Saturday 13 February 2016
 
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Foreign Exchange

Egypt increases tariffs on range of imports

Egypt has raised tariff rates on a wide range of imports, the official Gazette said on Sunday, the latest effort by the authorities to curb dollar spending on imports as the country struggles through a currency crisis. Egypt, whic

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Dollar/Saudi riyal forwards jump

The Saudi riyal fell sharply against the US dollar in the forward foreign exchange market early on Monday after relations between Saudi Arabia and Iran deteriorated, raising concern that dollar funding for the kingdom could become more expensive

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Egypt struggles to pay for oil amid forex crisis

Egypt is struggling to pay for US dollar-priced oil product and liquefied natural gas (LNG) imports, cancelling purchases, and asking suppliers to extend payment terms amid an acute foreign currency crisis, industry sources said.

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Egypt cbank injects dollar liquidity into market

Egypt's central bank injected more foreign currency liquidity into the banking system in a surprise operation on Sunday, bankers said, the latest in a series of steps aimed at ending a foreign exchange shortage that had seen goods pile up at

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Oil at $30 ‘could drain Saudi FX at $18bn a month’

The foreign exchange (FX) reserve drain on Saudi Arabia could accelerate to $18 billion per month if Brent crude oil prices average $30 per barrel, adding pressure on the kingdom’s currency, a report said. Saudi Arabia has b

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Oil at $30 ‘could drain Saudi FX at $18bn a month’

The foreign exchange (FX) reserve drain on Saudi Arabia could accelerate to $18 billion per month if Brent crude oil prices average $30 per barrel, adding pressure on the kingdom’s currency, a report said. Saudi Arabia has b

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China FX reserves fall $3.5trn in September

China's foreign exchange reserves, the world's largest, shrank by $43.3 billion in September to $3.514 trillion, central bank data showed on Wednesday. The drop in foreign exchange reserves was widely anticipated as the ce

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Global banks admit guilt in FX probe, fined $6bn

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. Citigroup In

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UBS to pay $545m over forex scandal

UBS will pay $545 million to US authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals. The amount was lower than e

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5 banks face criminal charges, $5bn bill over FX rigging

Five of the world's biggest banks are expected to be hit with a combined bill of more than $5 billion and criminal charges on Wednesday in a settlement with US and British authorities over rigging of currency markets. It will

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