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Turkey plans to join China-led Asian infrastructure bank ISTANBUL: Turkey intends to become member of the China-led Asian Infrastructure and Investment Bank, the Treasury said on Thursday.At least 35 countries will join the China-led Asian Infrastructure Investment Bank (AIIB) by the deadline of March 31.India, Indonesia and New Zealand have also expressed interest in joining the bank, following a request by Britain, France, Italy and Luxembourg to become founding members.Copyright Reuters, 2015 ...

Australia's IAG to raise stake in JV with State Bank of India MUMBAI: Insurance Australia Group Ltd will raise its stake to the maximum allowed 49 percent in a general insurance joint venture with State Bank of India, the Indian lender said on Thursday, following rule changes earlier this month.IAG currently owns 26 percent of SBI General Insurance, with SBI, India's largest lender, holding 74 percent. After the deal, SBI's stake in the venture will fall to 51 percent, it said. Thursday's announcement follows a long-awaited legal ...
Bank of England policymakers see scant need for rate cut LONDON: Three Bank of England policymakers said on Wednesday they saw little chance of a cut in interest rates in the face of tumbling inflation, distancing themselves from the position of the central bank's chief economist.BoE chief economist Andy Haldane surprised some observers by saying last week that a recent sharp slowdown in inflation meant the bank was as likely as not to cut rates - a view previously rejected by BoE Governor Mark Carney.David ...
Greek central banker optimistic on chances of debt deal LONDON: The chances of Greece doing a deal with its European creditors have grown since a meeting in Berlin this week, Greek central bank governor Yannis Stournaras said on Wednesday, adding that an exit from the euro would only bring his country more pain. Speaking to a packed hall at the London School of Economics, Stournaras also said the European Central Bank's latest increase in emergency funding for Greek banks showed that their situation going ...
Brazil central bank allows currency support program to end BRASILIA: Brazil's central bank announced the end of a program to support the strength of the national currency, the real, despite its continued decline.In a statement sent Tuesday night, the bank explained its intervention program that expires on March 31 had "provided a sufficient volume of foreign exchange protection" and would not be extended.The central bank announced in August of 2013 it would spend over $50 billion in defense of the real through the auction ...
ECB tells Greek banks not to buy any more Greek government debt BERLIN: The European Central Bank has written to Greek banks urging them not to increase their exposure to Greek sovereign debt to avoid endangering the solidity of their finances, a source told AFP on Wednesday.The ECB, which took over as European banking supervisor last November, was concerned about the risk "that (Greek banks') balance sheets might be impaired by assets of low quality," said the source familiar with the central bank's thinking on the matter. ...
Bank of China profit growth slowest in six years as bad loans jump SHANGHAI: Bank of China Ltd (BoC) posted its slowest fourth-quarter net profit growth in six years on Wednesday as losses on bad assets doubled and unpaid loans jumped against a backdrop of a slower economy.China's fourth-largest lender reported net profit for the fourth quarter of 38.5 billion yuan ($6.2 billion), five percent higher than a year earlier and in line with analyst estimates, according to Thomson Reuters data.Rising bad loans and lower profit growth show ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln