Wednesday 22 November 2017
 
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reserves

GCC currency pegs remain resilient despite low oil

Currency pegs across the GCC remain resilient despite the drop in oil prices, said an industry expert, noting that while the region’s reserves will allow countries to withstand pressures on the peg, diversification and reforms are crucial.

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UAE Central Bank reserves surge to $34 billion in H1

The banking sector increased its statutory reserves at the UAE Central Bank by Dh8.6 billion ($2.34 billion) during H1, 2017, bringing to Dh125.5 billion ($34.16 billion) the total required reserves by the end of June, according to CB statistics

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Saudi PIF gets $26.66bn for investment

Saudi Arabia's King Salman bin Abdulaziz Al Saud has issued a directive allocating SR100 billion ($26.66 billion)  from the kingdom's reserves to the Public Investments Fund (PIF), in a move to diversify the investment portfolio and

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World oil reserves stable despite drop in investment: BP

The world's oil reserves were unchanged in 2015 despite a sharp drop in investment and exploration after the collapse in crude prices, BP said in its benchmark industry report.   Proven oil and gas reserves t

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Arabtec to use $272m reserves to wipe out losses

A meeting of shareholders in Dubai-listed construction firm Arabtec Holding approved on Wednesday a plan to use Dh1 billion ($272 million) of the company's statutory reserves to wipe out some of its accumulated losses. They al

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China FX reserves in record fall

China's foreign exchange reserves posted their biggest monthly fall on record in August, reflecting Beijing's attempts to halt a slide in the yuan and stabilise financial markets following its surprise move to devalue the currency last m

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Saudi June foreign reserves falls 1.2pc

The net foreign reserves at Saudi Arabia's central bank fell to SR2.492 trillion ($664.5 billion) in June, down 1.2 per cent from May to their lowest level since March 2013, central bank data showed on Thursday.  

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Oil majors fail to find reserves to counter falling output

Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in the past week - and big cuts in spending in response to falling crude prices could undermine their plans to turn that around.

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Basel urges standardised capital model for banks

The Basel global banking supervisory body has proposed introducing a standardised model to calculate a minimum level of capital banks would need to keep in reserve. The so-called capital floor 'will be based on revised standar

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Aramco's oil resources to grow to 900bn barrels by 2025

State oil giant Saudi Aramco expects to have 900 billion barrels of oil resources by 2025, up from the current 790 billion barrels, a company executive said on Tuesday. Current recoverable crude oil and condensate reserves stand a

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