Saudi Arabia's central bank will keep its current strategy for managing the country's foreign reserves, central bank governor Fahad Al-Mubarak said on Tuesday, indicating a continued emphasis on US dollar assets.
The US government will create a million-barrel petrol reserve in the Northeast, a reaction to the aftermath of Superstorm Sandy in 2012 when motorists were left without fuel, exposing vulnerabilities in the fuel distribution network.
Saudi Arabia, one of the world's largest barley importers, has a strategic reserve of four million tonnes to last the kingdom for around eight months, a Gulf-based industry source with knowledge of the matter told Reuters.
Egypt's foreign reserves rose to $17.307 billion in February from $17.105 billion in January, the central bank said on Tuesday.
Reserves have been sharply falling since a 2011 uprising that ousted President Hosni Mubarak but w
Tunisia's foreign currency reserves rose to 11.389 billion dinars ($6.88 billion) in August, with a Japanese loan helping extend the previous month's recovery after a sharp decline, the central bank said on Wednesday.
Yemen's annual inflation climbed to a 15-month high of 14.2 per cent in May, mainly due to increases in food, tobacco and qat prices, while June foreign currency reserves fell to their lowest level since August 2012.
The international regulations demanding that banks increase their reserves over the next few years could see smaller institutions in the Middle East and across the developing world killed off, said Ithmaar Bank chairman Prince Amr Mohammed Al Fa
Gulf Bank has posted a net profit of KD12.8 million ($45.3 million) for the first half of 2012 against KD18.3 million over the same period 2011 marking a 30 per cent drop due to an increase in precautionary reserve.
The Kuwait-based ban
The Central Bank of Egypt (CBE) said on Sunday it was lowering the reserve requirement on local currency deposits to 10 percent from 12 percent to increase banking sector liquidity, its second such move in two months.
The new ratio
The Arab Authority for Agricultural Investment and Development (AAID) is considering building a system for storing three to six months of grain reserves for the Gulf region, a senior official from the investment bank said on Wednesday.