January 2, 2013
The International Monetary Fund said on Monday it welcomed steps that Egypt has taken to stop a drain on its international reserves which had recently caused Egyptian pound hit record lows.
January 1, 2013
The new monetary foreign exchange regulations, enacted by the Central Bank of Egypt (CBE) on Sunday, will help curb speculation on the US dollar in the domestic market and maintain a low rate of inflation, said the country’s top bankers.
Jordan and Kuwait on Sunday signed four agreements to finance projects in key sectors worth $259.5 million.
December 31, 2012
China’s crude oil imports from Iran fell 31 per cent in November from a year earlier and were down 6.3 per cent on the month, data showed, with traders citing delivery delays by Iranian tankers because of tough Western sanctions.
South Korea’s imports of crude oil from Iran dropped 39 per cent from a year ago in the first eleven months of the year after sanctions squeezed shipments, data from state-run Korea National Oil Corp showed.
Egyptian President Mohammed Mursi said Monday that the country’s currency situation will “balance out within days,” stressing that the record fall of the pound “does not worry or scare us.”
Iranian forces have carried out what they called cyber warfare tactics for the first time as the Islamic republic’s naval units staged maneuvers in the key Strait of Hormuz, media reports said on Monday.
The Swiss authorities have frozen $300 million in Credit Suisse accounts in Geneva held by the sons of the former Egyptian President Hosni Mubarak, Swiss media reported on Sunday.
Bahrain has signed six financing agreements totalling $448 million with the Saudi Development Fund to support a number of infrastructure projects as part of the GCC Development Programme.
Iraq will not pay oil companies operating in Kurdistan because the autonomous region has failed to export the volume of crude it pledged, a spokesman for Hussain Al Shahristani, Iraq’s deputy prime minister for energy, said.
In a worrying sign for Jordan, the poverty rate in the Kingdom has creeped up to 14.4 per cent in 2010, up 1.1 per cent on 2008 figures, as the country grapples with a struggling economy.
The construction sector’s contribution to the UAE’s GDP is expected to reach 11.1 per cent by 2015 driven by a growing expatriate population, according to a study by the Dubai Chamber of Commerce and Industry.
The Egyptian pound plummeted to an eight year low against the US dollar on Sunday afternoon, following a currency auction in which the Central Bank sold $75 million to local banks.
December 30, 2012
Photo-sharing app Instagram has lost over 23 percent of daily users in the wake of anger at controversial changes to its terms of service
Arab League Secretary General Nabil Elaraby Saturday stressed financial support for the Palestinian Authority (PA) even before political support.