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Bundesbank sceptical of QE even if inflation falls below zero FRANKFURT: Weaker oil prices could lead prices to contract over the next months in the euro zone's largest economy, but that would not justify broad-based sovereign bond purchases by the European Central Bank, the chief of Germany's Bundesbank said.The ECB is watching carefully how a recent drop in oil prices will affect euro zone inflation, now at 0.3 percent and far below its target of just below 2 percent, and standing ready to do more to keep the region from slipping into deflation.Oil fell to just above $59 a barrel for the first time since May 2009 on Tuesday.Having largely exhausted its policy toolkit with the key interest rate at a record lows of 0.05 percent, broad-based purchases of sovereign bonds - also known as quantitative easing (QE) - are seen as the ECB's last resort to revive the economy.But some ECB policymakers have reservations.Bundesbank head Jens Weidmann is the ...

Bank of Cyprus begins trading with a bump NICOSIA: Cyprus's largest lender returned to the Nicosia and Athens stock markets Tuesday after a 21-month absence following a banking crisis that brought the island's economy to its knees.But early trades in Bank of Cyprus shares ensured a bumpy ride for the return of the country's top financial company.In early trading, BoC was down 8.75 percent at 21.9 euro cents on the Cyprus Stock Exchange.Some 8.9 billion BoC shares resumed trading on the CSE and ...
South Korea central bank to sell 2.3 trillion won MSBs on Wednesday SEOUL: South Korea's central bank said on Tuesday that it will sell 2.3 trillion won ($2.12 billion) worth of two-year monetary stabilisation bonds via an auction on Wednesday.The auction will be held at 0100 GMT for 10 minutes, the Bank of Korea said.Copyright Reuters, 2014 ...
UK's top four lenders pass stress tests: Bank of England LONDON: Britain's four biggest lenders have passed the Bank of England's stress tests, which are designed to show their ability to withstand a new economic crisis, the central bank said Tuesday.Barclays and HSBC, and state-backed pair Royal Bank of Scotland and Lloyds Banking Group, are strong enough to cope with a painful downturn that would see house prices plunge by 35 percent, the BoE said in a statement.Copyright AFP (Agence France-Presse), 2014 ...
RBS says still work to be done on balance sheet LONDON: Britain's Royal Bank of Scotland said on Tuesday it still had work to do to build up its defences against potential losses after it narrowly passed a Bank of England stress test. "We recognise that there is still much work to be done to improve the resilience of our balance sheet," Chief Executive Ross McEwan said in a statement. The state-owned bank maintained a core capital ratio of 5.2 percent in the stress test ...
Taiwan to keep interest rate steady for 14th straight quarter TAIPEI: Taiwan's central bank is expected to leave its policy interest rate unchanged for the 14th quarter in a row on Thursday, but it may express concern about next year's economic outlook.All 13 economists polled by Reuters forecast the key discount rate would be kept unchanged at 1.875 percent at the central bank's quarterly meeting.This year is on track to be a bumper one for export orders for the island's export-driven economy. Demand has been ...
Thai central bank chief says no measure needed to support baht now BANGKOK: Thailand's central bank governor said on Tuesday there is no plan to take measures to support the baht at present as it was still moving in line with the country's economic fundamentals, despite sharp falls in Thai share prices. Bank of Thailand Governor Prasarn Trairatvorakul said he had not seen "unusual capital outflows" following the stock declines, which he saw as temporary. "We don't think we have to do anything special at the moment, ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln