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Bank of Korea cuts rates, avoids signalling end of cycle SEOUL: South Korea's central bank slashed its policy interest rate for the second time in three months on Wednesday to match its record low and gave no clear signal that its easing cycle had ended - keeping the door open for another cut.Bond prices rose modestly as Wednesday's decision had been widely expected, with the anticipated tightening in US monetary policy next year obscuring the outlook for South Korea's own policy direction.The Bank of Korea trimmed its economic growth and inflation forecasts for both this year and 2015, also matching market expectations, but said South Korea had no imminent risk of falling into deflation.The Bank of Korea's monetary policy committee cut the seven-day base rate by 25 basis points to 2.0 percent, matching the record low set during the peak of the 2008 global financial crisis, but one of the seven committee members voted to keep it unchanged, Governor Lee ...

Former UBS banker's tax trial opens in Florida FORT LAUDERDALE: Former UBS banker Raoul Weil went on trial here Tuesday, charged with conspiring to help Americans hide billions of dollars from US tax authorities.Impeccably dressed in a dark suit, Weil, who has pleaded not guilty, looked relaxed as his trial opened in federal court here with the selection of a 12-member jury.Prosecutors allege that the 54-year-old Swiss citizen helped US clients conceal some $20 billion in assets from tax authorities between 2002 and ...
Deutsche Bank looks to open new branches in China FRANKFURT: Deutsche Bank hopes to open new branches in China at a rate of about one per year as it positions itself to benefit from expanding trade and investment between Asia's largest economy and Europe.Werner Steinmueller, head of transaction banking at Deutsche, said the expansion was part of the bank's wider efforts to profit from China's economic rise."We will steadily open branches," Steinmueller told journalists on Tuesday. The exact pace and path of expansion depends ...
Spanish banks' ECB borrowing falls to 154.8bn euro in September MADRID: Spanish banks borrowed 154.8 billion euros (196.6 billion US dollar) in September from the European Central Bank, according to Bank of Spain data on Tuesday, down from August when banks' borrowings stood at 162.6 billion euros. Spanish banks took an all-time high of 411 billion euros from the ECB in August 2012, when the country's financial turmoil reached a peak and weak lenders were granted a 41.3 billion euro aid package from Europe that ...
Turkish central bank injects 12 billion lira in repo, bids 23.49bn lira ISTANBUL: The Turkish central bank injected 12 billion lira ($5.27 billion) into the market in a one-week repo auction on Tuesday at a fixed simple rate of 8.25 percent, central bank data showed. Total bids for the repo, maturing on Oct. 21, were 23.49 billion lira. Copyright Reuters, 2014 ...
Singapore sticks to tight monetary policy, Q3 growth disappoints SINGAPORE: Singapore's central bank cut its forecasts for headline and core inflation this year but stuck to its tight monetary policy as expected on Tuesday, saying core inflation is likely to stay above its historical average over the next few quarters.In a widely expected decision, the Monetary Authority of Singapore (MAS) said it will maintain its policy of allowing a "modest and gradual" appreciation of the Singapore dollar, with no changes to the slope, width ...
Russia on track to let rouble float freely: central bank chief MOSCOW: Russia is on course to freely float the rouble from next year, the central bank's governor said, but she defended the bank's policy of intervening to support the currency as it skidded to record lows in the past week.Elvira Nabiullina told lawmakers in Russia's lower house of parliament that the central bank had spent around $6 billion defending the rouble in the past 10 days. But she said the situation on the currency market ...

 



 
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Banking Review 2013


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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln