Saudi Arabia has begun drawing down its foreign currency reserves for the first time since 2009 to cover a record state budget deficit caused by the plunge in oil prices, data from the Saudi central bank indicated on Thursday.
Tens of b
The dollar hit an 11-year high against a basket of major currencies on Monday, with the greenback gaining a broad lift after an interest rate cut in China dented the Chinese yuan and emerging Asian currencies.
The dollar rose to a
Money exchange firms in Bahrain have stepped up vigilance amid unconfirmed reports of fake Saudi currency circulating in the market.
Representatives of three companies in Bahrain, asked not to be identified, said they were aware o
The dollar was on track Thursday to end 2014 with a gain of 12 per cent against a basket of major currencies, and anticipated US interest rake hikes may strengthen its appeal in the new year.
This year's gain will be the dolla
Dubai Gold and Commodities Exchange (DGCX) has launched three new currency contracts, expanding its suite of emerging market (EM) products.
It includes the Russian Ruble Futures, Korean Won Futures and South Africa Rand Futures, s
Currency and infrastructure were the two main topics that panellists and attendees chewed over during the Boao Forum, held recently in Dubai, UAE.
Solving the issues around these central tenets was deemed imperative to both succes
Qatar will become the Middle East's first hub for clearing transactions in the Chinese yuan, in a step that could over the long run help Gulf oil exporting countries reduce their dependence on the US dollar.
Industrial and Com
China's central bank has signed a 35 billion yuan ($5.7 billion) currency swap deal with its Qatari counterpart, in a step towards expanding use of the Chinese yuan in a region long dominated by the US dollar.
The deal is expe
New rules issued by the UAE's securities market regulator aim to develop local currency bond and sukuk markets in the Arab world's second biggest economy.
In meetings with potential issuers and financial firms in Abu Dhabi