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Mexico central bank says rate hold decision unanimous MEXICO CITY: Mexico's central bankers were unanimous in their decision to hold interest rates at a record low earlier this month, with the majority signaling slack in the economy persists while the inflation outlook remains positive, minutes showed on Friday. Central Bank board members voted 5-0 at their July 11 meeting to hold their benchmark rate at 3.00 percent, after delivering a surprise cut last month to underpin a weak recovery in Latin America's no. 2 economy. Mexico's economy barely grew in the first quarter as a harsh winter dragged on growth in the United States, Mexico's top trading partner, while Mexican tax hikes hit domestic demand. The International Monetary Fund on Thursday cut its growth projection for Mexico this year to 2.4 percent from 3 percent. All board members said that growth in the second quarter was better than in the prior two quarters and a majority agreed that ...

Uganda central bank takes over small commercial bank KAMPALA: Uganda's central bank has taken over the management of the local Global Trust Bank (GTB) after it said the small bank was not commercially viable, the central bank governor said on Friday. The central bank said the move would have little impact on the industry because the bank that began operations in 2008 controlled just 0.5 percent of banking industry deposits. "The reason for the closure is that the bank has failed to become ...
Euro zone private sector loans contract further in June: ECB FRANKFURT: The decline in lending to households and firms in the euro zone slowed slightly in June, and money supply grew as the European Central Bank's new stimulus measures find their way through the system. In an unprecedented move, the ECB started in June charging banks to keep their deposits overnight, a step it hopes will encourage banks to lend. A fresh injection of ultra-long loans later this year should make lending easier yet.The central ...
Caixabank to take 7bn euros from ECB long-term loan scheme MADRID: Spain's Caixabank intends to take around 7 billion euros ($9.4 billion) in new long-term loans being offered by the European Central Bank, Chief Executive Gonzalo Gortazar told a news conference on Friday. "The intention is to take that amount in the auctions," Gortazar said. The ECB said in June it would give banks fresh access to long-term liquidity with the aim of improving lending to euro zone companies, in two so-called targeted longer-term refinancing ...
Russia raises main interest rate over Ukraine tensions MOSCOW: Russia's central bank unexpectedly raised its main interest rate by a half point to 8.0 percent on Friday, warning that geopolitical tensions were increasing inflationary risks."At the same time, inflation risks have increased due to a combination of factors, including, inter alia, the aggravation of geopolitical tension and its potential impact on the ruble exchange rate dynamics," the Bank of Russia said.Its statement was an apparent reference to the crisis in Ukraine and Western ...
Eurozone loans to private sector still contracting: ECB FRANKFURT: Loans to the private sector in the euro area, a gauge of economic health, fell year-on-year in June, but by less than in May, the European Central Bank said Friday.The volume of loans to private businesses and households declined by 1.7 percent from the same month in 2013, a smaller rate than the minus 2.0 percent in May, the ECB said in a statement. The long and deep financial crisis in the 18 countries ...
China approves three private banks: regulator SHANGHAI: China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants.Previously, China had just two privately-owned banks, Minsheng Bank and Ping An Bank, according to state media.The China Banking Regulatory Commission (CBRC) said it had approved private banks in the southern boomtown of Shenzhen, the northern port city of Tianjin and ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln