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Brazil raises key interest rate to 14.25pc to curb inflation BRASILIA: Brazil's central bank raised its benchmark interest rate by half a point Wednesday to 14.25 percent, seeking to fight inflation during a major slump in the local currency.The bank's monetary policy committee COPOM decided in a unanimous vote to raise the Selic rate by 0.50 percentage points, the seventh consecutive raise. The half-point bump was the largest boost in nine years.On Friday, the real plunged to its lowest level against the dollar, adding to the woes of a country already hit by five years of low growth.Analysts say Brazil's once booming economy suffers deep underlying illnesses, notably the massive corruption scandal unfolding at national oil company Petrobras and rippling across other top companies and into political circles.It is also on the brink of recession.For President Dilma Rousseff, weakened by government approval ratings of just 7.7 percent, things appear to be falling apart.Another analyst, Andre Ferreira of Futura, said he ...

Venezuela in risky financial acrobatics to raise hard currency CARACAS: The lifeblood of Venezuela's economy is oil, and the dollars it brings in. So with crude prices low, the government is taking desperate measures to get desperately needed hard currency.And analysts say it is all a recipe for disaster in the country with the world's largest proven oil reserves.Venezuela's budget deficit has ballooned to tens of billions of dollars because it relies entirely on oil for its hard currency and the price of oil ...
Venezuela president takes Guyana border dispute to UN chief CARACAS: Venezuelan President Nicolas Maduro has gone to New York to meet with UN chief Ban Ki-moon over his country's escalating border dispute with Guyana, his foreign minister said late Monday.Maduro will "defend the rights of Venezuela" and "defend the country from aggression by the new government of Guyana," Foreign Minister Delcy Rodriguez said. A border dispute stretching back decades between the two south American neighbors has escalated in recent months, after Caracas made a ...
Guyana says Venezuelan claim is threat to its survival WASHINGTON: Guyana's territorial dispute with neighboring Venezuela represents a threat to its very survival, President David Granger warned Friday in Washington.After a recent offshore oil find, the row between the two countries has escalated, with Venezuela laying claim to a huge swathe of Guyana's territory."Guyana at the moment is facing a challenge to its survival by a larger state," Granger told guests at the William Perry Center of Hemispheric Defense Studies.Caracas claims waters off the ...
Brazil makes deep cut to fiscal savings goal BRASÍLIA: Brazil's government announced Wednesday a radical cut to its fiscal savings goal and said it would increase austerity measures, citing the worsening performance in the world's seventh largest economy.Finance Minister Joaquim Levy said the lowering of the surplus goal from 1.1 percent of GDP to just 0.15 percent reflected the weakening economy.With Brazil on the brink of recession, "there has been an effect on tax receipts," he said.However, the government's commitment to austerity measures ...
Conservative candidate elected mayor of Buenos Aires BUENOS AIRES: Conservative PRO Party candidate Horacio Rodriguez Larreta was elected mayor of Buenos Aires Sunday in a closely fought race with the opposition ahead presidential elections later this year. With 99 percent of the vote counted, Larreta, the head of the rightist PRO Party, had secured 51.6 percent of the vote, just beating his opponent, ECO Party leader Martin Lousteau, who garnered 48.4 percent.Larreta replaces the current mayor, PRO Party's Mauricio Macri, who will ...
Argentina's Kirchner to attend papal mass in Paraguay BUENOS AIRES: Argentine President Cristina Kirchner on Sunday will attend a mass in neighboring Paraguay said by Pope Francis, with whom she had stormy relations when he was a cardinal in Buenos Aires.Kirchner traveled to the Paraguayan capital Asuncion on Saturday, accompanied by several high-ranking Argentine officials, the presidency said.Kirchner will return to Buenos Aires after the mass. Francis is also due to depart Sunday for the Vatican after a trip that took him to ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln