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Gold edges up, set to snap 7-week losing streak LONDON: Gold edged up on Friday as the dollar softened and investors weighed the impact of China's currency intervention on the timing for the first US interest rate increase in nearly a decade. Bullion was set to end a seven-week losing streak after China's yuan devaluation earlier this week increased uncertainty over the global economy, and pushed investors into assets perceived as safer such as gold. "The market was caught by surprise by the Chinese currency devaluation and there was some safe-haven buying but physical demand is still not strong and only a test of the $1,110 could change that," MKS SA head of trading Afshin Nabavi said. Spot gold was up 0.3 percent at $1,118.21 an ounce by 1348 GMT after hitting $1,126.31 on Thursday, its highest since July 20. Thursday's drop ended gold's five-day rise, its longest rally since May. US gold for December delivery was up 0.2 ...


French wheat crop to hit record 40.4mn tonnes PARIS: France should produce a record 40.4 million tonnes of soft wheat this year after harvesting in the European Union's largest grain grower showed little impact from this summer's dry, hot weather, farm office FranceAgriMer said on Friday. The estimate was above an initial forecast of 37.9 million tonnes in early July, and at the top end of market estimates putting the crop at 39-40 million tonnes. Like other crop forecasters, FranceAgriMer said drought and ...

Copper ticks higher as slower yuan decline calms market LONDON: Copper steadied on Thursday above the previous session's six-year low after China's central bank said there was no basis for further yuan depreciation, dampening concerns that the country's appetite for metals imports could wane.Weighing on base metals, however, was a stronger dollar, which makes dollar-priced metals costlier for non-U.S. investors.Three-month copper on the London Metal Exchange had gained 0.2 percent to $5,200 a tonne by 1440 GMT.The metal swung wildly on Wednesday. It plunged ...

Palm oil rebounds tracking small recovery in soy JAKARTA: Malaysian palm oil futures posted their biggest gain in more than three weeks on on Thursday, tracking a recovery in the soy market, as buyers were tempted back after by market weakness.By the close, the benchmark palm oil contract for October on the Bursa Malaysia Derivatives Exchange ended 0.95 percent higher to 2,017 ringgit ($503.24) a tonne. It regained some of its 2.2 percent lost posted a day earlier.Prices earlier touched a more than ...

EU wheat harvest makes progress in better weather HAMBURG: Wheat harvesting has made rapid progress in the last week in leading European Union producers and some crop forecasts are being raised, analysts said on Thursday. In the EU's biggest wheat producer France, harvesting is virtually finished, with a consensus that France would achieve a record crop size and decent quality.Harvesting is being completed in final northern regions and yields continued to show wheat was not hurt by hot, dry weather which stressed maize. ...

Gold dips as worries over China's yuan devaluation ease LONDON: Gold fell nearly 1 percent on Thursday, snapping five sessions of gains, as concerns over further losses in the yuan after China devalued the currency this week eased, allowing stock markets and the dollar to rebound. Falling equities, dollar strength and speculation that the weaker yuan could delay a US interest rate rise sparked a short-covering rally in gold this week after its recent drop to 5-1/2 year lows, pushing prices to their highest ...

Soybeans stabilise after plunging on bigger US crop PARIS/SYDNEY: US soybeans rose on Thursday, recovering some ground after a 6 percent slide in the previous session, as analysts reassessed the government's upgrade of its harvest outlook, which had sparked the selloff. Corn steadied after tumbling 4.6 percent a day earlier when the US Department of Agriculture also lifted its corn crop forecast. Wheat also recovered after tracking corn and soybeans lower on Wednesday. The USDA stunned the market with its increased soybean and ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln