Standard & Poor’s has cut the foreign currency rating of Saudi Arabia by one notch to A+ and kept the outlook on negative, said a Bank of America Merrill Lynch (BofAML) report.
“We had expected a downgrade, but the
The UAE central bank's foreign currency assets jumped 38 per cent from a year earlier to Dh282.9 billion ($77 billion) in December as holdings of foreign securities and deposits abroad increased, data showed on Thursday.
The Egyptian pound weakened to a new record low against the US dollar on Thursday, extending its losses to 6.4 percent since the central bank introduced a new system of foreign currency auctions to curb a decline in foreign reserves.
Egypt's pound slid further on Thursday at the central bank's fourth auction of foreign currency and hit a new record low in the interbank market although the pace of its decline slowed from earlier in the week.
Egypt's president held out hope that a weakening pound could stabilise within days under a new regime implemented to fend off financial ruin and safeguard reserves needed to ensure food and fuel imports in a political crisis.
The Saudi British Bank (SABB), an associated company of the HSBC Group, said it has launched an innovative foreign currency portal for corporate clients to use in their foreign currency trading operations.
The online platform feat
The UAE central bank's foreign currency assets rose to Dh189.1 billion ($51.5 billion) in August from 186.8 billion in the previous month, mainly because of a rise in holdings of foreign securities, its data showed on Thursday.
Bahrain-based Gulf International Bank's (GIB) long-term and short-term foreign currency ratings have been reaffirmed by Capital Intelligence at A and A1 respectively, while the bank's financial strength rating is also maintained at BBB+.
The UAE central bank's foreign currency assets fell to a seven-month low of Dh182.6 billion ($49.7 billion) at the end of September from Dh187.9 billion in the previous month, central bank data showed on Wednesday.
Gulf oil exporters s
Emirates NBD, a leading bank in the region, has announced that its foreign currency telegraphic transfer facility is free of charge for online banking customers until June 30.
“Today’s announcement will enable our customers to make all for