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Swedish central bank should consider weakening currency DAVOS: Sweden's central bank should consider steps to weaken the crown to keep the economy competitive after the European Central Bank launched substantial bond-buying on Thursday, former finance minister Anders Borg told Reuters. Borg, in government until last year and now chair of the Global Financial System Initiative at the World Economic Forum, said the currency was arguably too strong for the good of the economy and the Riksbank had tools to act. "The krone should for fundamental reasons probably trade somewhat weaker than it is," Borg said in an interview on the sidelines of the WEF's annual meeting in Davos. He said Stockholm's situation was very different from that of Switzerland, which abandoned an exchange rate cap against the euro last week, sending the Swiss franc soaring, because of market pressure in the run-up to the ECB decision. Sweden is a member of the 28-nation European Union but voted ...

Egyptian banks to fund major power deal CAIRO: Six Egyptian banks have reached a deal to fund an electricity generation project worth 3 billion Egyptian pounds ($405 million), the state news agency MENA reported on Thursday. The deal was led by the National Bank of Egypt, Egypt's largest commercial bank, MENA said. Under the terms of the agreement, the production capacity of power stations in the towns of Helwan and Assiut will rise to 2,600 megawatts. MENA quoted Mahmoud Muntasir, vice president ...
RBC's foray south a pricey bet that two's a charm WASHINGTON: Royal Bank of Canada is placing a pricey bet that the second time's a charm for a foray south of the border. The Canadian titan is forking over $5.4 billion for Beverly Hills-based City National little more than three years after it cut a painful retreat from US retail banking.This time around, RBC boss David McKay, who took the reins last August, has targeted a growing franchise in a coveted part of the market. ...
Investors scoop up US 10-year TIPS supply NEW YORK: Investors bought a majority of the $15 billion worth of US 10-year Treasury Inflation-Protected Securities offered on Thursday, suggesting demand for higher-yield US bonds as European yields hit record lows. The risk to own US TIPS was reduced earlier after the European Central Bank said it will embark on a bond purchase program, worth 60 billion euro a month, aimed at averting deflation spreading across the euro zone. The latest ECB stimulus move ...
Danish central bank lowers deposit interest rate COPENHAGEN: Denmark's central bank cut its deposit interest rate Thursday following the European Central Bank's announcement of stimulus measures to combat deflation in the stagnant eurozone economy. The bank cut the deposit rate by 0.15 percentage points to -0.35 percent but left its lending rate unchanged at 0.05 percent, in a move aimed at defending the Danish krone's pegged exchange rate with the euro.On Monday the deposit rate, which was cut to below zero in ...
ECB rings in new year with QE fireworks FRANKFURT: The European Central Bank on Thursday began 2015 with a much-anticipated stimulus, revealing plans for a massive trillion-euro bond purchase programme to ward off deflation and end stagnation in the eurozone economy.After holding key interest rates at their current all-time lows once again, the ECB launched a scheme to buy 60 million euros ($69 million) worth of private and public sector bonds per month between March and September 2016. ECB chief Mario Draghi explained ...
ECB holds key rate steady at 0.05pc, flags more measures FRANKFURT: The European Central Bank held its key interest rates unchanged on Thursday at its first policy meeting of 2015, but said it would announce new monetary policy measures later in the day.As widely expected, the ECB said in a statement that it was holding its main "refinancing" rate steady at 0.05 percent, and its two other rates -- the marginal lending and the deposit rates -- at 0.30 percent and minus 0.20 percent respectively. ...

 



 
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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%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln