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Policy patience seen wearing thin as yen drops SINGAPORE: The yen's fall past 100 per dollar highlights growing concerns about ultra-loose monetary policy around the globe and raises the prospect that policymakers elsewhere may take action to protect their economies from a tide of hot money.Fears that a global currency war is brewing were fuelled when the Reserve Bank of Australia and Bank of Korea both cut interest rates this week, citing the strength of their currencies as one of the reasons to act.New Zealand's central bank, meanwhile, confessed for only the second time since 1985 that it had intervened in currency markets, one of the few defences against the inflows of cheap money for what is an open, but small, economy.Korea's rate cut on Thursday was a surprise and the central bank Governor Kim Choong-soo made it clear the weakness of the yen was an issue.Jonathan Cavenagh, a strategist at Westpac Bank in Singapore, said since the ...


India's April car sales dive more than 10pc MUMBAI: Car sales in India fell by over 10 percent in April, industry data showed Friday, as the country's once red-hot car market reels from high ownership costs, costly fuel and an economic downturn.The sales drop was the sixth monthly fall in a row and marked the longest stretch of decline since the Society of Indian Automobile Manufacturers (SIAM) began keeping records six years ago."We have never seen a successive monthly decline of six months," ...

'Very serious' ammonia leak outside ISS: Russian official MOSCOW: Russia and the United States are planning later Friday to discuss a "very serious" ammonia leak outside the International Space Station, said Vladimir Solovyov, flight director for the Russian segment of the space station."Indeed, they have a serious defect, very serious," Solovyov was quoted as saying by the Interfax news agency. He added that astronauts on board the station may need to go into open space to fix the leak. "The decision has not ...

British official trade deficit narrows in March LONDON: Britain's trade-in-goods deficit narrowed in March, official data showed on Friday.The deficit dipped to £9.1 billion ($14.0 billion, 10.8 billion euros) in March, the Office for National Statistics said in a statement. That compared with a February deficit of £9.2 billion in February.Britain recorded an overall trade deficit of £3.1 billion, when a surplus in the trade of services is included in the data. That compared with a February deficit of £3.4 billion.The data ...

G7 nations meet as US pressures Europe over austerity LONDON: Finance ministers and central bank chiefs from the Group of Seven leading economies will meet in the English countryside on Friday for talks on spurring growth, amid US-Europe divisions over the scale of austerity.The G7 -- comprising Britain, Canada, France, Germany, Italy, Japan and the United States -- is expected to build on last month's wider Group of 20 meeting, while looking ahead to next month's G8 heads of state summit in Northern Ireland.Britain ...

German official raw trade surplus rises in March FRANKFURT: Germany's trade surplus increased in March for the third month in a row, rising to 18.8 billion euros from 16.8 billion euros in February, unadjusted data from the federal statistics office showed on Friday.But seasonal adjusted data showed that the trade surplus fell slightly to 17.6 billion euros ($23.0 billion) from 17.7 billion dollars in February.Copyright AFP (Agence France-Presse), 2013

India March industrial output posts surprise 2.5pc jump NEW DELHI: India's industrial output grew by a surprise 2.5 percent in March from a year ago, official figures showed Friday, fuelling hopes that the country's sharp economic slowdown may have bottomed out.The March output growth from India's factories, mines and utilities surpassed financial market expectations of around a two percent increase and was up from a 0.6 percent rise posted in February.But the output figures still are far below double-digit rates recorded in previous ...


 



 
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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