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Turkish lira hits record low on political jitters ISTANBUL: The Turkish lira slid to its second straight record low on Friday, as investors pummelled the currency over concerns about political stability and central bank independence ahead of June parliamentary elections. The lira has been hammered this year - underperforming nearly every other major emerging market currency - with analysts expecting little respite until at least after the June 7 polls. Faced with flagging economic growth, President Tayyip Erdogan has repeatedly called for lower rates, even as the lira's tumble risks stoking inflation. He has said that those who defend high rates are "traitors". "Markets are increasingly focused on what the elections may deliver and when you have an increasingly authoritarian government in place, (election risk) is always unsettling," said Neil Shearing, head of emerging markets at Capital Economics In a sign of its difficult political position, the central bank this week held off from what economists say was ...

Goldman expects sterling to stay resilient to UK election risks LONDON: Sterling has remained surprisingly resilient to the risks from uncertainty from a closely fought British general election, Goldman Sachs said in a note, adding that the pound will ultimately be driven by the solid growth of the economy."While sterling may have room to price further election risk, we look to past election cycles to demonstrate that political uncertainty, of itself, has not been decisive for the currency, whereas the macro backdrop is key," Goldman ...
Sterling slips after UK retail sales disappoint LONDON: Sterling backed away from a five-week high against the dollar on Thursday after data showed British retail sales fell in March, confounding expectations of a rise and wrong-footing some traders who had expected a robust number.Data showed retail sales fell 0.5 percent in March compared with February and were up 4.2 percent compared with March last year. Economists in the Reuters poll had forecast increases of 0.4 and 5.4 percent respectively.Sterling fell to a ...
Sterling climbs past $1.50 to 5-week high after upbeat BoE minutes LONDON: Sterling rose past $1.50 to hit a five-week high against the dollar on Wednesday, after minutes from the latest Bank of England policy meeting showed policymakers were slightly more focused on the risk of inflation accelerating.Traders said sterling was also helped by a growing view within the nine-member monetary policy committee that the next move by the BoE will be a rate hike. The minutes of the April 8-9 meeting showed that the officials ...
Euro steadies, Aussie up after core inflation LONDON: The euro recovered some ground against the dollar on Wednesday in the absence of major news on Greece, while the Australian dollar rose after inflation data suggested an interest rate cut was not imminent.In a subdued session for most major currencies, sterling gained around half a percent against a basket of its peers after Bank of England minutes that emphasised hopes for a further improvement in the UK economy over the next year.The threat ...
SNB move on negative rates sends Swiss franc sharply lower LONDON: The Swiss franc fell 1 percent against the dollar and dropped against the euro on Wednesday after the Swiss National Bank said it was reducing considerably the number of institutions exempt from negative rates on cash deposits held at the central bank. Analysts said the move increased the chances that the SNB could take interest rates deeper into negative territory, especially if flows into the safe-haven Swiss franc increase due to Greece's debt problems ...
Sterling climbs past $1.50 to 5 week high after upbeat BoE minutes LONDON: Sterling rose past $1.50 to hit a five-week high against the dollar on Wednesday, after minutes from the latest Bank of England policy meeting showed policymakers were slightly more focused on the risk of inflation accelerating. Traders said sterling was also helped by a growing view within the nine-member monetary policy committee that the next move by the BoE will be a rate hike. The minutes of the April 8-9 meeting showed that the ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln