances at the central bank on the 5th, 15th and 25th in order to meet the RRR, with the amount of the payment or refund dependent on changes in their customer deposit balances. An increase in deposits requires banks to add to their reserves.   The benchmark weighted-average seven-day bond repurchase ...
HSBC to sell stake in China insurer Ping An for $9.4bn  HONG KONG: Britain's HSBC said Wednesday it would sell its stake in China's second largest life insurer Ping An for $9.4 billion, as it looks to shift its focus back towards its traditional banking business.   The lender said in a statement it will sell its entire 15.57 percent holding in Ping An Insurance Group to Thai conglomerate Charoen Pokphand Group at HK$59 ($7.66) a share, a two percent premium to its Tuesday closing price.   Ping An recently ...
Uganda central bank cuts key lending rate 50 bps to 12pc  KAMPALA: Uganda's central bank cut its key lending rate by 50 basis points to 12 percent On Tuesday, saying economic growth was expected to remain sluggish this fiscal year.   The Bank of Uganda has now made seven consecutive monthly rate cuts in East Africa's third-largest economy as it tries to spur a recovery in consumer spending and a return of the country to its growth potential.   "With real GDP growth forecast to remain below potential, the negative ...
Turkish central bank sees year end inflation near 6pc  ISTANBUL: Turkey's central bank expects year-end inflation to come in slightly above 6 percent, much lower than its official forecast of 7.4 percent, a central bank official said on Tuesday.   The bank has said it expects lower year-end inflation on the back of favourable unprocessed food prices and lower-than-expected November inflation data announced on Monday.   Copyright Reuters, 2012 ...


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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