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Sterling weakens after BoE minutes suggest no hurry to tighten policy LONDON: Sterling retreated from a two-week high against the dollar after minutes on Thursday from a meeting of the Bank of England's rate-setting committee suggested policymakers were in no hurry to raise interest rates. The nine-member Monetary Policy Committee voted 8-1 to keep rates at a record-low 0.5 percent month, as expected, and most saw a relatively soft outlook for inflation. That dashed expectations amongst some investors who hoped the BoE would send a message it was not comfortable with their pricing on when rates would start to rise. Investors are currently factoring in the chance of the first rate hike in the last quarter of 2016. "The minutes took a dovish tone, giving the impression that renewed concerns were on the table for inflation forecasts," said Alex Lydall, senior currency trader at Foenix Partners, a firm which offers hedging solutions to UK companies. Sterling fell to $1.5270, down 0.3 ...

CEE currencies edge up, overseas investors step in BELGRADE: Central and Eastern European currencies edged up on Wednesday as expectations the United States was about to raise interest rates faded, reviving demand for emerging market assets.The Polish zloty, the region's most liquid currency, traded at 4.233 to the euro, 0.26 percent up from Tuesday's close.The Polish central bank left interest rates unchanged at a record low of 1.5 percent on Tuesday, but its governor signalled concern that pre-election spending promises could undermine the ...
Euro holds the line as ECB easing bets offset by grounded Fed LONDON: Revisions to the expected timetable for a US interest rate rise after disappointing jobs data have undermined bets that the euro will plunge against the dollar as monetary policies in the euro zone and the United States diverge. Expectations the central banks would chart different courses dragged the euro from around $1.40 in May 2014 to a 12-year low below $1.05 in March, when the European Central Bank launched its trillion euro plus asset ...
Turkish lira's real effective exchange rate hits 12.5-year low ISTANBUL: The consumer price index-based real effective exchange rate of the lira fell to 90.95 in September from 95.22 in August, hitting the lowest level since January 2003 when it stood at 89.55, central bank data showed on Tuesday. The rate measures the weighted average of domestic prices relative to those of Turkey's trading partners. Copyright Reuters, 2015 ...
Sterling falls after UK services survey disappoints LONDON: Sterling sank against both the dollar and the euro on Monday after a monthly survey of the services sector crushed any remaining market expectations that the Bank of England is likely to raise interest rates any time soon. The 53.3 point reading on the index of purchasing managers in a sector that dominates British economic output was the lowest since May 2013, and sharply below analysts' forecasts and the previous month's figures. The pound ...
Dollar weaker as rate increase expectations pushed back LONDON: The dollar nursed losses on Monday, falling around 0.5 percent against the euro and slipping against a basket of currencies, after a weak US jobs report drove traders to push back expectations of a Federal Reserve rate hike to early 2016. The euro's bounce, though, is likely to remain muted, with the European Central Bank likely to come under additional pressure to ease monetary policy in a bid to neutralize the impact on inflation ...
Sterling rate swaps push first BoE hike expectations to end-2016 LONDON: Sterling short-term interest rate swap markets pushed back chances of a first rate rise by the Bank of England to late 2016, after a weaker-than-expected US jobs report saw investors cut the odds of a Federal Reserve hike by the end of 2015. An improving British labour market has raised expectations the BoE will be among the first major central banks to raise interest rates, although it is seen unlikely to act before the ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln