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Colombia central bank seen holding interest rate at 4.5pc BOGOTA: Colombia's central bank board is expected to hold the country's interest rate unchanged for a fourth straight month at its rate-setting meeting on Friday amid a weak global economic scenario that has cut the Andean country's key earnings from oil exports. All 15 analysts told Reuters in a survey published on Monday they expect the bank to hold the rate at 4.5 percent and the majority see the bank maintaining that rate for all of next year.Global crude oil prices have plunged about 40 percent since June but Colombia's oil income in dollars has fallen by only 5 percent according to data from the national statistics agency DANE, as forward sales delay the impact of the lower price. The decline in crude will likely mean Colombia's economy will grow 4.5 percent in 2015, down from an earlier 4.8 percent target, Finance Minister Mauricio Cardenas said on Monday. The mining ...

Norway's DNB bank says loan book can handle oil price fall OSLO: Norway's DNB bank, one of the lenders most exposed to the energy sector, has tested its loan book against big oil price falls and expects losses to remain below their usual levels next year, it said on Friday. Around 8 percent of DNB's loan book is to the oil and gas sector but the vast majority of this is low and medium risk so impairments will stay below normalised levels next year, in line ...
Russia's Sberbank not to receive additional capital in draft law MOSCOW: Russia's top lender Sberbank will not receive additional capital as part of a draft law passed on Friday by the lower house of parliament, said the head of the State Duma's financial markets committee.According to the draft law, the banking sector will receive a capital boost of up to 1 trillion roubles.Copyright Reuters, 2014 ...
China Exim Bank earmarks $1bn to spend in eastern Europe WARSAW: Export-Import Bank of China has earmarked $1 billion for further investments in central and eastern Europe after it spent ahead of schedule the $500 million it put aside earlier this year, it said on Friday.The Chinese lender operates in the region via its China CEE Investment Cooperation Fund, advised by CEE Equity Partners.The fund planned to spend the earlier $500 million in 2-3 years, mostly in companies from the energy, telecoms, infrastructure, and specialised ...
European bank watchdog tightens online payment rules to fight fraud LONDON: Europe's banking watchdog said on Friday that Internet payment service providers must tighten security procedures by August next year to combat a jump in online fraud.The European Banking Authority (EBA) set guidelines for minimum security requirements that payment services providers across the EU's 28 member states must meet by August.Losses from fraud on card Internet payments alone was 794 million euros ($975 million) in 2012, up 21 percent from the previous year.The EBA guidelines ...
Swedish central bank picks academic to board, limited policy impact seen STOCKHOLM: Sweden's central bank said on Friday it had picked Uppsala University professor Henry Ohlsson for the vacant seat on its rate-setting board, replacing policy dove Karolina Ekholm who quit the Riksbank in October.As well as his academic post, Ohlsson is also a member of the board of the Swedish Public Employment Service and is Chair of the Economic Council of Swedish Industry.He will take up his post on Jan. 12 and will take part ...
IMF urges Zambia to resolve tax issues with mining companies LUSAKA: The International Monetary Fund has urged Zambia, Africa's second-largest copper producer, to quickly resolve issues with mining companies over value-added tax refunds and an increase in royalties.Lower world copper prices and the announced shift to a royalty-only mining tax regime with high rates were likely to adversely affect the companies, the IMF said in a statement late on Thursday.Barrick Gold Corp said on Thursday it would suspend operations at its Lumwana copper mine in ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln