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Bank of England credit scheme sees moderate initial take-up  LONDON: British banks and building societies drew down 4.36 billion pounds ($7.0 billion) from a Bank of England programme to boost lending in its first two months, in what analysts said was a moderately encouraging start.   Net lending by the banks involved rose by only 496 million pounds, but the BoE's executive director for markets, Paul Fisher, said it was too early to use Monday's data as a guide to the scheme's success - a view largely shared by economists.   The Funding for Lending Scheme, which opened at the start of August, offers banks cheap finance if they in turn lend on to households and businesses, and is aimed to boost the economy in ways that the BoE's 375 billion pounds of quantitative easing bond purchases has failed to.   "Quite whether it kick starts the chain reaction that is required to get the economy going is less clear. Nonetheless, it is a case ...

Credit Suisse boss under pressure despite outsmarting rival  ZURICH: Credit Suisse boss Brady Dougan has outmanoeuvred an internal rival with his recent revamp of the Swiss bank and management shake-up but is still on borrowed time, senior banking sources say.   Dougan might have played his last hand with an overhaul that strengthens the investment bank where the American made his career before taking over as chief executive in 2007 while also promoting two more executives to join the race to succeed him.   "The latest reorganization ...
Brazil central bank calls currency swap auction, currency gains  SAO PAULO: Brazil's central bank offered to sell $2 billion in currency swaps on Monday, strengthening the country's currency, the real, from around the weakest levels in over 3-1/2 years.   The auction will take place between 9:40 a.m. (1140 GMT) and 9:50 a.m. and its results will be announced at 10:00 a.m., the central bank said in a statement. All swap contracts offered expire on Jan. 2.   Brazil's currency, the real, gained shortly after the announcement and ...
HSBC names new head of retail banking as Thurston retires  LONDON: HSBC said its strategy and planning boss John Flint is to take over as head of retail banking and wealth management (RBWM) next year to replace veteran banker Paul Thurston, who is retiring.   Europe's biggest bank said Flint will become chief executive on Jan. 1 of RBWM, one of the bank's four global businesses. Previously known as personal financial services, RBWM has more than 50 million customers and made an operating profit of $4.3 billion ...
Australia commodity index rises 1.7pc in Nov: RBA  SYDNEY: The Reserve Bank of Australia's (RBA) index of commodity prices rose 1.7 percent in November, from October, when measured in special drawing rights (SDR) terms.   The rise followed a revised 2.9 percent fall in October. The largest contributors to the rise in November were increases in the prices of iron ore and coking coal. The prices of rural commodities also rose, while prices for base metals fell in the month.   In Australian dollar terms, the index ...
China central bank clamps down on loophole used to evade yuan trading limit  SHANGHAI/BEIJING: China's central bank has ordered banks conducting yuan/dollar trading on the domestic foreign exchange market to abide by restrictions limiting the currency's daily trading range, traders told Reuters on Monday.   Spot yuan transactions are typically settled two days after the trade is completed, in a procedure known as T+2.   Such transactions are subject to the central bank's daily trading limit, which allows the dollar/yuan rate to diverge by no more than 1 percent on either side ...
China SHANGHAI: China's money market rates were little changed on Monday, with dealers saying that both supply and demand for funds appear stable.   Money demand will likely be on the longer tenors this week, as banks work to ensure they can meet elevated cash demand in the year-end period, traders said.   The benchmark weighted-average seven-day bond repurchase rate fell slightly to 3.3420 percent from 3.3810 percent at the close on Friday.   The 14-day repo rate rose to 3.5522 percent ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln