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China to cut 40bn yuan a year in fees to spur business growth BEIJING: China will cut roughly 40 billion yuan ($6.5 billion) a year in taxes and fees as part of an effort to stimulate the slowing economy, the State Council said.Starting January 2015, the government will scrap 42 administrative fees and 12 business registration fees, measures specifically tailored to relieve burdens on small businesses, according to the State Council, China's cabinet.Businesses with monthly sales of less than 30,000 yuan will be exempt from five additional charges for the next three years, according to the State Council, which additionally said it would target pricing reforms to promote competition in the energy, transportation and environment sectors.China's leaders have taken steps to steady growth levels as they confront mounting signs of a potentially sharp slowdown.But calls for the government to ratchet up stimulus measures, including cutting interest rates, have intensified after official data showed third-quarter gross domestic product grew 7.3 percent, the slowest pace ...

Thai central bank says economy in recovery, hints rate cut unlikely BANGKOK: Thailand's central bank said the country's military government should use revenue and spending tools to stimulate the recovering economy before turning to monetary policy, dampening expectations for a cut in interest rates for now."The impact of monetary policy will not be big, unlike that of fiscal policy. If we have another option, we should use it. Cutting rates should be done when other tools can't help," Bank of Thailand Governor Prasarn Trairatvorakul told reporters ...
Moody's says uncertain Greece could fund itself after bailout ATHENS: Moody's said there was doubt that Greece would be in a position to finance itself without any assistance after its international bailout ends later this year, a senior executive at the rating agency told a Greek newspaper.Moody's upgraded Greece's rating to "Caa1" in August and is due to review its rating on Nov. 28.Greece relies on European Union and International Monetary Fund loans. But under pressure ahead of a presidential vote in February that ...
Iran to draw on sovereign fund to withstand oil price slide DUBAI: Iran will draw on its sovereign wealth fund to cope with damage to its economy from plunging global oil prices, Iranian Oil Minister Bijan Zanganeh was quoted by the ministry's news agency Shana as saying."By drawing upon its National Development Fund to reimburse contractors active in upstream projects, Iran will make up for the impact of the oil revenue decline on these projects," Zanganeh said, according to a Shana report on Saturday.Iran's National Development ...
Eurozone economy grows 0.2pc in third quarter: Eurostat BRUSSELS: The eurozone economy expanded by 0.2 percent in the third quarter, official data showed Friday, a slight acceleration that will do little to quell fears that a sluggish Europe is hurting world growth.The EU's official Eurostat agency said the 18-nation eurozone's output rose 0.2 percent in the July-September period, and revised the second quarter figure higher to 0.1 percent from an earlier estimate that showed the bloc had stagnated.Copyright AFP (Agence France-Presse), 2014 ...
India's inflation hits 5-year low, fans rate cut hopes NEW DELHI: India's inflation rate has hit a new five-year low, official data showed Friday, fanning speculation the central bank could finally start cutting interest rates and spur stumbling economic growth.Inflation as measured by the Wholesale Price Index or WPI, which contains India's biggest basket of goods, fell to 1.77 percent in October from a year earlier -- marking a second straight five-year low -- as the fuel-import-reliant nation benefited from falling global oil costs.The ...
Germany skirts recession with 0.1pc growth in Q3 FRANKFURT: Germany, Europe's biggest economy, narrowly escaped a new recession with minimal growth of 0.1 percent in the third quarter, official data showed on Friday.German gross domestic product expanded by 0.1 percent in the period from July to September, after shrinking by 0.1 percent in the preceding three months, the federal statistics office said in a statement. Originally, the contraction in the second quarter had been reported as 0.2 percent. Recession is technically defined as ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln