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Swiss franc idles against the euro ahead of Cyprus vote ZURICH: The Swiss franc idled against the euro on Tuesday, with the single currency hovering near a three-month low on the dollar as a plan to tax Cyprus savings accounts fuelled fears about the stability of euro zone financial institutions.Cyprus's parliament was set to reject a divisive tax on bank deposits in a vote on Tuesday, pushing the island closer to a debt default and banking collapse.The franc has closely tracked the euro ever since the Swiss National Bank set a 1.20 limit set on the franc in Sept. 2011. The SNB set the cap after investors seeking a safe-haven from the spiralling euro zone crisis bid the currency up to record levels, threatening to tip the Swiss economy into recession.Meanwhile, currency dealers digested the International Monetary Fund's advice to the Swiss National Bank on Monday to introduce negative interest rates on the excess reserves it holds."While the possibility of ...

Euro undermined by concerns Cyprus woes may escalate LONDON: The euro fell on Tuesday as Cyprus's parliament was set to reject a controversial bank deposit levy crucial for the country to secure financial aid but which has raised fears of fresh euro zone instability.These concerns could prompt long-term investors to sell the euro, traders said. And if the ZEW German investor and analyst survey at 1000 GMT showed sentiment was hit in March due to uncertainty stemming from an inconclusive Italian election, the ...
Euro plummets on Cyprus bailout turmoil NEW YORK: The euro sank against other major currencies Monday after the proposed bailout for Cyprus, including a steep tax on bank depositors, revived concerns about the eurozone.At 2100 GMT, the euro was valued at $1.2957, down from $1.3075 late Friday.The euro also lost ground to the Japanese yen, trading at 123.41, compared with 124.61 late Friday.The dollar meanwhile edged down slightly to 95.23 yen from 95.26 yen.The euro's retreat came as protests erupted in ...
Sterling hits five weeks high against euro LONDON: Sterling rose to a five-week high against a struggling euro on Monday as a bailout plan for Cyprus that included a tax on bank deposits was seen as setting a dangerous precedent that could spark bank runs elsewhere.The euro slid more than 1 percent to around 85.32 pence, its lowest since Feb. 11, taking it well below a peak of 87.93 pence reached last week. It then pared losses to last trade down 1 ...
Euro tumbles after Cyprus bailout plan spooks markets LONDON: The euro slumped on Monday as investors took news of a bailout plan for Cyprus that involves taxing bank deposits as a dangerous precedent that could ultimately lead to bank runs elsewhere in the euro zone.Euro zone finance ministers demanded at the weekend that Cypriots pay up to 9.9 percent of their deposits in exchange for a 10 billion euro ($13 billion) bailout.The move broke with previous EU protocol that citizens' savings are sacrosanct ...
Cyprus deposit grab sets bad precedent LONDON: Cyprus' deposit grab sets a bad precedent. Money had to be found to prevent its financial system collapsing.But imposing a 6.75 percent tax on insured deposits is a type of legalised robbery.Cyprus should instead impose a bigger tax on uninsured deposits and not touch small savers.Confiscating savers' money will knock confidence in the banks.Trust in the government will also take a hit, since Nicosia had theoretically guaranteed all deposits up to 100,000 euros.Small savers ...
Swiss franc up vs dollar as US data lifts markets ZURICH: The Swiss franc was higher against the dollar as it climbed off a six-month low struck a day earlier after a raft of US data released on Thursday pointed to a steady recovery in the world's largest economy.The latest data buoyed risk appetite and lifted the Dow Jones industrials Average to a record close while dampening demand for the safe-haven dollar. Asian equities markets also rebounded after three days of losses.The franc rose 0.1 ...

 



 
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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