Don't Miss


Home   >   Business   >   Industries   >   Banking   >   CIBN to address key banking issues

CIBN to address key banking issues

By on May 15, 2015

The Chartered Institute of Bankers of Nigeria says it has concluded plans to address key issues relating to the banking sector of the economy at its Annual General Meeting holding this week in Lagos

A statement by the institute said the President/Chairman of Council, Mrs. ‘Debola Osibogun, would use the forum to present the annual report of the institute, among other activities.

The Manager, Corporate Communications and External Relations, Mr. Ben Igbokwe, was also quoted as saying that the meeting would be attended by captains of the banking industry and key members of the association.

“Strategic issues affecting the institute, the banking industry, annual reports and accounts and the welfare of members will top discussions during the meeting,” he added.

Meanwhile, the governor of the Bank of England has said that inflation could soon turn negative in a boost for consumer spending power, but forecasts for the United Kingdom’s economic growth have been cut.

According to Sky News, the prospect of falling prices – not seen in the UK since 1950 – has previously been welcomed by Mark Carney as good news for households and most businesses amid the country’s economic recovery.

His latest comments on inflation will be of particular interest to consumers, with falling oil and food prices having helped push the official inflation rate to zero.

However, Carney told reporters at the Bank’s Inflation Report news conference that any dip below that rate would be “relatively short-lived” and it was expected to pick up noticeably towards the end of the year as the effects of those weaker oil and grocery prices fade.

The bank’s forecast for economic growth in 2015 and the following two years was revised down.

It expects the GDP growth of 2.5 per cent for 2015, down from 2.9 per cent, with a fall in productivity growth expectations partly responsible.

The bank also downgraded expectations for wage growth this year from 3.5 per cent to 2.5 per cent and Carney cited the danger of this continuing as a “key risk”.

He announced the bank’s predictions in the wake of official figures showing an acceleration in wage growth to 2.2 per cent year on year in March.

Wage strength has been a key determination in the timing of a rise in the base rate of interest – not expected until spring next year at the earliest.

Carney said that while consumer confidence was at its strongest for over a decade, “persistent headwinds continued to weigh on the UK economy” from factors including public spending cuts and weakness in key export markets.

 

[Punch]