Saudi Arabia has the tools available to protect itself as low oil prices push the current account and budget balances of the world's top crude exporter deep into deficit, senior bankers in Saudi Arabia and the Gulf said.
Finance ministers from the Asia-Pacific Economic Cooperation (Apec) group said on Friday they were committed to addressing weaknesses in their economies but stressed they would not seek to gain a competitive edge by weakening their currencies.
There is a shared belief among the members of the Group of 20 leading economies in the need to "double down" against competitive currency devaluation and avoid it in both policy and language, a senior US Treasury official said on Satur
China's central bank said on Thursday there was no reason for the yuan to fall further given the country's strong economic fundamentals, in a bid to reassure jittery global markets after it devalued the currency earlier in the week.
China's yuan hit a four-year low on Wednesday, falling for a second day after authorities devalued it in a move that sparked fears of a global currency war and accusations that Beijing was unfairly supporting its struggling exporters.
Life in Egypt is about to get harder for ordinary people who will bear the brunt of inflation caused by a decline in the value of their currency. As elections approach, President Mohamed Mursi's Muslim Brotherhood may pay a
The Egyptian pound fell to its weakest in almost eight years as concerns the government might devalue or place restrictions on currency movements prompted citizens to pile into dollars, forex traders said.
Egypt's politicians and central bankers are in the business of downplaying fears over a currency. New Islamist President Mohamed Mursi, however, hasn't left himself much room for manoeuvre after ruling out a widely anticipated devaluatio