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Fed's Stein: Financial stability should inform policy WASHINGTON: A top Federal Reserve policymaker on Sunday repeated his controversial assertion that financial stability should be an aim of US central bank policymaking.Jeremy Stein, a Fed governor who is resigning next month, told an International Monetary Fund forum there is a need "in principle" to incorporate the aim of financial stability into monetary policies.Less clear, he said, is how to "operationally" incorporate it into policy. Stein has pushed this idea for more than a year.It runs against the traditional concept of adjusting interest rates to target inflation and unemployment, and separately, using regulation and supervision to ensure the financial sector is stable.Turning to international financial stability, Stein said: "We have to be aware of it, we have to monitor it this is where communication is helpful and being attentive is helpful."Doing the right thing for the US economy is ultimately helpful for larger parts of the world," he added.Copyright ...

Europe's top banks cut 80,000 more staff in post-crisis overhaul LONDON: Europe's largest banks cut their staff by another 3.5 percent last year and the prospect of a return to pre-crisis employment levels seems far off, despite the region's fledgling economic recovery.Spurred into action by falling revenue, mounting losses and the need to convince regulators they are no longer "too big to fail", banks across the globe have shrunk radically since the 2008 collapse of U.S. bank Lehman Brothers sparked the financial crisis.Last year, the ...
National Bank of Kuwait Q1 net profit rises 3.2pc DUBAI: National Bank of Kuwait, the Gulf Arab state's largest commercial lender, reported a 3.2 percent rise in first-quarter net profit on Sunday, edging ahead of analysts' expectations. Net profit was 83.9 million dinars ($298.6 million) in the three months to the end of March, compared to 81.3 million dinars a year ago, it said in a bourse filing.Five analysts in a Reuters poll had predicted 80.70 million dinars in net profit on average for ...
Saudi's Al Rajhi Bank Q1 earnings slip again on provisions DUBAI: Al Rajhi Bank reported a slump in net profit for the first three months of 2014 on Sunday, marking the second quarter in a row that Saudi Arabia's largest listed lender has posted a big decline in earnings.The bank made 1.71 billion riyals ($456 million) in the three months to March 31, down 16.9 percent from 2.05 billion riyals in the same period a year earlier, it said in a bourse filing.Analysts surveyed by ...
Bank of Canada names Carolyn Wilkins senior deputy governor TORONTO: The Bank of Canada named Carolyn Wilkins as its senior deputy governor on Friday, promoting an insider with strong financial markets expertise and credibility with Bay Street bankers as the central bank's No. 2 policymaker.Wilkins, with more than a decade of experience inside the bank and most recently as adviser to the governor, will start her seven-year term May 2.She replaces Tiff Macklem, who is leaving to become dean of a business school in ...
Philippines can absorb modest rate rise: deputy bank governor BAGUIO: A modest increase in the Philippine key interest rates will not harm the economy, which has posted uninterrupted growth for the last 60 quarters and is forecast to expand by 6.5 to 7.5 percent this year, a senior central bank official said.The Philippine central bank, which meets on May 8 to review its monetary policy, has "decreasing elbow room" to keep rates steady because of the possible "normalisation" of key interest rates in the ...
Canada set to announce Macklem's successor at central bank WASHINGTON: Canada will appoint the new senior deputy governor of the Bank of Canada "quite soon," Finance Minister Joe Oliver said on Friday, referring to the successor to the central bank's No. 2 policymaker Tiff Macklem who is leaving on May 1.Central bank chief Stephen Poloz, who appeared alongside Oliver at a news conference following a meeting of Group of 20 finance officials, said the conditions for deflation don't exist in Canada or in other ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
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WeeklyApril 14, 2014
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