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BoJ's Kuroda stresses resolve to maintain stimulus programme TOKYO: The governor of the Bank of Japan on Monday stressed the central bank's resolve to maintain its massive stimulus programme for as long as necessary to achieve its 2 percent inflation target. Haruhiko Kuroda also said the world's third-largest economy is set to continue recovering moderately as a trend, despite the pain from a domestic sales tax hike in April on household spending."The BoJ will examine upside and downside risks to the economy and prices, and adjust monetary policy as needed," he told a quarterly meeting of the BoJ's regional branch managers.Kuroda said Japan's financial system has remained stable as a whole, and that the central bank's stimulus programme has been exerting its intended effects in pulling the country out of 15 years of deflation. The branch managers will release a report on the state of the regional economies at 2 p.m. (0500 GMT) after their meeting at the ...

Hungary banks must convert forex mortgages in December: lawmaker BUDAPEST: Banks in Hungary will have to convert foreign currency mortgages into forints in December, a ruling party lawmaker said late on Saturday, adding that the government could offer to share some of their exchange rate losses.The conversion, and another new law passed on Friday which compels lenders to repay large sums to borrowers for unfair charges and interest rate hikes applied on loans in the past decade, are expected to mean more losses for ...
ECB to keep interest rates low, Europe must boost investment: Coeure AIX-EN-PROVENCE: The European Central Bank will keep interest rates very low for a very long period of time to ensure monetary stability but governments must also work to boost growth, ECB executive board member Benoit Coeure said.Speaking at an economic conference on Sunday, Coeure said governments must do their part by cutting debt and boosting investments. "The only way out is by investing," he said, adding that the current economic situation was very worrying.He urged ...
Saudi Hollandi Bank Q2 net profit jumps 28.1pc on higher income DUBAI: Saudi Hollandi Bank posted a 28.1 percent increase in second-quarter net profit on Sunday, boosted by higher operating income. The kingdom's oldest bank and its seventh-largest listed lender by assets made a net profit of 480.3 million riyals ($128.1 million) in the three months to June 30, compared with 374.8 million riyals in the corresponding period of 2013, it said in a statement. It cited higher operating income - which increased 17 percent year-on-year ...
ECB's Lautenschlaeger does not see bond-buying: paper FRANKFURT: European Central Bank executive board member Sabine Lautenschlaeger said she does not see the ECB embarking on a bond-buying spree in the near future, according to a German newspaper report."I absolutely do not see the purchase of government bonds on the horizon," she told Frankfurter Allgemeine Sonntagszeitung, according to an excerpt of an article to be published on Sunday.She said a large-scale purchase of bonds would only be an option if the ECB faced ...
Airbus says ‘jury still out’ on A330neo airshow launch AIX-EN-PROVENCE: Airbus Group has not decided whether it will launch its proposed A330neo jet at this month's Farnborough Airshow but is confident about the outlook for plane orders at the gala event, its strategy chief Marwan Lahoud said on Saturday.Airbus has drawn up plans to revamp its biggest-selling wide-body passenger jet to preserve a second front in its competition with the delayed Boeing 787 Dreamliner in addition to the new A350-800.Lahoud said "the jury is ...
Bank of Cyprus says will explore interest for capital increase NICOSIA: Bank of Cyprus, the Cypriot lender which recapitalised in 2013 using customer deposits, said it would engage directly with institutional investors for a possible capital increase. The bank said any capital transaction would be structured in a manner allowing existing shareholders to participate. Bank of Cyprus, which briefly came under control of regulators following a tumultuous international bailout of Cyprus a year ago, has come under strong pressure from the central bank to up ...

 



 
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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%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln