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Turkey leaves rates on hold in fight against inflation ISTANBUL: Turkey's central bank left its key interest rates unchanged on Thursday, despite slowing economic growth, as it battles stubbornly high inflation and pressure on the lira in the face of an expected tightening in U.S. monetary policy.Today's lack of action was expected, although it was the first time since April that rates had been kept on hold. The bank said it would leave policy tight in Turkey until the outlook for inflation improves significantly."Elevated food prices continue to delay the improvement in the inflation outlook," the bank said in a statement on its web site. "Meanwhile, declining commodity prices are expected to limit upside risks on inflation."The bank left its one-week repo rate at 8.25 percent, its overnight lending rate unchanged at 11.25 percent, its primary dealers overnight borrowing rate at 10.75 percent and its overnight borrowing rate at 7.50 percent.All 14 economists polled by Reuters forecast the central ...

Greece moves to help banks' capital position ahead of ECB tests ATHENS: Greece has tabled an amendment to a bill allowing its banks to convert so-called deferred tax assets into tax credits and so strengthen their capital base ahead of European Central Bank stress tests in October.The bill, expected to be voted on by Sep. 30, could save lenders around 2.5 billion euros ($3.2 billion) in core capital over 2015-16 and brings Greece into line with European peers Portugal, Italy and Spain, which have already adopted ...
UniCredit sees scant Russian sanctions impact in 2014 VIENNA: UniCredit Bank Austria sees little impact from Western sanctions against Russia this year but cannot predict the fallout in 2015, its head of central and eastern Europe (CEE) told an Austrian newspaper. "We are strongly engaged in only certain market segments in Russia. As far as sanctions go, we don't expect a big impact this year. I cannot say anything yet for 2015," Gianni Franco Papa told the Salzburger Nachrichten in an interview printed ...
NZ central bank talks tough on currency, raises intervention risk WELLINGTON: New Zealand's central bank chief on Thursday renewed his warning that the local dollar was at unjustifiable and unsustainable levels, fuelling speculation that it likely intervened in the currency market last month, and could do so again. The tough talk by the Reserve Bank of New Zealand Governor Graeme Wheeler sent the New Zealand dollar tumbling to a one-year low as traders bailed out of the currency, which has been hit hard in recent ...
Turkish central bank opens 500mn lira repo auction ISTANBUL: The Turkish central bank opened a one-week, fixed-rate repo auction on Thursday with a volume of 500 million lira ($220 million), bank data showed. The repo matures on Oct. 2.Copyright Reuters, 2014 ...
National Australia Bank weighing sale of insurance unit SYDNEY/HONG KONG: National Australia Bank, the country's fourth-biggest lender by market value, is weighing the sale of its insurance unit, which has been a drag on its earnings and capital, people familiar with the matter told Reuters. The sources said they estimate the value of the unit at about $800 million. Under new CEO Andrew Thorburn, NAB hopes to speed up the disposal of assets to help it focus on its Australia and New Zealand ...
Reserve Bank of India seen holding rates until Q2 2015, then ease BANGALORE: The Reserve Bank of India will probably wait until the second quarter of next year to loosen policy as it wants to cool inflation before trying to spur growth, a Reuters poll found ahead of a policy review meeting next week. All but three of 46 economists surveyed over the past week said the bank would leave its key repo rate unchanged at 8.0 percent when it meets on Sept. 30. The survey showed ...

 



 
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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
WeeklySeptember 25, 2014
Reserves $13.305 bln