If you can muster any pity for bankers, direct it to those in Nigeria this Christmas.
Results are back from a special audit commissioned by the Nigerian central bank. The audit requested the balance sheets of banks that had received bail-out funds since August. Experts believe the financial position of eight of the banks is “grave”. Rumour has it that all the banks’ books were in the red, with combined losses of more than 1,000bn naira ($6.7bn). Read more
Sri Lanka’s central bank has kept interest rates unchanged in an effort to encourage bank lending and spur economic growth. Information released today shows the monetary policy committee kept the repurchase rate at a low of 7.5 per cent, having cut it by three percentage points so far this year. The reverse repo rate was kept at 9.75 per cent, having been cut by 2.25 percentage points this year.
“Still there is room for lending rates to come down and more credit growth,” Nandalal Weerasinghe, an assistant governor at the central bank, told Reuters. Read more