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The Central Bank of Egypt’s decision to devaluate the Egyptian pound by 14.4% against the US dollar was welcomed by credit rating agency, Fitch, as “credit positive” but added that “insecurity” and “political uncertainty” call for more measures as foreign Read more
The outlook for Saudi Arabia’s banks have changed to negative from stable by credit rating agency, Moody’s Investors Service, because bad loans are expected to rise over the next 12 to 18 months due to low oil prices and a Read more
Kuwait’s acting Finance minister Anas Khalid Al Saleh announced that the cabinet has agreed on a string of reforms by approving the introduction of a proposed 10% corporate tax on profits and privatizing some government services and facilities amongst them Read more
Sources under the condition of anonymity have revealed that oil rich kingdom and the world’s biggest oil producer is seeking a bank loan of between $6 and $8 billion as the low oil prices begin to take its toll on Read more
A week after Oman’s credit ratings were downgraded by Standard and Poor’s from BBB+ to BBB-, sources have revealed that the government is preparing to issue a sovereign dollar bond but the Finance Ministry refused to confirm or deny the Read more
A source at the Central Bank of Egypt (CBE) has ruled out plans to devalue the country’s currency as the state continues to struggle with meeting the demands of businessmen through tri-weekly US dollar auctions while balancing foreign reserves. Investment Read more
Tehran has recuperated more than $100 billion of its frozen assets, according to government spokesman Bagher Nobakht who said that the assets have been fully released and can be used. The assets frozen under US sanctions have not been released Read more
Bahrain would soon introduce austerity measures as recommended by a delegation from the International Monetary Fund (IMF) which visited the Gulf country January 12 to 25 for annual consultations. Bahrain is struggling with the low oil prices and IMF forecasted Read more
Governor Mohamed Laksaci of the Bank of Algeria, the country’s central bank, during the presentation of the financial and economic situation of the first ten months of 2015 announced plans to revive the refinancing of banks by next month with Read more
Saudi Arabia’s budgetary deficit is set to continue to the next fiscal year after recording a $98billion deficit in 2015 with oil revenues providing 72% of the country’s income, compared to 87% last year, despite the drastic fall of prices. Read more