06262016Sun
Last update: Sun, 26 Jun 2016 10pm

Banking & Finance

Business & Finance - Banking & Finance

Ukraine central bank cuts main rate to 16.5 pct from 18pc KIEV: Ukraine's central bank lowered its main interest rate to 16.5 percent on Thursday from 18 percent, its third consecutive rate cut following a sharp slowdown in inflation.Consumer price rises slowed to 7.5 percent in May and earlier this month central bank chief Valeriia Gontareva said Ukraine's war-torn economy had emerged from the worst of crisis that saw inflation hit over 60 percent in 2015.The bank said it plans to ease policy further provided this does not negatively affect inflation targets, warning that price stability hinged on a successful second review of a $17.5 billion bailout programme from the International Monetary Fund. "Thus, government commitment to continue urgent reforms is important, as is support for them from the Verkhovna Rada (parliament)," the central bank said in a statement. The central bank expects the International Monetary Fund's board to decide in July to disburse a third tranche of loans amounting to ...

Business & Finance - Banking & Finance

Nigeria central bank sells dollars for fourth day to boost FX liquidity LAGOS: Nigeria's central bank is selling dollars on the interbank market for the fourth day to ease dollar shortages after it floated the currency, traders said. The naira traded at 283 to the dollar at 1249 GMT, on volumes of $76.8 million, which traders attributed to the central bank intervention.The interbank market opened at 0800 GMT with no activity for more than three hours.Nigeria ditched a peg on the naira to allow the currency to ...

Business & Finance - Banking & Finance

Two Czech central bankers to miss June 30 policy meeting PRAGUE: Two members of the Czech central bank's (CNB) seven-strong board will miss a June 30 policy meeting, the bank said on Thursday. It said Vice-Governor Vladimir Tomsik and board member Pavel Rezabek would not attend the sitting, which will be the last under the leadership of outgoing Governor Miroslav Singer. The Czech central bank has kept the crown on the weak side of the 27 to the euro since 2013 to boost inflation and ...

Business & Finance - Banking & Finance

Barclays reins in FX trading before referendum result LONDON: Barclays stopped accepting new stop loss orders - an essential part of currency trading - on Thursday as it and other banks took action to limit potential losses and cap their exposure to the outcome of Britain's EU referendum.Clients of the UK-based bank, who asked not to be named for reasons of confidentiality, said Barclays had told customers on Monday it would not execute such trades, in which the bank seeks to close existing ...

Business & Finance - Banking & Finance

ECB to guide banks on working off bad debt before setting targets: sources FRANKFURT: The European Central Bank is planning to give euro zone banks non-binding guidance by the end of 2016 or early 2017 to cut their bad debt pile, raising the heat on lenders but not forcing their hand, sources said.The ECB, which supervises 129 of the biggest banks in the euro zone, will eventually set confidential quantitative and qualitative targets but not all will necessarily come in writing, the sources told Reuters.This would give banks ...

Business & Finance - Banking & Finance

Ukraine central bank cuts main rate to 16.5pc from 18pc KIEV: Ukraine's central bank lowered its main interest rate to 16.5 percent on Thursday from 18 percent, its third consecutive rate cut following a sharp slowdown in inflation. The bank said it would continue to ease policy provided this did not negatively affect inflation targets, warning that price stability depended on a successful second review of a $17.5 billion bailout programme from the International Monetary Fund.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

ECB lowers emergency funding cap for Greek banks to 61.1bn euros ATHENS: The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 7.0 billion euros to 61.1 billion euros ($69.2 billion) effective from June 30, the Bank of Greece said on Thursday. The move reflected improving liquidity conditions in Greece's banking sector, stabilising private sector deposit flows and the reinstatement of the waiver by the ECB which restores banks' access to its cheap funding, the ...