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Date: Sunday 09/30/2012 07:30 AM
Cairo
Arab League is considering the launch of a single currency
is considering the Arab League, the possibility of launching a unified Arab currency in the coming years, a proposal made by the Union of Exporters and Importers Arabs recently, where Union aspires through this proposal to be there an Arab union economic and financial.
It is expected, according to information published in the newspaper "Middle East" to face the process of applying currency unified Arab major difficulties may hinder their application, but the hope Hassan Zaki, President of the Federation of exporters and importers Arabs, confirmed that what is happening in the region of the Arab spring will lead to positive results, including that there be a unified Arab Union in terms of economic and financial affairs.
Said Zaki "We have proposed that there be a unified Arab currency, and will not rush the application or accelerate it, but we are committed to this proposal, the European countries have a common currency, the euro, until now the proverbial, and the Arab countries can launch a single currency also when it wanted to" .
And stressed the President of the Federation of Exporters and Importers Arabs that Arab single currency will facilitate the process of intra-regional trade and raise the value between the countries of the region, noting at the same time that the current situation in some countries in the region will not last long. Zaki said "there will be a new mentality leading Arab states, and is this mentality that will contribute to the support of the launch of the unified Arab currency," indicating that the Arab League will have a significant role in contributing to the launch of the currency in the future.
In light of these developments, Arab sources expressed on economic affairs, was optimistic the launch of a unified Arab currency in the coming years, but that these sources did not reveal the actual timing of the start of the launch of the currency, which means they are still in the phase of the study.
In the face of these developments, Dr. Salim Bajajh, financial and economic expert, that the application of a unified Arab currency is lead to encourage intra-regional trade, and said that the fact this proposal is very positive, and if implemented will reap the Arab significant benefits because of it, but the application seems very difficult. Capitals
International banks cancels functions
And unity in the Middle East
Are U.S. banks and major European, a minimization of the number of employees in its investment banking units operating in the Middle East, as the scarcity of transactions and the need to cut expenses covering the promising potential of emerging markets. And reduced the number of institutions, including Deutsche Bank and Credit Suisse and Japan's Nomura Holdings Inc., the numbers of staff in its investment banking teams in the region in the past few weeks. The job cuts initially for young bankers, but the last round included managers, including head of investment banking at Nomura in Dubai. Said a senior banker in Dubai, who asked not to be named because he was not authorized to speak to the media, "we will see further downturn in the field of investment banking activities in the Middle East in the next two years. There are a lot of bankers are trying to win the same deals in the market are barely growing."
The recent reductions after similar steps to Bank of America and Rothschild earlier this year, and also come after years of rapid expansion, where it formed foreign banks difference full of activities investment banking, particularly in the financial position of Dubai's main under temptation oil revenue spent by SWFs The government-backed companies in the region to foreign investment.
And undermined the global financial crisis in 2008 those hopes and damaged investor appetite and severely damaged region of lower oil prices and falling real estate market.
Khartoum
Oil agreement with the South raise the price of the Sudanese pound
Sudanese pound rose significantly against the U.S. dollar in the "black market", according to traders and Sudanese experts.
This came after the signing of the Security and Cooperation between Khartoum and Juba, last Thursday, which include re-export of South Sudan oil through Sudan, which has led a stopover last January / January to inflict economic damage large for the two countries. Said a currency trader in the black market called Spring The dollar became equivalent to 5.7 Sudanese pounds after it was equivalent to 6.1 last Thursday on signing the agreement. remained Sudanese pound collapsing against the dollar since stopped South Sudan oil exports through the territory of northern Sudan. predicted economic expert Sudanese Yousef Abu Rvas continued improvement value Sudanese pound against the U.S. dollar after starting actual export oil through Sudan scheduled end of the year.
The former Governor of the Bank of Sudan Sabir Mohamed al-Hassan said in remarks published by Sudanese newspapers, on Saturday, return to export oil through Khartoum will go to the public treasury in Sudan two billion dollars in the year.
Tehran
Iranian currency fall to record lows
Hostel Iranian rial to record lows against the U.S. dollar, on Saturday by the media and monitor sites online currency.
Rial fell 3.6 percent and is trading at about 27 thousand and 900 riyals to the dollar compared to about 26 thousand and 920 riyals on Thursday, and 26 thousand and SR 200 on Wednesday, according to the website it runs the risk of currency monitoring.
Another site said the weight of the riyal record 27 thousand and 650 rials against the dollar on Saturday.
No clear reason for the recent decline in the value of the currency being traded in the informal market resort to the ordinary citizen to obtain hard currency.
The previous declines coincided with new sanctions or diplomatic isolation on Iran over its nuclear program. She says the United States and its allies that the program aims to build a nuclear bomb Iran denies this, but suffered successive rounds of tougher sanctions over the past two years.
The riyal fell sharply in value against the dollar in the last year and in June 2011 was trading at about 12 thousand riyals to the dollar, or more than double its value now according to the website's weight.
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