Middle East
Dubai to set up new Middle East payments system
Dubai enacts law to enable the establishment of real-time payments system for the Middle East and North Africa
Gulf economies building new arsenal: DIFC's Saidi
The economies of the Gulf have been hit hard by the global financial crisis, but Nasser Saidi, chief economist of the Dubai International Financial Centre, has seen a number of positives emerging from the ashes.
Interview: Rasheed Al Maraj
The governor of the Central Bank of Bahrain tells Malan Rietveld that the country’s conservative approach to finance, regulation and construction is paying dividends in a time of crisis
Riyadh to host regional central bank
Saudi Arabia's capital has been named as the location for the Gulf's regional central bank, after an eight-month delay.
Plans for GCC central bank veer off track
Gulf states have yet to decide on the location of a regional central banking hub almost seven months after they were scheduled to announce the hub's site.
Saudi, UAE cut by 50 basis points
The Saudi Arabian Monetary Agency (SAMA) and the Central Bank of the United Arab Emirates (UAE) both cut their benchmark rates by half a point on Monday on signs that growth in the two economies, both of which rely heavily on oil exports, will slow in…
Islamic finance - the new Silk Road
As Islamic finance continues to internationalise with expanding scale, there will be greater financial intermediation linkages among the East Asian, West Asian, and the Middle East regions - creating the 'New Silk Road', said Zeti Akhtar Aziz, the…
GCC to pick home for regional central bank
Gulf states involved in plans to create a regional central banking hub are to choose a location for the institution next week.
GCC inflation is imported
Inflation rates in trading partners are the main driver of price pressures in Saudi Arabia and Kuwait, finds a new paper from the International Monetary Fund.
GCC should drop dollar peg: Fed adviser
A prominent US economist with Federal Reserve experience has said it makes sense for Gulf states to abandon their dollar pegs.
GCC governors back regional CB plans
Central bank governors in the gulf have taken a significant step towards monetary union, backing the creation of a regional central bank.
Fund warns Gulf countries on inflation
Gulf Cooperation Council (GCC) countries with currencies pegged to the greenback will face a tough battle against inflation, the International Monetary Fund said on Monday.
Gulf reserves set to top $2 trillion
If global oil prices remain high, foreign exchange reserves in the six Gulf Cooperation Council (GCC) countries will exceed $2 trillion by the end of this year.
New IMF Survey
The latest IMF Survey includes articles on the Fund's role in exchange rate surveillance, the conclusions of its most recent "Global Financial Stability Report", and the economic outlook for Belgium, the Middle East and Central Asia.
Gloom at currency talks points to deep GCC rift
According to this article from Middle East Online, published Friday 5 April, Gulf central bankers are deeply divided as they meet to finalise details of monetary union plans.
2010 GCC currency union date is 'challenge'
Currency union by 2010 in the Gulf region is a challenge, but could be achieved if the Gulf countries act swiftly, Central Bank of Bahrain governor said in an interview Sunday 18 March.
Akhtar: Pakistan - investment friendly destination
In the speech 'Pakistan - an investment friendly destination' given on 22 February Shamshad Akhtar of the State Bank of Pakistan said Pakistan offers endless possibilities with its vast untapped resources.
GCC chiefs to meet in April - report
Governors of Gulf Arab central banks will meet on April 3 and 4 in Saudi Arabia to discuss plans for monetary union and other issues, an official at the United Arab Emirates central bank was quoted Tuesday 20 February by Reuters.
Gulf Arabs reviewing dollar pegs - report
Gulf Arab oil producers are reviewing currency pegs to the US dollar and could decide as early as March whether to keep or change their exchange rate regime, the United Arab Emirates central bank chief told Reuters Thursday 11 January.
Kato on economic growth in the Arab countries
In the speech 'Institutions and economic growth in the Arab countries' given on 19 December Takatoshi Kato of the IMF said there is an enormous potential in the Arab region for improving the business environment.
Review possible on GCC union deadline
Saudi Arabia's finance minister said Tuesday 19 December in an interview with Reuters the GCC states may have to review the 2010 target date for introducing the single currency after Oman's decision to miss the deadline.
Gulf currency union may face delay
Plans by GCC member states to launch a single currency by 2010 face delays because some countries won't be able to make legal changes in time, the governor of the Central Bank of Kuwait said in an interview Tuesday 5 December.
IMF paper on currency unions
Against the background of the theory of optimum currency areas, the IMF paper "Beauty queens and wallflowers - Currency unions in the Middle East and Central Asia" analyzes possible sequences for establishing a currency union (CU) in the Middle East and…
GCC dollar reserve shift unlikely
Oil-producing GCC countries, which hold most of their currency reserves in dollars, are unlikely to move away from the greenback, according to the IMF's director for the Middle East and Central Asia.