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UBS tampered with Swiss franc rates since 2001: report GENEVA: Swiss banking giant UBS, which last week was slapped with $1.5 billion in fines for manipulating global interest rates, also tampered with Swiss franc interest rates for more than a decade, a Swiss newspaper reported Sunday.   "The bank did not only contribute to manipulating global interest rates on the dollar, the British pound and the yen, but... also systematically played with interest rates on the Swiss franc," Le Matin reported.   Quoting findings in a US justice department probe, the paper said there was evidence that UBS traders had manipulated the rates from 2001.   UBS was hit with the second-largest banking fine ever last week by US, British and Swiss authorities after they revealed evidence of massive misconduct in the setting of the Libor rate, a global reference that affects products from student loans to mortgages.   The United States also filed federal charges of felony fraud against UBS Securities Japan, where it estimated that ...

Egypt central bank governor says he has not resigned CAIRO: The governor of the Central Bank of Egypt, Farouk El-Okdah, said on Sunday he had not resigned from his post, denying a report aired on state television the previous day which said he had stepped down.   Egypt's cabinet had already denied the report the previous day.   "I did not resign," El-Okdah told reporters at the cabinet headquarters on Sunday after a meeting with a ministerial committee for economic policies.   There has been regular speculation in the media ...
Oman central bank discusses Islamic instruments with ministry DUBAI: Oman's central bank is discussing the possible issuance of sukuk and other instruments which the country's new Islamic banking operations could use to manage their liquidity, a top central bank official said.   "Central Bank of Oman has taken up with Ministry of Finance the matter of issue of Sukuk," central bank executive president Hamood Sangour al-Zadjali said in emailed comments to Reuters, received on Sunday.   "Various details will be looked into," Zadjali added without elaborating. He ...
Vietnam cuts key rates to boost growth  HANOI: Vietnam's central bank will cut its discount rate by one percentage point to 7 percent and lower the refinance rate to 9 percent from 10 percent to boost the country's economic growth, it said in a statement.   It will also lower the ceiling on dong lending rates for agriculture, export and supporting industries to 12 percent from 13 percent and cut the dong deposit ceiling rate for terms ranging from one month to below 12 ...
India central bank bought net 116bn rupees of debt in week to Dec 14  MUMBAI: The Reserve Bank of India said on Friday it purchased a net 116 billion rupees ($2.1 billion) of debt in the week to Dec. 14.   The central bank bought 116 billion rupees of debt, but did not sell any bond, it said in a release.   The RBI bought 116.6 billion rupees of bonds and sold 200 million rupees of debt in the week to Dec. 7.   Copyright Reuters, 2012** ...
Bailout candidate Cyprus rules out debt haircut NICOSIA: Bailout candidate Cyprus on Friday ruled out any "haircut" on its debt in order to help pave the way for much needed financial aid.   "For a haircut to happen, it needs the consent of the 27 (EU member states} and Cyprus is not about to accept such a thing," President Demetris Christofias told reporters.   The Eurogroup of eurozone finance ministers and the European Central Bank itself on Friday ruled out a partial debt write-off for Cyprus.   Eurogroup ...
India raises 120bn rupees at debt auction: central bank  MUMBAI: India sold 120 billion rupees ($2.18 billion) of bonds on Friday with the Reserve Bank of India setting a cut-off yield of 8.1522 percent on the 8.15 percent 2022 bonds.   A Reuters poll had forecast 8.1615 percent for the 2022 bonds.   For the 8.07 percent 2017-July bonds, the RBI set a cut-off price of 99.84 rupees, yielding 8.1119 percent, below the poll forecast of 8.1227 percent.   The cut-off price for 8.97 percent 2030 bonds was 105.80 rupees, ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln