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Turkish lira hits record low on political jitters ISTANBUL: The Turkish lira slid to its second straight record low on Friday, as investors pummelled the currency over concerns about political stability and central bank independence ahead of June parliamentary elections. The lira has been hammered this year - underperforming nearly every other major emerging market currency - with analysts expecting little respite until at least after the June 7 polls. Faced with flagging economic growth, President Tayyip Erdogan has repeatedly called for lower rates, even as the lira's tumble risks stoking inflation. He has said that those who defend high rates are "traitors". "Markets are increasingly focused on what the elections may deliver and when you have an increasingly authoritarian government in place, (election risk) is always unsettling," said Neil Shearing, head of emerging markets at Capital Economics In a sign of its difficult political position, the central bank this week held off from what economists say was ...


Ugandan shilling steady, seen under pressure on liquidity injection KAMPALA: The Ugandan shilling was stable on Friday after the central bank injected local currency liquidity into the interbank market but the local currency was expected to weaken on emerging dollar demand.At 0839 GMT commercial banks quoted the shilling at 3,000/3,010, little changed from Thursday's close of 2,995/3,005. The central bank, Bank of Uganda (BoU) sold local currency to banks via a seven-day reverse repo to improve liquidity but it was unclear how much shillings ...

Goldman expects sterling to stay resilient to UK election risks LONDON: Sterling has remained surprisingly resilient to the risks from uncertainty from a closely fought British general election, Goldman Sachs said in a note, adding that the pound will ultimately be driven by the solid growth of the economy."While sterling may have room to price further election risk, we look to past election cycles to demonstrate that political uncertainty, of itself, has not been decisive for the currency, whereas the macro backdrop is key," Goldman ...

China's yuan unchanged against dollar, set to end week flat SHANGHAI: China's yuan was flat against the dollar on Friday as a wave of dollar demand by big state-owned Chinese banks and oil companies helped to offset a three-month high midpoint, traders said.The People's Bank of China (PBOC) set the midpoint rate at 6.1241 per dollar prior to market open, the yuan's strongest level since Jan. 20, or 0.07 percent firmer than the previous fix at 6.1281.Following the strong fix, the spot market opened at ...

Dollar falls on housing dip, euro rises on fading Greek fears NEW YORK: The dollar was knocked lower on Thursday by a decline in U.S. new-home sales fanning worries about U.S. economic growth, while the euro rose more than 1 percent on waning fears of a Greek default.New home sales declined 11.4 percent in March to a seasonally adjusted annual rate of 481,000 units, according to U.S. government data. The drop was the biggest since July 2013 and came after three straight months of hefty gains.Data ...

Weak US data offers South African rand reprieve JOHANNESBURG: South Africa's rand recouped earlier losses against the dollar on Thursday, turning slightly firmer after weak U.S. home sales and manufacturing activity data pointed to sluggish growth.Signs of faltering expansion in the world's biggest economy have made a June rate hike less likely.This has in turn bolstered investors' appetite for assets denominated in high-yielding emerging currencies like the rand.At 1539 GMT the local unit traded at 12.2005 versus the greenback, up 0.22 percent from ...

Sterling slips after UK retail sales disappoint LONDON: Sterling backed away from a five-week high against the dollar on Thursday after data showed British retail sales fell in March, confounding expectations of a rise and wrong-footing some traders who had expected a robust number.Data showed retail sales fell 0.5 percent in March compared with February and were up 4.2 percent compared with March last year. Economists in the Reuters poll had forecast increases of 0.4 and 5.4 percent respectively.Sterling fell to a ...


 



 
IndexClosingChg%
ArrowDJIA 18,080.14 0.12
ArrowNasdaq 5,092.09 0.71
ArrowS&P 2,117.69 0.23
ArrowFTSE 7,070.70 0.24
ArrowDAX 11,810.85 0.74
ArrowCAC-40 5,201.45 0.44
ArrowNikkei 20,020.04 0.83
ArrowH.Seng 28,060.98 0.84
ArrowSensex 27,437.94 1.07





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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln