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Dollar slides on US retail sales, IMF outlook NEW YORK: The dollar tumbled on Tuesday, after five straight days of gains, as investors took advantage of weaker-than-expected US retail sales to lighten hefty positions on the greenback that had built up due to expectations of an impending rate increase. A second blow to the US economic outlook came from the International Monetary Fund, which lowered its forecasts for US growth to 3.1 percent for this year and next from January's expectations of 3.6 percent and 3.3 percent, respectively. The yen, meanwhile, gained broadly, hitting a two-year high against the euro after an economic adviser to Japan's Prime Minister Shinzo Abe indicated that the currency might have fallen too far and needed to retrace some of its losses. "I wouldn't be surprised if people bring down Q1 GDP forecasts on the data," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York. "Couple that ...

Yuan-rand exchange mechanisms at advanced stage PRETORIA: Preparations for the direct exchange of the Chinese yuan and the South African rand are at an advanced stage, government officials said Tuesday."We are at an advanced stage of the currency swap mechanisms," South African Foreign Minister Maite Nkoana-Mashabane said at a joint press conference with her Chinese counterpart Wang Yi in Pretoria. "We agree on the establishment of the clearing centre for the RMB (yuan), so we can have a direct exchange of ...

Sterling dips after inflation holds at zero LONDON: Sterling fell by as much as half a cent against the dollar on Tuesday after UK headline inflation came in at zero for the second month running, while other price indicators were marginally softer than expected.Weak inflation is one of the main barriers standing between the Bank of England and an early rise in interest rates, and doubt about the bank's ability to move before the middle of next year have hurt the pound. ...

Yen weakens briefly after PM's advisor clarifies FX comments LONDON: The yen weakened slightly on Tuesday after an economic adviser to Japan's Prime Minister Shinzo Abe told Reuters that the U.S. dollar at 120 yen is acceptable, a day after comments that were taken to mean the government viewed it as too weak.The dollar, which was trading at around 119.70 yen before his comments, rose to trade at 119.95 yen, still down 0.1 percent on the day. The euro which had fallen to a ...

Turkish lira tumbles to new low against dollar ISTANBUL: Turkey's embattled lira on Tuesday tumbled to a new low in value against the dollar, pressured by the possibility of the US Federal Reserve raising rates and domestic jitters ahead of June 7 elections.The lira hit the new record low in value against the dollar of 2.67 to the greenback, a loss of in value of 0.34 percent on the day and a loss of 2.75 percent over the last five days.The lira has ...

Dollar rises against euro on continued Fed hike bets NEW YORK: The US dollar rose against the euro on Monday in a continuation of last week's bets that the US Federal Reserve will hike interest rates in the coming months, while the yen edged higher on comments from a high-profile economic adviser. With little US economic data, recent commentary from Fed officials and minutes from the central bank's March policy meeting suggesting the possibility of a June rate hike boosted demand for the dollar ...

Ugandan shilling weaker as banks cover short dollar positions  KAMPALA: The Ugandan shilling lost ground on Monday despite tight liquidity conditions, undermined by dollar demand in the interbank market as banks sought to cover short positions.At 0911 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Friday's close of 2,970/2,980."There's short position covering by some players," said Shahzadd Kamaluddin, trader at Crane Bank."That's applying a bit of pressure although there's scarcity of shillings in the market."Kamaluddin said the liquidity squeeze had pushed the ...


Index Closing Chg%
Arrow DJIA 18,037.97 0.23
Arrow Nasdaq 5,060.25 0.63
Arrow S&P 2,108.92 0.41
Arrow FTSE 7,103.98 0.47
Arrow DAX 12,039.16 1.93
Arrow CAC-40 5,268.91 1.30
Arrow Nikkei 19,983.32 0.18
Arrow H.Seng 28,433.59 1.33
Arrow Sensex 27,176.99 0.95

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Banking Review 2014

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