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Swiss franc holding as Cyprus stares default in the face ZURICH: The Swiss franc was steady against the dollar and the euro on Friday, as market focus remained firmly on Cyprus' efforts to solve its funding crisis and avoid a messy default which could force it out of the euro zone.Fraught negotiations to find a solution to Cyprus' funding woes pushed risk aversion higher, keeping the euro near four month-lows against the dollar and triggering selling of emerging currencies like the Korean won and the South African rand."This is going to be a massive weekend for both Cyprus and the eurozone. With so much uncertainty over what the outcome will be, we're going to see plenty of risk aversion in the markets today," Craig Erlam of UK brokerage Alpari said in a note.Credit Agricole analyst Sireen Haralji said the developments in Europe had increased the likelihood that the European Central Bank would cut interest rates, which would pull the euro ...

Sterling rises as easing chances fade, susceptible to UK data LONDON: Sterling extended gains on Thursday after market expectation for looser policy from the Bank of England was pushed back as the Britain's finance minister did not change the central bank's remit as drastically as some had anticipated.Minutes from the latest BoE policy meeting, showing less support for further asset purchases, with some monetary policy committee members voicing concerns about the weak currency, also lifted the pound as investors who had bet against it were ...
Sterling rises to two-week high versus dollar LONDON: Sterling hit a two-week high against the dollar on Wednesday after a UK budget statement that did not give as much flexibility to the Bank of England as some market players had anticipated.The pound rose 0.6 percent on the day to $1.5187, its highest level since March 6.Some investors were also cutting long dollar positions before the conclusion of a US Federal Reserve meeting. Policymakers are expected to sustain stimulus measures to support the ...
NZ dollar jumps on stronger-than-expected GDP WELLINGTON: The New Zealand dollar jumped and debt prices fell on Thursday after data showed the economy grew much more than expected in the fourth quarter.The kiwi rose to a session high of $0.8283 from about $0.8225 before the data. The New Zealand currency appreciated broadly, climbing versus the Australian dollar, the yen and other currencies.It retraced some of the gains and was last tarding at $0.8260.Bank bills fell as much as four pips, while ...
Euro rises but seen vulnerable to Cyprus concerns, Fed LONDON: The euro rose against the dollar on Wednesday, recovering from a slide to a four-month low on Cyprus's rejection of the terms of a bailout, as buyers emerged among investors convinced a deal would be reached. The Cypriot parliament rejected on Tuesday a proposed levy on bank deposits, which was a condition for the bailout, throwing efforts to rescue the indebted euro zone country into disarray and triggering a sell-off in the euro. The ...
Sterling boosted by BoE minutes, gilts drop LONDON: Sterling rose while UK gilts fell on Wednesday after minutes from the last Bank of England policy meeting showed members were still split at 6-3 on further asset purchases, confounding some who were expecting a closer vote.Sterling rose to a session high of $1.5140 from around $1.5034 after the BoE minutes were released, and up 0.2 percent on the day. The BoE minutes also showed policymakers were worried about further sterling weakness, given it ...
Euro sharply trims losses against US dollar NEW YORK: The euro currency sharply pared its losses against the US dollar in late afternoon trade on Tuesday.The euro touched a high of $1.2921, shooting up from about $1.2859 in about one minute, according to Reuters charts. It last traded at $1.2887, still down 0.5 percent on the day.The bounce coincided with comments from the European Central Bank that it took note of Cyprus's parliament vote. The ECB also reaffirmed its commitment to provide ...

 



 
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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