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Kenya's finance minister trims 2015 growth forecast to 5.8-6pc NAIROBI: Kenya's finance minister trimmed the economic growth forecast for 2015 to between 5.8 percent and 6 percent on Wednesday, citing tighter monetary policy and the potential impact of the el Nino weather phenomenon that has brought some heavy rains. The government had already downgraded its forecast to 6 percent in October from the 6.5 to 7 percent it had originally predicted for 2015.Finance Minister Henry Rotich told a briefing government borrowing could be lower than expected and he was reviewing spending in fiscal 2015/2016, which ends in July. The deficit for 2015/16 has been forecast at 8.7 percent of gross domestic product.Copyright Reuters, 2015 ...

China search giant Baidu plans to open online bank SHANGHAI: China's main search engine Baidu plans to launch an online bank with financial services group Citic, the two companies said on Wednesday, as the Internet firm seeks to compete with rivals moving into banking. The Baixin Bank, a venture between Baidu and China Citic Bank, will be the country's first lender formed by an Internet company and a traditional bank, Baidu said in a statement.Beijing-based Citic Bank, the banking arm of Citic group, will ...
New banking rules should not increase capital demands: ECB FRANKFURT: New global rules on banking due to be completed next year generally should not result in higher capital demands for euro zone banks, European Central Bank Executive Board member Sabine Lautenschlager said on Tuesday. Lautenschlager is a member of a Swiss-based committee in charge of shaping the Basel III regulatory framework, including how much capital banks need to set aside to absorb possible losses. "We should, whatever comes out of Basel III, stay with ...
Traders hold Dec US rate-hike view after CPI NEW YORK: US interest rates futures were steady to a tad lower on Tuesday as in-line increases on domestic consumer prices last month supported bets the Federal Reserve would raise interest rates at its Dec. 15-16 policy meeting. The US Labor Department said the consumer price index rose 0.2 percent in October, matching the median forecast among economists polled by Reuters. The core CPI rate, which excludes volatile food and energy prices, was up 1.9 ...
Romania runs budget surplus in Jan-Nov-outgoing finance minister BUCHAREST: Romania's outgoing finance minister Eugen Teodorovici said preliminary data showed the country ran a consolidated budget surplus in January-November. Romania's fiscal surplus stood at 0.9 percent of gross domestic product at the end of September, largely unchanged from the previous month, the ministry had said. Copyright Reuters, 2015 ...
Poland's central bank chief favours bank tax over FX-loan conversion WARSAW: Poland's central bank chief Marek Belka said on Tuesday he saw bank asset tax a better solution than converting Swiss-franc denominated mortgages into zlotys. "Bank asset tax is better, as it is clear," Belka told TOK FM radio in an interview. "Banks will survive a bank asset tax on the whole, but in various ways," he added. "Some will survive quite well, while others will have some problems." Poland's new conservative government won last ...
Norway central bank says should promote currency weakness to help economy BERGEN: Norway's monetary policy should support a weakening of the country's crown currency to help the economy adjust to lower activity in the oil industry, central bank Governor Oeystein Olsen said on Tuesday. "The price of crude has fallen and the (oil industry's) activity level is becoming lower. We must reposition ourselves in export oriented industries and must improve our competitiveness," Olsen told a business conference. "That can take place through cost cuts and through ...


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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