Qatar will become the Middle East's first hub for clearing transactions in the Chinese yuan, in a step that could over the long run help Gulf oil exporting countries reduce their dependence on the US dollar.
Industrial and Com
China's central bank has signed a 35 billion yuan ($5.7 billion) currency swap deal with its Qatari counterpart, in a step towards expanding use of the Chinese yuan in a region long dominated by the US dollar.
The deal is expe
New rules issued by the UAE's securities market regulator aim to develop local currency bond and sukuk markets in the Arab world's second biggest economy.
In meetings with potential issuers and financial firms in Abu Dhabi
Revenue from Egypt's Suez Canal was $443.9 million in June compared with $404.6 million in the same month a year ago, the State Information Portal said on Monday.
May revenues stood at $471.1 million.
Dubai Gold and Commodities Exchange (DGCX) has registered more than 5.75 million contracts in the first half of the year, with a value of more than $172 billion.
The currency futures traded 5.34 million contrac
Libya's currency is under heavy pressure as a breakdown in security and a collapse of oil revenues due to port blockades have badly disrupted public finances and an economy already burdened by exploding state salary and subsidy bills.
The central banks of Germany and China have signed an agreement to facilitate transactions in the Chinese currency in Frankfurt, the Bundesbank said, making Germany's financial capital the first hub for such payments in Europe.
Revenues from Egypt's Suez Canal, one of the country's main sources of foreign currency, are expected to reach $5.5 billion in the current fiscal year, the head of the authority that manages the waterway said.
Suez Canal A
Criminals may already have made off with up to $500 million worth of bitcoins since the virtual currency launched in 2009 - and you can double that if it turns out they emptied Mt. Gox.
Internet criminals, security experts say, ar