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Turkish lira firms up on view central bank may cut rates but keep liquidity tight ISTANBUL: Turkey's lira firmed on Monday on the view that the central bank, which may cut interest rates on Tuesday despite rising oil prices, will nevertheless keep liquidity tight to support the currency.Turkey's central bank was expected to cut the one-week repo rate by 50 basis points at a meeting on Tuesday, despite fighting in Iraq driving up oil prices, which pushes up inflation in energy importer Turkey.The bank has been under pressure from the prime minister to cut rates since January, when an emerging market sell-off pushed the lira to record lows and forced the bank to sharply hike all key rates.Analysts said that policy may remain tight even with a rate hike, however, as the bank could use policies such as restricting the amount of liquidity available at one-week repo auctions to buoy interbank rates."What CBRT (Turkish central bank) will do tomorrow is unlikely to change the recent ...

Sterling near recent highs, boosted by weak euro zone data LONDON: Sterling started the week on a strong footing, gaining against the euro as subdued economic data highlighted the divergent outlooks for monetary policy at the European Central Bank and the Bank of England.German service-sector business activity grew more slowly in June and new orders rose at a slightly weaker rate, a report showed on Monday. French business activity shrank more than expected and the wider euro zone private sector also slowed, all of which ...
Euro dips on data; Aussie and Kiwi jump LONDON: Optimism over China's economic prospects drove the Australian, New Zealand and Canadian dollars higher on Monday, while the euro struggled to make headway after some softer business- sentiment surveys.HSBC's monthly survey of purchasing managers pointed to the first expansion in six months by China's manufacturing sector, which is crucial to the world's growth prospects and demand for a wide range of commodities.That offered relief to investors fretting about the health of Australia's biggest export ...
Sterling heads for third straight week of gains against dollar LONDON: Sterling hovered within touching distance of a 5-1/2-year high against the dollar on Friday, heading for its third consecutive week of gains on rising expectations that Britain will raise interest rates before the United States. Data on Friday showing the UK's public finances with a bigger-than-expected deficit did little to dent confidence in sterling, which was trading at $1.7061, just shy of the 5-1/2-year high of $1.7064 hit on Thursday.Any hopes among dollar bulls ...
Dollar wins a reprieve, but Fed outlook should keep it penned up LONDON: The dollar inched up on Friday, helped by gains against the safe-haven yen, but it was still headed for its worst week since early May against a basket of currencies after the Federal Reserve's surprisingly dovish policy outlook. In contrast, the Bank of England's hawkish bias widened the yield gap between two-year British gilts and US Treasuries, helping the pound to trade near 5 1/2- year highs against the dollar. "Sterling is a favourite ...
Sterling stays strong above $1.70 as BoE and Fed paths diverge LONDON: Sterling hit a five-year high against the dollar on Thursday, settling above the $1.70 mark, lifted by the diverging monetary policy outlooks between the Bank of England and the Federal Reserve. The yield gap between two-year British gilts and US Treasuries widened, prompting more investors to buy sterling and putting it on course to test its 2009 high of $1.7043. While the Federal Reserve signalled on Wednesday that rising inflation won't trigger an increase ...
Dollar slips post-Fed, kiwi at all-time high LONDON: The dollar sank to its weakest level in three weeks on Thursday after a cautious message from the Federal Reserve stopped well short of the aggressive signal of prospective higher interest rates expected by some in the market.In Europe, meetings of the Swiss and Norwegian central banks were the early focus . The euro traded at its highest level in 10 days against the dollar while sterling inched up to a new 5-year high ...

 



 
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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