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Bank of Cyprus gets revised offer to offload Ukraine unit NICOSIA: Bank of Cyprus said Monday it is looking "positively" at a revised offer to sell its loss-making PJSC Ukrainian unit to Russia's Alfa Group as part of a restructuring drive.In January, BoC, the island's largest lender, said it had agreed to sell its 99.77 percent stake in the subsidiary to ABH Ukraine, which is part of Alfa Group, for 225 million euros ($308 million).But Cypriot media reported the Russians are now offering 10 percent less than the original figure due to the worsening political and economic crisis in Ukraine.Moscow annexed Ukraine's Crimea Peninsula last month, and Western powers accuse the Kremlin of fomenting further unrest in the country's mainly Russian-speaking east."Bank of Cyprus announces that a revised consideration has been offered by the Alfa Group that is viewed positively by the board of the directors," said BoC."The sale is expected to be finalised in the near future and is ...

Bank of England to accept export credit notes as collateral LONDON: Export credit notes guaranteed by the British government's trade promotion agency will in future be able to be used as collateral at the Bank of England, the central bank said on Monday. Boosting British exports and reviving securitisesd capital markets after the financial crisis are aims of both the BoE and Brtains's government.Copyright Reuters, 2014 ...
Kenya central bank says in the market to mop up 13bn shillings NAIROBI: Kenya's central bank sought to mop up 13 billion shillings ($150.01 million) in excess liquidity from the market on Monday.The Central Bank of Kenya said it was seeking to drain 11 billion shillings using repurchase agreements (repos) and 2 billion shillings via Term Auction Deposits (TADs).The bank has frequently drained liquidity over the past few weeks after overnight borrowing rates tumbled, making it a bit cheaper for banks to fund long dollar positions, which ...
Bank of Cyprus assesses lower offer from Alfa for Ukraine unit NICOSIA: Bank of Cyprus said on Monday it is "positively viewing" a revised offer to sell its Ukrainian subsidiary to Alfa Group, although the price is thought to be lower than initially agreed. The Cypriot lender announced in January that it would sell its loss-making PJSC Bank of Cyprus unit in Ukraine for 225 million euros to ABH Ukraine Ltd., part of Russia's Alfa Group.That was before the overthrow in February of Moscow-backed Ukrainian President ...
Turkish central bank could cut overnight lending rate to 10pc KAYSERI: Turkey's central bank governor said on Monday the bank's overnight lending rate of 12 percent was very tight and could be reduced gradually to 10 percent if necessary."The 12 percent lending rate is very tight, we can gradually reduce it to 10 percent if necessary. We have room for manoeuvre here," Erdem Basci said at a conference in the city of Kayseri. Copyright Reuters, 2014 ...
Singapore seen sticking with tight monetary policy as economy shows resilience SINGAPORE: Singapore's central bank is expected to stick with a tight monetary policy stance to guard against inflationary pressures, while the economy probably maintained a solid pace of year-on-year growth in the first quarter.Forecasts from 14 analysts showed that they all expect the Monetary Authority of Singapore (MAS) to keep unchanged its stance of allowing a "modest and gradual" appreciation of the Singapore dollar.Economists expect the MAS to stay vigilant against potential inflationary pressures stemming ...
South Africa's net reserves dip to $45.04 billion in March JOHANNESBURG: South Africa's net gold and foreign exchange reserves dipped to $45.042 billion in March, from $45.337 billion in February, data from the Reserve Bank showed on Monday. Gross reserves fell to $49.454 billion at the end of March from $50.137 billion in the previous month, while the forward position, which represents the Bank's unsettled or swap transactions, rose to $3.561 billion. Copyright Reuters, 2014 ...


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