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Goldman Sachs cuts 2013, 2014 gold price forecasts LONDON: Goldman Sachs cut its 2013 gold price forecast to $1,600 an ounce from $1,810 an ounce, saying the metal's recent price drop and an increase in US real interest rates has led it to bring forward its projections for a decline in the metal.The bank also cut its 2014 forecast to $1,450 an ounce from $1,750 an ounce. It reduced its three-month price view to $1,615 an ounce from $1,825 an ounce, its six-month forecast to $1,600 from $1,805, and its 12-month view to $1,550 from $1,800."Gold prices sold off sharply over the past two weeks, extending the decline that started last October," the bank said in a note dated Feb. 25."Most of this price decline has coincided with a gradual increase in US real rates, reflecting the combination of better-than-expected US economic data, a more hawkish interpretation of recent Fed communication and a lower level of US fiscal ...

Bank of England officials speak to parliament committee LONDON: The Bank of England's two deputy governors, Charles Bean and Paul Tucker, and two external members of its Monetary Policy Committee, spoke to legislators on Tuesday to explain the bank's quarterly economic forecasts.Two weeks ago the bank forecast that inflation was likely to exceed 2 percent until early 2016, and last week it revealed that three members of the Monetary Policy Committee - governor Mervyn King, Paul Fisher and David Miles - wanted to ...
Kenya central bank seeks to soak up 10bn shilling from market NAIROBI: The Central Bank of Kenya sought on Tuesday to soak up 10 billion shillings ($114.6 million) from the money market using repurchase agreements (repos) and term auction deposits (TAD).The bank, which has been actively mopping up liquidity since last year to support the shilling against the dollar, said it was in the market to mop up 4.7 billion shillings in repos and 5.3 billion shillings in TADs. Copyright Reuters, 2013 ...
UK banks shrug off sovereign credit downgrade   LONDON: The borrowing costs of part-nationalised British banks were unaffected on Monday by Britain's loss of a triple-A rating due to measures that had cut their dependence on the bond market and may reduce their need for bailouts in future.   On Friday Moody's Investors Service stripped Britain of its coveted triple-A rating by one notch. The state owns 82 percent of Royal Bank of Scotland and 41 percent of Lloyds after stepping in to rescue them ...
Brazil NEW YORK: Brazilian central bank chief Alexandre Tombini said on Monday that the bank will react to disruptions in foreign exchange markets.   "We will react to any disruptions in the foreign exchange market," Tombini said, speaking at a New York event.   The bank will move to "shave off" excessive volatility, he added. Copyright Reuters, 2013 ...
Barclays, RBS making plans to boost capital   LONDON: Barclays and Royal Bank of Scotland are planning to raise more capital via bonds that convert into shares in times of crisis, to help meet safeguards for taxpayers that are being demanded by regulators.   British bank Barclays could issue up to 7 billion pounds ($11 billion) in so-called contingent convertibles, or CoCos, people close to the matter said on Monday, adding to the 3 billion it raised in November.   The bank could ask for shareholder approval ...
TD Bank shares rise as Citizens takeover seen less likely   TORONTO: Shares of Toronto-Dominion Bank rose to their highest level in nearly two years on Monday as reports that Royal Bank of Scotland may launch an IPO for its US Citizens bank eased concerns that TD would buy all or part of the lender.   TD, which has been an aggressive buyer of US retail banking assets over the past decade, held discussions with RBS about buying all or part of Citizens, according to a report last ...

 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln