Wednesday 25 May 2016
 
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Currency

Commodity currencies at 10-month highs

Commodity currencies like the Australian and New Zealand dollars soared to 10-month highs against the US dollar, drawing support from oil prices which stabilised from a slide and underpinned broad risk sentiment in global markets.

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Commodity currencies at 10-month highs

Commodity currencies like the Australian and New Zealand dollars soared to 10-month highs against the US dollar, drawing support from oil prices which stabilised from a slide and underpinned broad risk sentiment in global markets.

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Suez Cement ‘profit transfers hit by FX crisis’

Suez Cement, which is 55 per cent owned by Italian firm Italicementi, is struggling to transfer shareholder profits out of Egypt because of a foreign currency crisis, the Egyptian firm said on Monday. Egypt has been struggling to

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Egypt launches scheme to lure expat dollars

Egypt launched a new scheme on Monday to encourage millions of Egyptians living abroad to pour their dollar savings into special certificates, as it tries to ease an acute shortage of foreign currency that has hit the economy. The

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Bahrain cbank chief vows to keep currency peg

Bahrain is committed to the peg of its dinar currency against the US dollar, central bank governor Rasheed Mohammed Al-Maraj said on Tuesday. "We will continue the peg," Al-Maraj told an economic conference. He said the

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Venezuela raises fuel price, devalues currency

Venezuelan President Nicolas Maduro on Wednesday devalued the currency and raised heavily subsidized fuel prices in an effort to stem a widening economic crisis, though critics of the socialist leader quickly dismissed the moves as insufficient.

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GM suspends Egypt operations due to currency crisis

General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political tur

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GM suspends Egypt operations due to currency crisis

General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday. Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political tur

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Saudi currency devaluation would carry major political risk

A devaluation of Saudi Arabia's currency could cause such political instability that Riyadh has little choice but to stick to its promise to use vast foreign exchange reserves to defend the riyal's 30-year-old peg to the US dollar.

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Oman assures dollar peg will stay

Oman remains committed to the peg of its rial currency against the US dollar, the head of the central bank said on Tuesday, after the rial dropped to its lowest level in the forwards market for a decade. Low oil prices are hurting

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