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Pound pushes up after two policymakers vote again for UK rate hike LONDON: Sterling rose from a 14-month low against the dollar on Wednesday after Bank of England minutes showed two policymakers continuing to vote for an immediate interest rate rise despite a weakening economic outlook.There had been some market speculation that either Ian McCafferty or Martin Weale - the two members of the BoE's Monetary Policy Committee who have since August voted for a rate hike - would reverse their support for policy tightening, given recently weaker data and a more dovish tone from the Bank.But while the other seven MPC members voted again to maintain rates at their record low 0.5 percent, the two hawks stuck to their guns. And some of the others emphasised a risk that spare capacity could be used up more quickly than thought.The minutes saw sterling reach $1.5701, having hit a low of $1.5590 before their release, though it later lost some of that ground, ...


South Africa's rand dips, all eyes on central bank rate decision JOHANNESBURG: Yields on South African bonds edged firmer while the rand softened against the dollar on Wednesday as investors held off ahead of an interest rate decision by the central bank.Local bonds continued to gain from demand for higher-yielding emerging market assets after Japan's surprise slip into recession, with the yield on the benchmark paper due in 2026 shedding 0.5 basis points to 7.815 percent.By 1603 GMT the rand had weakened 0.38 percent to 11.0725 ...

Sliding yen hits Asia FX, rupiah up on central bank rate hike SINGAPORE: Most emerging Asian currencies fell on Wednesday as the yen hit a seven-year low, while Indonesia's rupiah edged up after the central bank raised interest rates to stem inflationary pressures from a government decision to raise fuel prices.Regional units came under further pressure amid caution ahead of minutes of the US Federal Reserve's latest policy review due later in the day.The South Korean won hit a 14-month low, underperforming other emerging Asian currencies, with ...

Dollar firm as Fed minutes likely to highlight policy divergence with peers LONDON: The dollar hit a fresh seven-year high against the yen on Wednesday, and held near a 14-month peak versus sterling, as investors added favourable bets ahead of Federal Reserve minutes that could highlight policy divergence with its peers.The yen was on the defensive, falling to a six-year trough against the euro, after Japanese Prime Minister Shinzo Abe's decision to postpone a sales tax rise was seen as supportive for stock markets and negative for ...

Rouble inches lower as oil falls, Indian shares at new record high LONDON: The rouble inched lower on Wednesday and Russian bond yields touched new five-year highs as Moscow prepared for its first debt auction since October, while a firmer dollar also took a toll on most other emerging currencies.The rouble reversed some of the previous day's gains to slip 0.3 percent as crude prices fell towards $78 a barrel and the dollar index rose. Russian 10-year yields were around 10.4 percent, the highest since December 2009 ...

Sterling gains after BoE minutes shows ‘spread of views’ LONDON: Sterling rose from 14-month lows against the dollar on Wednesday after Bank of England minutes showed that two policymakers supporting an increase in interest rates were sticking to their guns despite a softening economic outlook.There had been some market speculation about a generally more dovish tone and that either Ian McCafferty or Martin Weale would reverse their support for an immediate hike in rates. However, the minutes said there had been a "material spread ...

Ugandan shilling weakens as commercial banks buy dollars KAMPALA: The Ugandan shilling lost ground on Wednesday as commercial banks bought dollars, but its weakening was expected to be limited by a shortage of local currency.At 1027 GMT, commercial banks quoted the shilling at 2,743/2,753, weaker than Tuesday's close of 2,730/2,740."Some banks are going long, I think the bullish trend of the dollar in international markets is driving their demand," said Shahzad Kamaluddin, trader at Crane Bank."However there's significant tightness in availability of the ...


 



 
Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln