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Scotiabank focused on Latin America growth rather than Asia: CEO TORONTO: Bank of Nova Scotia has shifted its growth focus away from Asia, and will instead drive expansion in four Latin American countries as the bank seeks to focus on "fewer things," Chief Executive Brian Porter said on Tuesday.The Canadian bank, which operates in more than 50 countries, mostly in Latin America and Asia, will seek growth in Peru, Colombia, Mexico and Chile, where Porter sees strong economic fundamentals and sound regulatory systems.Porter has singled out those four countries at times since he took over as CEO in November from predecessor Rick Waugh. But his comments on Tuesday at the bank's annual general meeting in Calgary where he also prioritized cost cutting made clear the bank is narrowing its focus from its days under Waugh, who also emphasized growth in Asia along with Latin America."In keeping with our increased focus on fewer things, going forward our primary emphasis is on ...

Indonesia holds key interest rate at 7.5pc JAKARTA: Indonesia's central bank held its key interest rate at 7.50 percent Tuesday for the fifth consecutive month as inflation slowed and the trade balance improved in Southeast Asia's top economy.A higher-than-expected February trade surplus and a deceleration of inflation last month to 7.32 percent have added to signs the economy has turned a corner after being hit by emerging market turmoil last year.The rupiah and stocks have also bounced back after steep falls, which ...
BoJ chief doubts Bitcoin's future as a currency TOKYO: The head of the Bank of Japan on Tuesday cast doubt on Bitcoin's future, saying the scandal-plagued digital unit "cannot be a currency" unless it proves its reliability.The computer-generated currency has suffered a series of blows since February when the Tokyo-based Bitcoin trading exchange MtGox filed for bankruptcy, after admitting it had lost about half a billion dollars of the virtual unit.Unlike most currencies, Bitcoin is not backed by a government or central bank."It ...
Iraq's central bank may buy more gold in coming months TUNIS: Iraq's central bank may buy more gold in the next months depending on investment needs, the country's finance minister said on Tuesday on the sidelines of an Arab ministers meeting in Tunis. The Central Bank of Iraq has bought 36 tonnes of gold last month, it said in a statement, in a bid to help stabilise the exchange rate of the Iraqi dinar against other currencies.Copyright Reuters, 2014 ...
Kenya central bank says seeks to mop up 6bn shillings NAIROBI: Kenya's central bank sought to mop up 6 billion shillings ($69.24 million)in excess liquidity from the market on Tuesday. The bank has frequently drained liquidity over the past few weeks after overnight borrowing rates tumbled. The falling overnight rate made it cheaper for banks to fund long dollar positions and put pressure on the shilling. The central bank mopped up 10.9 billion shillings ($125.8 million) on Monday. Copyright Reuters, 2014 ...
Turkish central bank opens 5bn lira repo auction ISTANBUL: Turkey's central bank opened a one-week repo auction on Tuesday with a volume of 5 billion lira ($2.37 billion) at a fixed rate of 10 percent. The repo will mature on April 15.Copyright Reuters, 2014 ...
Indonesia central bank holds rates steady as pressures ease JAKARTA: Bank Indonesia kept its benchmark reference rate steady for a fifth straight month, as expected, helped by a narrowing in the country's current-account deficit. Southeast Asia's largest economy appears to have turned a corner this year as confidence returns to the rupiah on signs the economy is improving. Its trade balance reverted to surplus in February and inflation has continued to moderate. Analysts expect policymakers will likely keep policy unchanged for now as inflation ...

 



 
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Banking Review 2013


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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln