Monday 8 February 2016
 
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Saudi cbank foreign assets drop 1.9pc in Nov

Net foreign assets at Saudi Arabia's central bank fell 1.9 per cent in November from the previous month to SR2.356 trillion ($628 billion) as the government liquidated assets to cover a huge budget deficit caused by low oil prices.

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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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Abu Dhabi police seize $10m fake notes

The Criminal Investigation Department (CID) at Abu Dhabi Police foiled an African gang’s attempt to sell and distribute counterfeit money amounting to $10 million.   Colonel Dr Rashid Mohammad Borshid, head of the CID s

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Iran smuggles in $1bn of bank notes: report

At least $1 billion in cash has been smuggled into Iran as it seeks to avoid Western sanctions, a bigger figure than previously reported, Iranian officials and Western intelligence and diplomatic sources say. Sanctions imposed by

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Syria limits foreign currency use, threatens jail

Syrian traders who price goods in foreign currency will face up to 10 years in jail, the government announced on Sunday in a move aimed at stemming the increasing dollarisation of an economy crippled by two years of civil war. A d

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Egypt clamp on carrying cash

  Egypt has banned travellers from carrying more than $10,000 in foreign currency cash in or out of the country, as officials worry over pressure on its pound currency and a rush by Egyptians to withdraw their savings from banks.

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Rebel funds help Syria's war-battered pound

  In Syria's eastern town of Deir al-Zor, a rebel commander flush with cash was swapping his dollars for Syrian pounds to pay fighters battling President Bashar Al-Assad's forces.   Money ch

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Apple 'avoiding billions of dollars in taxes'

Gadget giant Apple is avoiding billions of dollars in taxes by setting up small offices around the world to collect and invest the company's profits, The New York Times reported yesterday. The report said an office in Reno, Nevada, whe

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Three tickets win record $656m in US lottery

The largest lottery jackpot in US history - a whopping $656 million - will be shared by the buyers of three winning Mega Millions tickets in Illinois, Kansas and Maryland - but their identities remained a mystery, lottery officials said. A

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Gold set for quarterly fall on run for cash

A dash for cash has overwhelmed gold's traditional status as a haven from risk, putting the metal on course for its first quarterly fall since end-September 2008, when the global credit crunch was at its worst. Investors said gold coul

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