Lebanon signs central bank audit contract with A&M

Lebanon’s finance minister Youssef Khalil on Friday signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit at the country’s central bank, the ministry said in a statement.A&M will give an initial report to the ministry with

Turkey: Central bank resists Erdogan's calls for rate cut

Turkey's central bank (CBRT) held its benchmark interest rate, defying President Recep Tayyip Erdogan's calls for a cut, Al Jazeera reports. The Turkish lira rallied to lead gains among its emerging-market peers following the news. Bloomberg reported that the currency rose as

Qatar bank asks US court to order Eritrea to pay back $300m debt

Qatar National Bank QPSC (QNB) asked a Washington D.C. court to order Eritrea to pay about $300 million of debt after the Horn of Africa nation refused to respond to two lawsuits filed by the lender, Bloomberg reported on Tuesday. According to the report, Eritrea borrowed $200 million f

World Bank predicts 5.6 per cent global growth in 2021

The World Bank upgraded the outlook for global growth this year, predicting that COVID-19 vaccinations and massive government stimulus in rich countries will power the fastest worldwide expansion in nearly five decades.In its latest Global Economic Prospects report, out Tuesday, the 189-country an

The AMF appoints Standard Chartered as the Settlement Bank for the Euro in Buna

Abu Dhabi- The Nation Press- The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant

Turkey removes one of four deputy central bank governors

Turkey removed one of four central bank deputy governors on Tuesday, two months after President Tayyip Erdogan fired the central bank governor.Oguzhan Ozbas was removed from his post, and Semih Tumen was appointed to replace him, according to an overnight decree published in the official gazette.T

SBI confident of asset quality after posting record profit in Q1

Top lender State Bank of India sought to allay concerns about its asset quality and forecast credit growth in low double digits for the full year, after reporting earnings that were well above estimates for the final quarter of fiscal 2021.Most Indian banks have reported strong numbers for the Mar

The Arab Monetary Fund publishes a document on “Open Banking Regulatory Principles” in the Framework of the Arab Regional Fintech Working Group

The regulatory requirements to initiate open banking services in the Arab countriesThe importance of creating a stimulating environment to encourage innovation in open bankingThe need to protect users of open banking and finance services and the environmental and social responsibilities within the f

Goldman sold $10.5 billion of stocks in block-trade spree: Bloomberg News

Goldman Sachs Group Inc liquidated $10.5 billion worth of stocks in block trades as part of a selling spree that erased $35 billion from the values of stocks of major companies, Bloomberg News reported on Saturday. The bank sold $6.6 billion worth of shares of Baidu Inc, Tencent Music Entertainme

Bank of England urges banks to keep lending to businesses

The Bank of England has encouraged banks to keep lending to viable businesses to ensure companies have enough credit to survive the crisis after it found UK banks are “strong enough” to keep supporting households and firms. The BoE said it is in the banks’ "collective

Bank of England pledges to maintain UK stimulus

The Bank of England maintained the pace of its stimulus on the UK economy and held interest rates at 0.1 per cent on Thursday as it confirmed it does not plan to tighten monetary policy until there is clear evidence of recovery. The central bank made no change to its target for asset purchases of

Sudan central bank sets new exchange rate

Sudan central bank to merge the official and black market exchange rates on Sunday,  setting a new baseline exchange rate of 375 Sudanese pounds to the dollar, the unification would likely devalue the Sudanese pound. The merging aims to help the country overcome the crippling economic crisis

Russia’s Central Bank holds key interest rate at record low level

Russian Central Bank (CB) held its key interest rate at record low level of 4.25% and said it will not cut rates further, instead planning to start gradually raising them at some point in the future when inflation stabilises near its target.Russia slashed rates in 2020 to help its economy through

Bank of Italy says country needs cohesion to grow, cut debt

MILAN: Italy’s central bank on Saturday called for cohesion in a country battling a government crisis, saying it was imperative to revive growth and reduce a public debt that the coronavirus pandemic has pushed to levels last seen after World War One.

China's largest lender ICBC remains world's most valuable banking brand, report shows

Chinese lenders led by ICBC dominated the world's top five most valuable banking brands, while 10 UAE banks led by Emirates NBD, First Abu Dhabi Bank and ADCB featured in the top 100 ranks. The brand value of the world's largest banks contracted for two consecutive years, according to consultancy

UBS Q4 profit jumps 137% as bank reaps rich rewards

UBS on Tuesday posted a 137 percent rise in fourth-quarter net profit, as high levels of client activity helped the world’s largest wealth manager end 2020 on a strong note.Fourth-quarter net profit of $1.708 billion far outstripped median expectations for $966 million in a poll of 20 analys

Dubai bank offers luxury cars, watches to encourage customers to save

Dubai’s largest bank has launched a marketing campaign offering customers the chance to win Bentley cars or Breitling Aviator watches in a bid to encourage them to boost their savings. The initiative by Emirates NBD follows a recent report showing the negative impact that the coronavirus di

New Zealand central bank says data system hacked

New Zealand's central bank said Sunday that one of its data systems has been breached by an unidentified hacker who potentially accessed commercially and personally sensitive information.   A third party file sharing service used by the Reserve Bank of New Zealand to share and store se