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Russian central bank holds rates MOSCOW: Russia's central bank held its main interest rates steady on Monday at Sergei Ignatyev's last meeting as chairman but his successor came under immediate pressure from President Vladimir Putin to revive the economy.The timing and thrust of Putin's comments appeared intended to direct Elvira Nabiullina, his top economic adviser who takes charge at the Bank of Russia this month, to cut rates as soon as at July's meeting.Shortly after the central bank's announcement that it had held its main overnight policy rates for the ninth month running, Russian news agencies carried comments from Putin that economic developments were "a cause for concern".Forecast economic growth of 2.4 percent this year "is below the level needed for stable development, for the resolution of social and other problems", Putin said.The 60-year-old leader's approval ratings are sliding just over a year into his third term as president and he has called repeatedly for ...

Orange chief detained in French probe linked to IMF boss PARIS: French police on Monday detained Stephane Richard, who heads telecom company Orange, in a case linked to IMF chief Christine Lagarde and a state payout to a disgraced tycoon, a source close to the investigation said.Richard, who was chief of staff to Lagarde when the 2008 payout to controversial businessman Bernard Tapie was made, was taken in for questioning along with Jean-Francois Rocchi, who headed a financial institution created to hold the non-performing assets ...
Russia holds key rate amid rising inflation MOSCOW: Russia's central bank kept its main interest rate unchanged at 8.25 percent for the ninth month running on Monday in the face of inflation which has accelerated to the fastest rate for 21 months.The expected decision came amid analyst forecasts of a rate cut in the second half of the year when inflation is expected to slow and the bank will have to stimulate growth that has dropped to nearly half of initial expectations.The ...
ECB official concerned if German court overturns OMT FRANKFURT: A rejection by Germany's highest court of the European Central Bank's controversial OMT bond purchase programme would have serious consequences for the eurozone, a top ECB official warned on Monday."I have great respect for the court and will not dole out advice to an independent body," ECB executive board member Joerg Asmussen told the mass-circulation daily Bild in an interview."But generally speaking, no institution operates in a vacuum. If the bond purchase programme has ...
Chinese banks cut lending in May BEIJING: Chinese banks scaled back lending in May from April, the central bank said, prompting analysts to warn Monday of threats to growth in the world's second largest economy.Banks extended 667.4 billion yuan ($108 billion) in new loans last month, less than the 792.9 billion yuan in April, the People's Bank of China said Sunday.Actual May lending was far below the 821.3 billion yuan expected in a Dow Jones Newswires poll of 14 economists."Liquidity conditions ...
Britain to launch public sale of Lloyds shares, RBS later: paper LONDON: British finance minister George Osborne will launch the early sale to the public of shares in bailed-out lender Lloyds Banking Group, the Sunday Times reported without citing sources.Shares the government owns in Royal Bank of Scotland , also rescued during the financial crisis, will be sold at a later date, the paper said.Osborne will announce the sale of the state's 39 percent stake in Lloyds, which could raised up to 17 billion pounds ($26 ...
Swiss alarmed at secretive US bank deal ZURICH: A secretive deal aimed at settling a dispute with Washington over Swiss banks' alleged complicity in tax evasion by Americans has caused uproar in the wealthy Alpine nation.Swiss Finance Minister Eveline Widmer-Schlumpf announced a deal last week that she said would put an end to the row that has been poisoning relations between Switzerland and the United States for years.However, she acknowledged, the settlement was not a negotiated agreement but a "unilateral offer" from ...


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ICT 2014

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