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Hungary's central bank: weak corporate lending may jeopardise recovery BUDAPEST: Hungary's central bank said on Monday that a dearth of corporate lending risks slowing economic recovery and that its latest stress tests had shown banks were in a good position to withstand financial shocks.The central bank has been urging commerical lenders to take on more corporate debt since they started deleveraging in the 2008-2009 financial crisis. Banks say demand from eligible corporate borrowers has remained weak.In its twice-yearly financial stability report, the central bank said Hungary's commercial lenders' capital and liquidity position was "currently adequate" and for the first time since the start of the crisis all banks had passed a stress test.That scenario is for a significant economic downturn as well as an exchange rate and interest rate shock due to a number of adverse external and internal developments.Hungary is one of central Europe's most indebted nations and the central bank - whose governor, Gyorgy Matolcsy, is a ...

Germany wants bank risks reduced, not mutualised BERLIN: Germany has a number of questions about the European Commission's plans for banks to pay more to fund a deposit guarantee and wants risks in the sector to be reduced rather than mutualised, a Finance Ministry spokesman said on Monday.The EU executive wants to set up a European Deposit Insurance Scheme (EDIS) to increase guarantees for depositors in case of a banking crisis. The Commission is due to table proposals on Nov. 24 for ...
HSBC cuts UAE retail, commercial bank jobs DUBAI: HSBC has cut jobs in its retail and commercial banking units in the United Arab Emirates (UAE) as the bank prepares for lower growth in the Gulf Arab state next year, a source familiar with the matter said on Monday. The bank in June announced plans to slash 50,000 jobs globally, equivalent to nearly one in five people employed by the lender, as part of a strategy aimed at combating sluggish growth across its ...
Hungary bank sector solid, weak lending a risk BUDAPEST: Hungary's central bank said on Monday the ability of local banks to withstand shocks was solid, adding however that weak lending to companies and the high stock of distressed retail mortgages continued to pose risks going forward. "There is still a risk of a creditless recovery," the central bank said in its financial stability report. "Therefore, at present it is extremely important that banks and other institutions of the financial intermediary system be able ...
India to cut stake in state-run companies when markets improve NEW DELHI: India will sell shares in some state-run companies when market conditions improve, Finance Minister Arun Jaitley said on Monday, as the government struggles to meet its asset sales target that is crucial to help plug its deficit. India has raised just about $2 billion, or less than 20 percent of its divestment target, so far this year.Jaitley also said he expected recent steps taken by the government and the central bank to improve ...
Monetary policy risks becoming ineffective in low growth world: ECB Coeure BERKELEY: Monetary policy risks becoming ineffective in a world where growth is sluggish, economies are deeply interconnected and interest rates are already near zero, a top European Central Bank policy maker said on Saturday. Speaking at the University of California Berkeley, ECB executive board member Benoit Coeure called for academics and policy makers to address issues at the root of a global economic malaise, singling out the euro zone's inability to revive domestic demand. "The ...
Swiss central bank criticised as economy takes franc hit ZURICH: The Swiss National Bank should make more efforts to protect Switzerland's economy from the impact of an overvalued franc, economists told several Swiss newspapers. The SNB abandoned its cap on the franc in January and is instead using negative interest rates and interventions in the forex market to reduce the attractiveness of the currency, traditionally viewed as a safe haven by investors. The Swiss currency soared against the single currency after the 1.20 per ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln