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Bank of England policymaker warns of low interest rates risk

interest rate

LONDON: Waiting too long to raise interest rates risks undermining the UK’s recovery, Bank of England policymaker Kristin Forbes has warned. Monetary Policy Committee member Ms Forbes said a rate hike took between one and two years to take full effect. As a result, rates would need to rise “well before” inflation hit the Bank’s 2% target, she said. Her ... Read More »

Turkey shows growing interest in Georgia’s business environment

interest rate

ANKARA: Neighbouring countries Georgia and Turkey are further strengthening their economic ties and deepening relations to enjoy better trade, investment and services. In order to find Georgia’s investment potential, Turkeys’ Foreign Economic Relations Board (DEIK) chairman of the supervisory board Omer Cihad Vardan visited the country and met Prime Minister Irakli Garibashvili. While speaking with the Georgian official Vardan confirmed ... Read More »

Bank of UK keeps interest rate hike at record low of 0.5% since March 2009

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LONDON: The Bank of England has kept interest rates at a record low of 0.5% since March 2009 and markets are on tenterhooks about when they will be hiked. But it looks like it is going to be a big surprise when the central bank finally increases interest rates as the BoE’s deputy governor Ben Broadbent just revealed that it ... Read More »

Greece banks interest rates shed 5.5% as a haircut call from ECB

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ATHENS: The European Central Bank is looking at placing greater restrictions on the use of its emergency lending facilities by Greece’s domestic banks which increased pressure on Greece. Greece financial stocks duly sold off heavily after the report emerged that the ECB is considering increasing the interest rate – or “haircut” – on their ELA borrowing, with the banking index ... Read More »

Poland’s MPC keeps interest rates low for the March 2015

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WARSAW: Poland’s Monetary Policy Council, on Wednesday, kept the key reference rate at 1.50%, the deposit rate at 0.50% and the Lombard rate at 2.50%, all record lows set in a 50 bps cut at the March sitting. The council said the move “concludes the monetary easing cycle” after the last rate cut. Prospects for rate hikes in Poland are ... Read More »

Poland holds interest rates at record low in March 2015

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WARSAW: Poland’s Monetary Policy Council, on Wednesday, kept the key reference rate at 1.50%, the deposit rate at 0.50% and the Lombard rate at 2.50%, all record lows set in a 50 bps cut at the March sitting. The council said the move “concludes the monetary easing cycle” after the last rate cut. Prospects for rate hikes in Poland are ... Read More »

Japan banks oppose toughen rules for interest rate risk

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TOKYO: Japanese banks will oppose a push by global regulators to toughen rules on the capital lenders to withstand an increase in interest rates, the new chief of the country’s bank lobby said. Stricter capital requirements for interest-rate risk on assets lenders plan to hold to maturity would have a “severe impact” on the nation’s banks, Japanese Bankers Association Chairman ... Read More »

Australian dollar falling may force interest rates to go higher

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CANBERRA: Australian dollar falling may force interest rates to an average of 2 per cent for the end of the year and the first quarter of 2016. If the fall in the dollar continued, there could be another 5 per cent rise in the price of imports in 2015 and again in 2016. The Reserve Bank’s cash rate stands at 2.25 ... Read More »

Turkey’s Central Bank to cut interest rates at next Monetary Policy Committee meeting

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ANKARA:  Turkey’s Central Bank will cut interest rates further at the next Monetary Policy Committee meeting on Feb. 24. Nearly 75 percent of those who participated in the survey expected an interest rate cut although their estimations of the amount of the cut varied. The expectations of reduction change between 25 to 50 basis points. The committee reduced the rate ... Read More »

Ruble falls as Russia cuts interest rates from 17% to 15% in 2015

interest rate

MOSCOW: Russia cut interest rates from 17% to 15% in 2015. The rouble fell by more than 2% against the dollar following the central bank announcement. Russia’s economy has been suffering for a range of reasons, including economic sanctions by the West over its involvement in the crisis in Ukraine. This week the government said it would put measures in ... Read More »

SBP profit increases by 14pc to Rs268 billion

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KARACHI: The State Bank of Pakistan’s (SBP) Annual Performance Report has revealed that the central bank has earned huge profit of Rs268 billion for the government during the fiscal year 2013-14. According to the annual report approved by the SBP Central Board of Directors, the bank’s profit increased by 14pc to Rs2.68 billion from Rs235 billion it earned the last ... Read More »