Middle-east Arab News Opinion | Asharq Al-awsat

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King Salman bin Abdulaziz Al Saud chairing a cabinet session. SPA

Saudi Arabia Unveils New Version of Currency

by Shuja Al-Baqmi | Dec 13, 2016 | Business

Riyadh- The new version of the Saudi currency will be unveiled today for the public at a ceremony, said the Saudi Arabian Monetary Authority. SAMA will officially launch the sixth issue of the banknotes and coins of the Saudi riyal on Tuesday, bearing the motto...

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Egypt has been struggling to boost its foreign currency reserves in the political and economic turmoil following the January 2011 uprising that toppled former ruler Hosni Mubarak ©Patrick Baz (AFP/File)

Egypt’s Pound Devalued After a Currency Float

by Sabri Najeh | Nov 4, 2016 | Business

Cairo- Egypt’s Central Bank on Thursday took a “historic” but nevertheless dangerous step when it decided to devaluate its local currency, a decision expected by several observers after the Egyptian Pound fell to its historic levels, exceeding the official price by...

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A foreign-exchange store in Cairo, Egypt PHOTO: KHALED DESOUKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Egypt Central Bank Says to Float Currency

by Asharq Al-Awsat English | Nov 3, 2016 | Business

Egypt’s central bank said Thursday it had floated the country’s pound as part of a raft of reforms aimed at shoring up confidence in the economy. The bank said in a statement it had moved to a “liberalized exchange rate… to create an...

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A Union Jack flag flutters next to European Union flags ahead of a visit from Britain’s Prime Minister David Cameron at the EU Commission headquarters in Brussels, Belgium, January 29, 2016. REUTERS/Francois Lenoir

Chances of Brexit Undermining Sterling’s Place in World FX Reserves

by Asharq Al-Awsat English | Nov 1, 2016 | World

As fluctuations in hard cash reserves at global central banks tend to be glacial, the hit to sterling from a potential ‘hard’ UK exit from Europe’s single market after more than 40 years could ultimately undermine the pound’s position in their...

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Egypt’s Suez Cement reports loss

Suez Cement ‘Profit Transfers Hit by Currency Crisis’

by Asharq Al-Awsat English | Mar 7, 2016 | Business

Following a foreign currency crisis that has hit Egypt, the Egyptian firm Suez Cement said on Monday that it was struggling to transfer shareholder profits out of Egypt. The firm is 55 percent owned by Italian firm Italicementi. Italcementi Group in Egypt runs five...