Tuesday 21 October 2014
 
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Egypt banks to stick to non-USD forex rates

The Egyptian central bank has instructed banks to 'strictly conform' to prevailing international market rates in trading of non-US dollar foreign currencies, according to a statement seen by Reuters. "Kindly note that

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ADS to enter UK in 2014, starts pricing yuan

Abu Dhabi-based forex and commodities trading firm ADS plans to gain a licence to operate in the UK by early next year and has become one of the first Middle East brokers to start pricing the Chinese currency for customers in the region, its man

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ADS launches multi-asset trading platform

ADS Securities, the Middle East's leading forex brokerage and one of the fastest growing FX trading companies globally, has announced the launch of its new multi-asset online trading platform. Orex Optim is the first proprieta

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Egypt foreign reserves climb to 20-month high

Egypt's foreign reserves jumped in July to their highest in 20 months, the central bank said on Monday, boosted by $5 billion that Gulf states sent to Egypt after the army removed Islamist President Mohamed Mursi from power on July 3.

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Egypt forex reserves fall by $1.12bn in June

Egypt's foreign reserves fell by $1.12 billion in June to $14.92 billion, the central bank said on Sunday, underlining the perilous state of the country's finances as a new military-backed government takes on the reins of power.

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Gulf must consider flexible exchange rate: banker

  Qatar and other Gulf states should consider moving to a more flexible exchange rate from long-entrenched pegs to the US dollar, to better manage inflation risk in the next decade, a senior Qatar c

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Deutsche Bank named top FX bank in Mideast

Deutsche Bank has been named the leading forex (FX) bank in the Middle East with 16.15 per cent of overall market share. This is attributed to the significant investment Deutsche Bank made in upgrading its pricing and distribution syste

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Orascom Telecom suffers $204m loss in Q1

  Egyptian mobile phone operator Orascom Telecom Holding said on Wednesday it swung to a net loss in the first quarter of 2013, blaming foreign exchange losses and impairment of some assets.

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Egypt accepts bids for $38.5m at forex auction

The Egyptian central bank sold $38.5 million to banks in a foreign currency auction on Monday, with a cut-off price of 6.8765 Egyptian pounds to the dollar. The cut-off price at an exceptional foreign currency auction held on Sund

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Egypt c.bank tightens dollar trading band

Egypt's central bank has tightened the pound's trading band in the interbank foreign exchange market in an apparent move to slow the currency's decline, a forex dealer at a Cairo bank said on Monday. Banks may now only

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