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Euro zone inflation expectations gauge at near 8-month high LONDON: A key indicator of euro zone market inflation expectations rose to its highest in almost eight months on Thursday in a further sign the European Central Bank's trillion-euro bond-buying programme may be working. The five-year, five-year forward breakeven rate , which shows where investors expect 2025 price growth forecasts to be in 2020, rose to 1.8724 percent, its highest since early November, 2014. Earlier, another indicator showed inflationary pressures in the currency bloc at a four-year high. The Eurozone Future Inflation Gauge (EZFIG), a measure of the outlook for inflation published by the Economic Cycle Research Institute, rose to 100.4 in May from April's 100.2. Inflation softened in the euro zone during June to 0.2 percent year-on-year, moving away from the European Central Bank's target of close to 2 percent, official data showed on Tuesday. Copyright Reuters, 2015


World Bank to lend Iraq $1.7 billion BAGHDAD: The World Bank will provide loans totalling $1.7 billion to Iraq, the finance ministry said, as the country struggles with low oil revenues and a costly military campaign against Islamic State militants. It said $1 billion would take the form of a development policy loan, without specifying what the money would fund.A $350 million loan would go towards reconstruction in parts of the country recaptured from Islamic State fighters. Those include Diyala province, northeast ...

Swiss capital controls could be last resort if franc surges: UBS ZURICH: Switzerland could impose controls on cash withdrawals from banks if all else fails in its battle to rein in the safe-haven Swiss franc, UBS's chief economist for Switzerland has suggested. Daniel Kalt made clear on Thursday such drastic measures were highly unlikely and could only be a last resort in severe market turbulence. He stressed this was his own conjecture, not something he had heard the Swiss National Bank was planning. Limiting cash withdrawals ...

Oil rises after weaker-than-expected US jobs data hits dollar LONDON: Oil prices edged higher on Thursday as the US dollar slipped following weaker-than-expected US non-farm payrolls data. Poll indications that Greek citizens were expected to back a cash-for-reforms deal in a referendum on Sunday added to the bullish momentum, traders said.Traders were also keeping a close eye on nuclear talks between Western powers and Iran, looking for any sign of a deal to lift sanctions on the oil-rich nation. Brent futures were trading 60 ...

Tepid payrolls sink dollar, boost Wall Street futures LONDON: Weaker-than-expected US jobs figures knocked the dollar off a three-week high on Thursday and gave a lift to Wall Steet stock futures as the chances of a US rate hike as soon as September took a hit. Non-farm payrolls increased by 223,000 in June, slightly below the 232,000 forecast of economists polled by Reuters. April and May data was also revised to show 60,000 fewer jobs were added than previously reported, while the figures ...

Germany's Schaeuble hits new popularity high amid Greece crisis BERLIN: German Finance Minister Wolfgang Schaeuble, whose tough stance in bailout talks with Greece has turned him into a hate-figure there, has surged to a new high in popularity at home, with 70 percent of Germans saying they approve of the job he is doing. A survey for public broadcaster ARD showed the 72-year-old Schaeuble is more popular than his boss, Chancellor Angela Merkel, who had a rating of 67 percent. Foreign Minister Frank-Walter Steinmeier ...


 



 
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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%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln