Tuesday 9 February 2016
 
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Currency

GM suspends Egypt operations due to currency crisis

General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political tur

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GM suspends Egypt operations due to currency crisis

General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political tur

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Saudi currency devaluation would carry major political risk

A devaluation of Saudi Arabia's currency could cause such political instability that Riyadh has little choice but to stick to its promise to use vast foreign exchange reserves to defend the riyal's 30-year-old peg to the US dollar.

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Oman assures dollar peg will stay

Oman remains committed to the peg of its rial currency against the US dollar, the head of the central bank said on Tuesday, after the rial dropped to its lowest level in the forwards market for a decade. Low oil prices are hurting

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Egypt raises cap on forex deposits for imports

Egypt's central bank said on Tuesday it would raise its cap on foreign currency deposits to $250,000 a month specifically for imports of food, capital machinery, manufacturing components and medicines to help them settle their bills.

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Saudi cbank warns banks against riyal speculation

The Saudi Arabian central bank has warned commercial banks against betting on depreciation of the riyal as tumbling oil prices put pressure on the Saudi currency, several bankers operating in the market said. The riyal, pegged in

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Emirates Islamic offers free fund transfers

UAE-based Emirates Islamic has launched a promotion which offers its customers free foreign currency fund transfers. Additionally, customers will also get cashback on their foreign currency transfers. Clients can get up to Dh 200 cashba

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Unified Gulf currency reviewed at Bahrain event

The pros and cons of a unified Gulf currency were discussed at an economic lecture held yesterday (December 10) at the Isa Cultural Centre in Bahrain. The event, which was held by the Shura Council in conjunction with the Gulf Monetary Council

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New Islamic cross currency swap standard published

The International Swaps and Derivatives Association (ISDA) and the International Islamic Financial Market (IIFM) have published a new Islamic hedging product standard, the ISDA/IIFM Himaayah Min Taqallub As‘aar Assarf (Islamic Cross Curr

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Can Egypt's new cbank chief calm currency crisis?

When Egyptian central bank governor Hesham Ramez quit, phones began ringing as bankers congratulated each other on the departure of a man they say refused to change course even as Egypt careered from currency crisis toward trade crisis.

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