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'Deeds, no creeds': IMF's Lagarde says Greek acts crucial WASHINGTON: International Monetary Fund Managing Director Christine Lagarde said Wednesday that she is focused more on how Greece acts than what people say about the reforms that creditors press for.With Athens under pressure to implement more austerity reforms in return for a third EU-IMF bailout program, "what matters is at then end of the day what you do. So deeds, no creeds," Lagarde said in an online press conference."What will be critical in my view is what the Greek authorities are actually prepared to do, not... the political noise that is often a necessity."In the runup to the current negotiations, Greek officials had demonized the IMF as "criminal" for pushing austere policies on the eurozone country during the failed first and second bailouts, and some had said they did not want the Fund to be part of any new rescue operation.But European Union creditors have said the IMF's role is ...


ECB leaves emergency liquidity for Greece unchanged FRANKFURT: The European Central Bank decided Wednesday to leave its emergency credit lifeline for Greece unchanged, said a source close to the decision who asked not to be identified.The ECB executive board acted in the week when experts from the bank, the EU and International Monetary Fund returned to Athens to discuss a new bailout of up to 86 billion euros ($95 billion) over three years.On Wednesday the ECB declined to comment on latest policy ...

European stocks close higher amid strong earnings LONDON: Europe's main stock markets closed higher Wednesday, as traders reacted to a batch of strong company earnings updates ahead of the Federal Reserve's latest policy statement.London's benchmark FTSE 100 index ended the day 1.16 percent ahead at 6,631 points compared with Tuesday's close.The CAC 40 in Paris finished 0.81 percent higher at 5,017.44 points, while Frankfurt's DAX 30 gained 0.34 percent to close at 11,211.85.The euro dipped to $1.1027 from $1.1058 late in New ...

Greek PM warns hardliners with snap vote to approve reforms ATHENS: Greek Prime Minister Alexis Tsipras on Wednesday said he would hold early elections if hardliners in his party continued to resist an unpopular new bailout deal that promised debt relief."If we do not have a parliament majority I will be forced, we will be forced to hold elections," Tsipras said in a two-hour interview with Sto Kokkino radio.He added that under the terms of the EU-IMF agreement signed on July 12, Greece after November ...

IMF: Ukraine economic picture 'incredibly encouraging' WASHINGTON: Ukraine's government is determined to undertake long-needed reforms, making the economic picture in the country very encouraging, International Monetary Fund Managing Director Christine Lagarde said Wednesday.After a horrible track record with the global crisis lender over the past two decades, Lagarde said the current government is taking the necessary steps on fiscal reform and fighting corruption to turn the country around."Ukraine has been an incredibly encouraging situation," she said in an online press conference.Despite ...

Latin American economic growth just 0.5pc this year: UN SANTIAGO: The economy of Latin America and the Caribbean will grow just 0.5 percent this year, half the previous forecast and the lowest level in six years, the United Nations said Wednesday.This is due mainly to major economic contractions expected in Brazil and Venezuela, said the Economic Commission for Latin America and the Caribbean, a UN agency based in Chile. Those declines are forecast at 1.5 percent and 5.5 percent, respectively. Brazil has the region's ...


 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln