Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion in another settlement in a global probe into the $5 trillion-a-day market.
Turkey's central bank raised foreign exchange reserve requirement ratios on Saturday, citing the need to support financial stability amid volatility in global markets.
With the lira currency trading at record lows against the
Kuwait's dinar rose sharply against the US dollar in the forwards market on Monday in response to news that the Kuwaiti central bank would allow local banks to deal in derivatives with foreign banks.
Al Rai newspaper in Kuwait
The Egyptian central bank has instructed banks to 'strictly conform' to prevailing international market rates in trading of non-US dollar foreign currencies, according to a statement seen by Reuters.
"Kindly note that
Abu Dhabi-based forex and commodities trading firm ADS plans to gain a licence to operate in the UK by early next year and has become one of the first Middle East brokers to start pricing the Chinese currency for customers in the region, its man
ADS Securities, the Middle East's leading forex brokerage and one of the fastest growing FX trading companies globally, has announced the launch of its new multi-asset online trading platform.
Orex Optim is the first proprieta
Egypt's foreign reserves jumped in July to their highest in 20 months, the central bank said on Monday, boosted by $5 billion that Gulf states sent to Egypt after the army removed Islamist President Mohamed Mursi from power on July 3.
Egypt's foreign reserves fell by $1.12 billion in June to $14.92 billion, the central bank said on Sunday, underlining the perilous state of the country's finances as a new military-backed government takes on the reins of power.
Deutsche Bank has been named the leading forex (FX) bank in the Middle East with 16.15 per cent of overall market share.
This is attributed to the significant investment Deutsche Bank made in upgrading its pricing and distribution syste