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South African central bank keeps rates on hold PRETORIA: South Africa's Reserve Bank kept interest rates at 5.0 percent as expected Thursday, as it wrestles with a sluggish economy and dysfunctional manufacturing sector. "There was no ambiguity about the question of holding," said the governor of the South African Reserve Bank Gill Marcus at a press briefing in the nation's capital, Pretoria. "We did not think it was appropriate to raise rates at this meeting," she said, adding that the Monetary Policy Committee were considering raising rates in the future. "Certainly raising rates was a discussion," said Marcus. The Reserve Bank has held its benchmark interest rate since July 2012.But it is facing a policy dilemma, as it struggles to balance high inflation against a volatile rand, which has depreciated by 17 percent against the US dollar since the beginning of the year. Marcus called upon all players in the country's economy to work toward stimulating growth. "We ...

Fed nominee Yellen passes key Senate hurdle WASHINGTON: Janet Yellen passed a key hurdle Thursday on her way to take the helm of the US Federal Reserve when she earned the endorsement of the Senate Banking Committee.President Barack Obama's pick to replace Fed Chairman Ben Bernanke now needs approval of the Senate, a near-certainty especially after a deeply controversial rules change on vetting White House nominees by Democrats.The rules change removes the opportunity for Republicans to block nominations if they cannot garner ...
Mexico cuts 2013 growth forecast again to 1.3pc MEXICO CITY: Mexico cut its 2013 growth forecast for the fourth time this year on Thursday, blaming weak global economic activity, an ailing construction industry and destructive hurricanes.The finance ministry said Latin America's second biggest economy would expand by 1.3 percent this year, down from a previous outlook of 1.7 percent.The government of President Enrique Pena Nieto has progressively downgraded its growth forecast this year from a high of 3.5 percent, as the economy sputtered ...
Eurozone business activity slows again BRUSSELS: Business actitivity in the 17-nation eurozone slowed again in November, adding to concerns that overall growth is softening as the bloc struggles out of recession, a key survey showed on Thursday.Markit Economics said its Eurozone Composite Purchasing Managers Index (PMI) for November fell to 51.5 points from 51.9 points in October, hitting a three-month low,Although November output remained above the 50-points line indicating growth or contraction, this was the second month running for which ...
Sri Lanka sees annual growth above 7.5pc the next 3 years COLOMBO: Sri Lanka will aim for more than 7.5 percent annual economic growth in the next three years, President Mahinda Rajapaksa told the parliament on Thursday while presenting the 2014 budget. The island nation's central bank expects growth of 7.2 percent this year. The International Monetary Fund has forecast 6.5 percent growth this year and again in 2014. Copyright Reuters, 2013 ...
Thai Oct exports seen up 0.7pc y/y, trade in deficit BANGKOK: Thailand's exports in October probably rose just 0.7 percent from a year earlier after declining 7.1 percent in September as sluggish global demand continues to crimp shipments, a Reuters poll showed.The country is a regional hub and export base for top global carmakers and is the world's No. 2 producer of hard disk drives. Copyright Reuters, 2013 ...
Repeal of Australia's carbon tax moves closer SYDNEY: , A bill to abolish an Australian carbon tax designed to combat climate change cleared parliament's lower house Thursday with the new conservative government saying "it doesn't work".Scrapping the divisive tax was a central election promise for Prime Minister Tony Abbott who argued that the cost of the levy was passed on to consumers, resulting in higher utility bills and day-to-day costs.The tax charges the country's biggest polluters for their emissions at a fixed ...

 



 
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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 06, 2015
Reserves $18.201 bln