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Turkish lira recovers from record lows, daily tightening expected ISTANBUL: Turkey's lira recovered on Tuesday from record lows on Monday as analysts anticipated daily monetary tightening to support the currency, which has been hit by an emerging market sell-off and domestic political tensions.Although the lira has slid to record depths against the dollar, Turkish Economy Minister Nihat Zeybekci said the currency does not need "strong intervention" measures and that sinking oil prices would help suppress inflation and narrow the current account deficit.Expectations have been rising that the Federal Open Market Committee (FOMC), the U.S. Federal Reserve's monetary-policy body, will hike interest rates early next year. With a large current account deficit financed through foreign capital inflows, Turkey would be especially vulnerable to this as higher premiums in holding dollars would cause an outflow of hot money.The emerging market sell-off has been abetted by the rouble's plunge in nearby Russia, where the currency slumped to new lows on Tuesday despite ...

Sterling hits 3-week low vs euro as UK inflation falls sharply LONDON: Sterling hit a three-week low against the euro on Tuesday while gilt yields dipped, after data showed British inflation fell to a 12-year low in November, leaving the Bank of England under no pressure to raise interest rates.Reflecting a slide in global oil prices, the consumer price index rose by an annual 1.0 percent in November, compared with 1.3 percent in October, the Office for National Statistics said on Tuesday.Economists taking part in a ...
Sterling recovers as Carney downplays fall in inflation LONDON: Sterling recovered from a three-week low against the euro in volatile trading on Tuesday after Bank of England Governor Mark Carney played down data showing UK inflation fell to a 12-year low in November.Reflecting a slide in global oil prices, the consumer price index rose by an annual 1.0 percent in November, compared with 1.3 percent in October, the Office for National Statistics said.The euro initially rose to 80.075, its strongest since November 20 ...
Russian traders see shades of 1998 as rouble plunges MOSCOW: The rouble plunged more than 10 percent for the second day on Tuesday and recorded its worst fall since the Russian financial crisis in 1998 as confidence in the central bank evaporated after an ineffectual overnight rate hike.The rouble opened around 10 percent stronger against the dollar following the overnight 650-basis-point rate hike, but it reversed gains in early trade and fell to record lows, pushing losses this year against the dollar to over ...
Ruble plumbs new low despite emergency rate rise MOSCOW: The Russian ruble set a new all-time record on Tuesday after bouncing back briefly despite an emergency move by Russia's central bank to raise interest rates to 17 percent.The currency weakened to nearly 67 rubles against the dollar after bouncing briefly to 61 rubles earlier Tuesday following the central bank's midnight move to hike interest rates to 17 percent from 10.5 percent to halt the collapse of the ruble.The Russian currency hit a low ...
Russian ruble bounces back after dramatic interest rate hike MOSCOW: The ruble bounced back on Tuesday, rising four percent at opening after it had plunged to a record low the day before in the wake of a dramatic hike in interest rates by Russia's central bank.The ruble suffered a mini-crash on Monday, sliding 9.5 percent in a single day despite repeated interventions by the central bank.Copyright AFP (Agence France-Presse), 2014 ...
Rouble in sharpest fall since 1998 as storm clouds gather for Putin MOSCOW: The rouble plunged around 10 percent against the dollar on Monday, its sharpest fall since 1998, and Russian assets sold off across markets, testing the firepower of the central bank and posing a major challenge for President Vladimir Putin. Traders said the slump in the rouble, down 50 percent against the dollar this year, forced the central bank to intervene in the market on Monday to defend it against the threat of new US ...


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln