Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a law on Monday forcing banks to offer bloc-wide instant payments. Under the new rules, people in Europe will be able to transfer money within 10 seconds at any time of...

The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited the central bank from financing the public treasury. The new measure allows the central bank to lend the state US$2.2 billion to be repaid without interest in 10 years after...

Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar The BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday...

Its net profit fell 7.29% Y-o-Y in the three months to December.

FTX, the world's second-biggest crypto exchange, dramatically went under last year, and its boss Sam Bankman-Fried faces up to 110 years in prison for what prosecutors described as "one of the biggest financial frauds in American history".

Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies. The...

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank of China. The maximum value of the swap is 50 billion Chinese yuan ($7.02 billion). The agreement is part of the financial cooperation between the two central banks, which works...

It posted a five-percent decline in revenues to US$367m.

Its Q3 revenue posted a 24 percent jump to US$96 million.

DUBAI, UAE: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed the Solana Foundation – a non-profit organization– to the DMCC Crypto Center as an ecosystem partner. The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability...

"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable," said a statement signed by 35 Yemeni groups and 13 international aid organizations including the Danish Refugee Council and Save the Children.

Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it grapples with a punishing economic crisis. It comes after an unrelenting economic crisis that has seen the currency shed half its value against the US dollar since early last year.

New Delhi, India - Russian academic Sergey Luzyanin has suggested that the United Arab Emirates' Dirham could be considered as a potential currency for India-Russia trade in an interaction between Indian and Russian experts following the Shanghai Cooperation Organisation (SCO) virtual summit organized by India.   The discussion, organized by the...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 759.3 billion ($206.47 billion) at the end of March 2023 to AED 775.2 billion ($210.68 billion) at the end of April 2023. This was...

Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion ($416 billion). The majority of Saudi Arabia's reserve assets are held in US dollars (about 70 percent)

The government sold a 9.5% stake for US$121.6mn.

China aims to play a more central role in the Gulf region, focusing on investment opportunities beyond the oil and energy relationship.

Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics agency CAPMAS showed on Wednesday Month-on-month, urban inflation slowed to 1.7% from 2.7% in March and 6.5% in February. Inflation had steadily crept up over the last year after a...

According to Statista's Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western countries. Indonesia with 29 percent, and Brazil with 28 percent are other top crypto users. The rate of crypto adoption in the United States is 16 percent.

Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in March. The S&P Global Egypt Purchasing Managers' Index edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity. "At 46.7, the...

CAIRO, EGYPT - Egyptian President Abdel Fattah al-Sisi met Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud at Ramadan Suhoor-meal table in Jeddah early Monday. The trip came as Egypt seeks financial support to alleviate pressure on its currency and strengthen its struggling economy. During...

Lebanon's economic meltdown, described by the World Bank as one of the worst in recent global history, has plunged most of the population into poverty, according to the UN. Many of the hundreds protesting on Wednesday were retired servicemen whose army pensions have lost most of their value, and depositors...

Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost its revenues amid a worsening economic crisis. Caretaker finance minister Youssef Khalil requested to change the rate at which customs fees are calculated from 15,000 pounds per U.S. dollar to...

Israel's government approved the 2023-2024 budget against the backdrop of economic uncertainty linked to controversial judicial reforms advanced by the government of Prime Minister Benjamin Netanyahu. The government had been expected to adopt the budget during a cabinet meeting Thursday, but talks ran late into the night and also took...

Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday as part of the country’s measures to defuse its foreign exchange crisis. The sukuk will be of benchmark size or in the range of $500 million. Egypt’s finance minister Mohamed...

With Lebanon's political and economic crisis showing no signs of abating, its currency on Wednesday hit a record low against the dollar on the black market. The pound has lost more than 95 percent of its value against the greenback since the beginning of the economic crisis in 2019.

Cairo, Egypt-- Moody's has lowered Egypt's sovereign rating by one notch to B3 from B2 on Tuesday, citing the country's reduced external buffers and shock absorption capacity. The agency changed its outlook for Egypt to stable from negative. "Moody's does not expect Egypt's liquidity and external positions to rebound quickly," the...

Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from his country. In recent months the country has been seeking to make sure that its banking system is in sync with the international electronic transfer system.

Net profits at the banking giant rose 23% in Q4 of 2022.

Investigative judge Tarek Bitar crossed all red lines earlier this week by daring to charge several powerful figures over the blast and reviving a probe that was suspended for over a year amid vehement political and legal pushback. One of history's biggest non-nuclear explosions, the August 4, 2020 blast destroyed...

Lebanese protesters blocked roads and burnt tires near the central bank in Beirut as the local currency plummeted to a new low against the dollar. Since 2019, Lebanon has been in an economic crisis dubbed by the World Bank as one of the worst in recent global history, pushing much...

Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues to fall against the dollar. "The central bank governor's request for discharge was approved, as was the request for retirement by the president of the Trade Bank of Iraq," Prime...

Cairo, UAE--Egypt's annual urban consumer inflation in December shot up to 21.3 percent from 18.7 percent in November, exceeding analyst expectations. Data from the statistics agency CAPMAS showed on Tuesday that the inflation figure was the highest since December 2017, when it hit 21.9 percent. The price rises followed a...

Doha, Qatar--Qatar Central Bank's (QCB) international reserves and foreign currencies liquidity increased last December by 9.6 percent on an annual basis, to reach $59.31, compared to $54 billion in the same period last year. December recorded a monthly growth of 2.7 percent compared to November 2022. The figures issued by...

Beijing, China--China's foreign exchange reserves rose to US$3.1277 trillion at the end of December 2022, up 0.33 percent from a month earlier, data from the State Administration of Foreign Exchange showed Saturday. The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined impact of currency translation...

One US dollar traded at 1,580 Iraqi dinars on the street Tuesday, against the central bank rate of 1,470 dinars, state news agency INA reported. The drop began about two weeks ago, sparking alarm in the media.

Washington, United States--The Executive Board of the International Monetary Fund on Friday approved a $3 billion loan to Egypt, with an immediate disbursement of $347 million, the IMF said in a statement. Egypt will benefit from the loan over 46 months under the Extended Fund Facility. The agreement is for 2,350.17 million...

World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...

Abu Dhabi, UAE---The Central Bank of the UAE launched an AED-1000 denomination note as part of the country's 51st anniversary celebrations. Made of polymer and using innovative designs and advanced security features, the note is the fourth in the Third Issuance of the National Currency Project. The new banknote will...

In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings to A-/A-2.

World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans to combat inflation. Eurozone equities tanked as spiking natural gas prices sparked fears that winter energy shortages could cause recession, which helped push the euro down to a 20-year low...

Many risks companies face in the real world exist in the metaverse, albeit with a digital twist, requiring insurance players to come up with a new set of liability policies.

France's central bank said Tuesday it will push ahead with the second phase of its experiment with a digital euro with the aim of rolling out the cryptocurrency next year. Last year, the Banque de France successfully completed the first stage of its experiment with a central bank digital currency. "We'd...

ISLAMICOIN, which adheres to strict Sharia audit, is one of the most popular digital currencies in the Islamic world, says Enas Yaqoub, a member of ISLAMICOIN team.

The official unemployment rate in crisis-hit Lebanon jumped almost three-fold to reach 29.6 percent at the start of the year, a joint survey by the UN and the government said Thursday. "Lebanon's unemployment rate increased from 11.4 percent in 2018-2019 to 29.6 percent in January 2022, indicating that almost one...

Child vaccination rates in Lebanon have dropped by more than 30 percent, compounding a health crisis marked by drug shortages and an exodus of trained professionals, the United Nations said Wednesday.

The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it will raise interest rates in the face of soaring inflation. The ECB stood still in the face of record eurozone inflation, keeping its stimulus plans and rates unchanged.

Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid a dollar-denominated debt in rubles this week.

The meeting was held on the sidelines of the official visit of Turkish President to the UAE.

Independent data collected by Turkish economists suggested that the annual rate of inflation rose to more than 110 percent in January.