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S.Africa exchange rate unchanged amid high inflation JOHANNESBURG: The South African Reserve Bank held interest rates unchanged Thursday in the face of high inflation, while warning of major risks to already mediocre growth.Reserve Bank governor Gill Marcus said the main interest rate would stay at five percent, despite the bank cutting its growth forecasts for the year."There are a number of critical domestic issues that are contributing the vulnerability of the economy that need to be urgently addressed," Marcus said.Africa's largest economy is struggling under high inflation and slow growth which is likely to come in at a lower than expected 2.4 percent this year.In April inflation remained unchanged at 5.9 percent for the third month in a row, according to figures released this week.Any move to cut rates would stimulate growth, but would also risk stoking inflation.Marcus said inflation was likely to breech the bank's six percent-threshold in the third quarter of this year.The weakness of ...

Spain's borrowing costs creep higher MADRID: Borrowing costs for Spain crept higher Thursday as the recession-hit country made big inroads into financing state spending for 2013.The Spanish treasury raised 4.076 billion euros in a sale of bonds expiring in three, five and 13 years.But demand for the bonds eased off and the Treasury had to offer a slightly higher return to lure buyers when compared to the last similar auction on May 9.Spain, with the eurozone's fourth-largest economy, was forced ...
Singapore GDP growth slows in first quarter SINGAPORE: Singapore's trade-sensitive economy slowed in the first quarter on sluggish demand for its exports, the government said Thursday, warning that risks remained despite improved global conditions.The Ministry of Trade and Industry said gross domestic product (GDP) climbed 0.2 percent year-on-year in the three months to March, much slower than the preceding quarter's 1.5 percent year-on-year growth.Compared with the previous quarter, the economy rose 1.8 percent, the ministry said, revising advance estimates released last month ...
Greek current account gap shrinks 43pc y/y in March ATHENS: Greece's current account deficit narrowed 43 percent in March, helped by falling imports due to the country's recession, the Bank of Greece said on Wednesday.The current account balance, a key measure of economic competitiveness, showed a deficit of 1.285 billion euros ($1.65 billion) from 2.237 billion euros in the same month last year.Falling imports due to the country's deep economic contraction and cost-competitiveness gains are narrowing the gap, which is expected to shrink to ...
Jordan tenders to buy 150,000T wheat, 100,000T barley HAMBURG: Jordan's state grains buyer has issued two international tenders to purchase 150,000 tonnes of wheat and 100,000 tonnes of feed barley, European traders said on Tuesday.The tender deadline for the wheat is Tuesday, May 21 and for the barley Wednesday, May 22.Jordan made no purchase in tenders for 150,000 tonnes of wheat and 100,000 tonnes of barley that closed last week, with market talk that participation had been thin.Traders said disagreement about a new ...
Tanzania growth to average 7pc over 2013-2015 DAR ES SALAAM: Tanzania's economy is expected to expand at a slightly faster pace over the next two years after growing 6.9 percent in 2012, the World Bank said on Tuesday. It said it expected inflation in east Africa's second largest economy to average 5-7 percent during the same period."Tanzania's economy is expected to grow at an average of 7 percent in the 2013/14 and 2014/15 fiscal years," the World Bank's lead economist in Tanzania, ...
Lebanese farmland firm to invest up to $800m in Sudan KHARTOUM: Lebanese farmland investor GLB Invest plans to invest up to $800 million in Sudan to produce animal feed to be sold to Saudi Arabia, its president said on Tuesday.Arab investors have launched farmland and livestock projects in the vast African country, prized for its fertile soil and easy access to irrigation water from the Nile, to help arid Gulf oil producers secure food supplies.Firas Badra, president of Beirut-based GLB Invest, said the firm had ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln