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UAE, India sign pact for trade in dirham and rupeeThe UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US dollar or any other foreign currency and trade directly in UAE dirhams and the Indian rupee. The agreement will mean l More… |
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UAE, India sign pact for trade in dirham and rupeeThe UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US dollar or any other foreign currency and trade directly in UAE dirhams and the Indian rupee. The agreement will mean l More… |
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Islamic State announces new gold currencyIslamic Sate (IS) has announced the creation of a new currency in gold, silver and copper, featuring a world map, including the Americas, where the group said its reign will reach. The group said its own dinars and dirhams will hu More… |
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UAE may create body to monitor FX pegAn advisory body to the UAE government has suggested that the central bank review the country's currency peg to the US dollar, but local bankers said any change to the peg remained very unlikely for the foreseeable future. An More… |
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UAE interbank offered rates at new 7-year lowInterbank offered rates in the UAE continued their slide to a fresh seven-year low on Sunday, as liquidity in the Opec member's banking sector stayed high, also dragging one-year dirham forwards lower. Bank deposits had risen to their high More… |
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Iran mulls currency switch for EU oil exportsIran is considering switching payments for its crude oil exports to Europe to the UAE dirham currency instead of the euro. The International Oil Daily newsletter said the move looked like an attempt to blunt the impact of financial sanctio More… |
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UAE urged to revalue dirhamThe UAE should revalue the dirham by 15 per cent and move to a currency basket within two years, an official of the Dubai Chamber of Commerce and Industry said. Dr Eisa Abdelgalil, a senior economist at Dubai Chamber's Data Management and More… |
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UAE dirham revaluation bets intensifyOne-year UAE dirham forwards slid to a record deep discount on Monday, reflecting speculation of a revaluation against the plummeting US dollar as Kuwait's currency rose to a record high. The forward market, which reflects where dealers ex More… |
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Indian workers 'not keen on Dubai jobs'Many Indian construction workers are choosing not to take jobs in Dubai because their earnings would be eroded by the UAE dirham's peg to the tumbling US dollar, according to a magazine report. South Asian labour, mainly from India, is the More… |
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Top executive calls UAE to drop dollar pegThe United Arab Emirates should drop its dirham currency's peg to the dollar to help fight soaring inflation, the chief executive of a Saudi Arabian real estate firm said. Abdulraman Al-Tassan, chief executive of Rakaa Properties, is the l More… |
