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Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors, its interior minister said on Sunday, the most explicit remarks yet from Athens about the likelihood of default if talks fail.

Maintaining healthy public finances is a "crucial commitment," said Chile's finance minister in an interview published in local media on Sunday, his first since taking over the role two weeks ago. Rodrigo Valdes did not say whether the left-wing coalition government would stick to its stated goal of wiping out the structural budget deficit by 2018, saying only: "We will advise on the fiscal framework when we have more information, but there is our crucial commitment, which is keeping public finances healthy."
The United Arab Emirates' bank industry association has discussed a proposal to create a centralised Shariah board that would monitor Islamic banking, which could spur the growth of the industry. The central bank had proposed setting up a Higher Shariah Authority that would complement and oversee the work of Shariah boards at individual Islamic banks. This proposal was addressed at a recent meeting of the UAE Banks Federation, the association said on Sunday.
Major Egyptian investment firm Qalaa Holdings is drawing strong interest from Gulf and other foreign investors in a string of non-core assets that it is offering for sale, the firm's managing director said.
Islamic mutual funds are growing again after a slump that lasted years, but the sector still falls short of meeting demand for sharia-compliant investment products, a study by Thomson Reuters and its subsidiary Lipper showed on May 19. Many firms pulled out of the sector around 2008 because of the global financial crisis and as sliding equity markets reduced investor interest.
The US dollar turned higher on Friday, spurred off early losses after a US inflation report that indicated underlying pressures are building bolstered the case for the US Federal Reserve to raise interest rates later this year. Remarks by Fed Chair Janet Yellen later in the day that a rate increase was on track this year added support for the greenback. "Stronger inflation, along with stronger growth data, is something that the Fed certainly wants to see," said Brian Daingerfield, currency strategist at the Royal Bank of Scotland in Stamford, Connecticut. "Rate hike expectations have likely been brought forward as a result of some of the stronger data today."
Speculators further scaled back bullish bets on the US dollar in the latest week, pushing the currency's net long position to the lowest in over nine months, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position fell to $25.81 billion in the week ended May 19, from $29.11 billion the previous week. Net longs on the dollar declined for a eighth straight week.


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

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