06252016Sat
Last update: Sat, 25 Jun 2016 11am

Banking & Finance

Business & Finance - Banking & Finance

Egypt's central bank seen keeping pound stable in first post-rate hike sale CAIRO: Egypt's central bank looked set to keep the pound steady against the dollar on Tuesday at its first foreign currency sale since raising its benchmark interest rate by one percentage point last week, five bankers told Reuters.The Monetary Policy Committee raised the overnight deposit rate unexpectedly on Thursday to 11.75 percent, its highest in more than a decade and increased the overnight lending rate by 100 basis points also to 12.75 percent, its highest since 2008.The move was aimed at curbing inflation - now at seven-year highs over 12 percent - and stablising the currency, which is selling at about 11 to the dollar on a flourishing black market.Egypt devalued the pound by 13 percent in March to relieve mounting downward pressure and has held it at roughly 8.8 to the dollar since then.The bank holds a sale every Tuesday at which it allocates about $120 million to Egyptian ...

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Turkey central bank trims interest rate ANKARA: Turkey's central bank on Tuesday cut one of its main interest rates by 50 basis points, in the hope of further stimulating growth against a background of declining inflation.This is the third rate cut since new governor Murat Cetinkaya took the reins at the nominally independent central bank in April. The central bank said the overnight lending rate was trimmed to 9.0 percent from 9.5 percent and its one-week repurchasing rate remained stable at ...

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BOJ April minutes show risks to economy, price growth persist TOKYO: Some Bank of Japan policymakers believe overseas economies continue to pose downside risks to Japan's economy and prices, minutes of its April policy meeting showed on Tuesday.At the meeting, held on April 27-28, the BOJ held off on expanding monetary stimulus even as global headwinds, a strong yen and soft consumption threatened to derail Japan's fragile economic recovery.The BOJ cut its inflation forecasts in a quarterly review of its projections, and once again pushed ...

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RBS planning to cut 900 jobs to reduce costs: sources LONDON: State-backed Royal Bank of Scotland is planning to axe about 900 UK jobs, sources familiar with the process told Reuters, taking the total number of layoffs to around 5 percent of its British workforce in the last four months.The latest cuts at the bailed-out lender are in information technology and back office positions that support the commercial, retail and private bank, the sources said.RBS, which is 73-percent state-owned, is in the midst of a ...

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Nigeria central bank sells $3.5bn in forward trades to clear FX backlog LAGOS: Nigeria's central bank has sold $3.5 billion on the forward market after it auctioned $532 million and intervened on the interbank market on Monday to clear backlog of currency demand as it lifted its peg on the currency.The bank sold $697 million in one-month forward, $1.22 billion in two-month contract and $1.57 billion due in three months, in order to clear a backlog of $4.02 billion of demand, market operator FMDQ Securities Exchange said.The ...

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China will allow foreign firms to issue shares on mainland: central bank BEIJING: China will continue to push forward with the two-way opening of domestic capital markets, the central bank said in its 2015 annual report.China will allow qualified foreign firms to issue stocks on the mainland, the People's Bank of China said, adding that it would consider allowing foreign firms to issue Chinese depository receipts.Depository receipts are a mechanism for foreign firms to issue shares on a local stock exchange. Chinese firms have long made use ...

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Kenya says has enough forex reserves to weather any Brexit fallout NAIROBI: Kenya's central bank has enough foreign exchange reserves and funds available from an IMF standby facility to weather any fallout from a British referendum on whether to leave the European Union, the governor said on Tuesday. "We think we are in a comfortable position," Governor Patrick Njoroge told a news conference, adding that a British vote to leave the EU could hurt the global economy and Kenya would "feel the shock wave".Kenya's foreign exchange ...