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Brazil central bank drops suit against critical economist BRASILIA: The Brazilian central bank backtracked on Tuesday and decided not pursue a lawsuit against a market economist who said the bank was "incompetent" and "subservient" to President Dilma Rousseff.The bank said it will not appeal the ruling by a local court that threw out a lawsuit filed May 16 against Alexandre Schwartsman, a former central bank director and partner at consulting firm Schwartsman & Associados. In comments published on Monday by newspaper Valor Economico, the central bank's attorney general, Isaac Sidney Menezes Ferreira, had said he would appeal the ruling because Schwartsman's comments had the intent of "tarnishing" the image and honor of the bank.The case is the latest public clash between the Rousseff administration and market economists who are critical of what they consider interventionist policies that have pushed the economy into recession.In July, the Brazilian unit of Spain's Santander SA was publicly criticized by officials from the ...

BoJ's Iwata upbeat on economy, unfazed by post-tax hike slump KANAZAWA: Bank of Japan Deputy Governor Kikuo Iwata on Wednesday reiterated policymakers' conviction that the economy can recover from a deep slump, saying that households and companies will boost spending as the pain from an April sales tax hike eases. Iwata acknowledged that weak exports and the rising burden on households from the tax hike were among risks to the outlook, but said a pick-up in global demand and wages will keep the world's third-largest ...
Bank of England chief signals rate rise in early 2015 LIVERPOOL: Bank of England governor Mark Carney hinted on Tuesday that the bank could raise its main interest rate from a record-low level in early 2015, citing the country's solid economic recovery."You can expect interest rates to begin to increase," Carney said in a speech on the economy to union leaders in the city of Liverpool, northwest England, adding that the BoE's forecasts tallied with market expectations for a rate rise in the spring."Our latest ...
ECB to help Montenegro central bank meet EU standards FRANKFURT: The European Central Bank said Tuesday it will help the Central Bank of Montenegro meet European central banking standards, as a part of the western Balkan state's ambitions to join the EU.The ECB "has today launched a Eurosystem cooperation programme with the Central Bank of Montenegro. The European Union (EU) has allocated almost 300,000 euros ($387,000) ... to fund the programme," it said in a statement.The aim of the programme was to assist the ...
Bank of England's Carney says spring rate hike possible LONDON: The Bank of England might start to raise interest rates next spring although the labour market is still in the process of recovering from the financial crisis, Governor Mark Carney said on Tuesday.Carney pointed to last month's BoE forecasts which showed that if rates started to rise when markets predict, in the spring of 2015, inflation would be on course to settle close to the Bank's 2 percent target in three years' time.At which ...
India's ICICI Bank says board approves five-for-one stock split MUMBAI: ICICI Bank Ltd, India's top private sector lender by assets, said on Tuesday its board had approved a five-for-one stock split.Each American Depositary Share (ADS) of ICICI Bank will continue to represent two underlying equity shares, the lender, which is also traded in New York, said in a statement. The number of ADSs will increase in proportion to the increase in equity shares, it said.The split is subject to shareholder and regulatory approvals, the ...
Kenya central bank says in market to mop up 5bn shillings NAIROBI: Kenya's central bank said on Tuesday it was seeking to mop up 5 billion Kenyan shillings ($56.4 million) of excess liquidity, using term auction deposits (TADs) and repurchase agreements (repos).The central bank has regularly soaked up excess liquidity from the money market since last year, lending support to the shilling by making it more expensive for banks to hold long dollar positions.Copyright Reuters, 2014 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln