FOREX Trading

Currency swap will not cover substandard good, says CBN

The Central Bank of Nigeria (CBN) said the currency swap agreement recently reached with the People’s Bank of China (PBoC), will not cover the importation of substandard goods into the country. The Central Bank Governor, Mr Godwin Emefiele, represented by the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, said this yesterday in Abuja, at the Currency Swap sensitization for North Central Zone. Emefiele noted that the swap deal had the potential to reduce importation of made-in-China substandard goods as only…

0
Read More

Currency swap will not cover substandard good, says CBN

The Central Bank of Nigeria (CBN) said the currency swap agreement recently reached with the People’s Bank of China (PBoC), will not cover the importation of substandard goods into the country. The Central Bank Governor, Mr Godwin Emefiele, represented by the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, said this yesterday in Abuja, at the Currency Swap sensitization for North Central Zone. Emefiele noted that the swap deal had the potential to reduce importation of made-in-China substandard goods as only…

0
Read More

Currency swap will not cover substandard good, says CBN

The Central Bank of Nigeria (CBN) said the currency swap agreement recently reached with the People’s Bank of China (PBoC), will not cover the importation of substandard goods into the country. The Central Bank Governor, Mr Godwin Emefiele, represented by the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, said this yesterday in Abuja, at the Currency Swap sensitization for North Central Zone. Emefiele noted that the swap deal had the potential to reduce importation of made-in-China substandard goods as only…

0
Read More

Comfortable forex reserves to deal with undue re-volatility: Arun Jaitley

— By PTI | Aug 15, 2018 04:13 pm New Delhi: A day after the rupee plunged below the historic 70-level, Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market and developments are being closely monitored. The Indian currency yesterday crashed to a life-time low of 70.09 on concerns over Turkey’s economic woes that have impacted various emerging markets, even as the US dollar gained strength against other currencies. Recent…

0
Read More

Morocco needs more reforms before new currency…

Morocco needs more reforms before new currency liberalisation, bankers say By Reuters Published: 07:29 EDT, 15 August 2018 | Updated: 07:29 EDT, 15 August 2018 By Ulf Laessing and Ahmed Eljechtimi CASABLANCA/RABAT, Morocco, Aug 15 (Reuters) – Morocco has managed to keep its currency stable since introducing a more flexible foreign exchange system, but broader reforms are necessary to boost investment before taking the next step in liberalisation, bankers say. In January, the kingdom widened the band in which the…

0
Read More

Burgan Bank’s Operations in Turkey Remain Solid and Fully Hedged Against Currency Fluctuations

Eduardo Eguren, Group Chief Executive Officer Burgan Bank Group commented today, in light of the current situation in Turkey, that Burgan Bank A. S. – Turkey has not had any major impact on its profitability in its operations as a result. It stated that its strategic decision to fully hedge its investment in the Turkish subsidiary’s capital has protected it from currency fluctuations in the Turkish Lira. Burgan Bank A.S. – Turkey is currently running in business as usual mode…

0
Read More

Govt says forex reserves comfortable to withstand rupee fall

Rupee hit the record low of 70.1 per dollar on Tuesday, as concerns about Turkey’s economic woes. New Delhi: India’s foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market, the finance minister said on Wednesday, a day after the rupee currency sank to an all-time low. The rupee hit the record low of 70.1 per dollar on Tuesday, as concerns about Turkey’s economic woes spreading to other emerging markets…

0
Read More

Turkish banking watchdog further limits banks’ forex swap transactions

ISTANBUL, Aug 15 (Reuters) – Turkish banking watchdog BDDK on Wednesday said it is cutting the limit for Turkish banks’ forex swap, spot and forward transactions with foreign banks to 25 percent of a bank’s equity. The BDDK had said on Sunday that the limit would be 50 percent of the bank’s equity. In a statement, the BDDK said the rate will be calculated daily and new transactions will not be performed or renewed until the current excess of the…

0
Read More

Rupee crosses 70-mark – Currency recovers against dollar; govt attributes slide to external factors

— By FPJ Bureau | Aug 15, 2018 12:59 am Mumbai : The Indian rupee on Tuesday hit the 70-per dollar mark for the first time, tumbling to a record low, as a Turkey-led rout in emerging-market currencies intensified losses. The rupee slipped as much as 0.2 per cent to 70.08 per dollar in Mumbai and is down almost 9 per cent this year in Asia’s worst performance. The government attributed the fall in the currency value to external factors. Economic Affairs Secretary…

0
Read More

Indonesia central bank in the market to guard the rupiah – official

JAKARTA, Aug 15 (Reuters) – Indonesia central bank “is in the market” guarding the rupiah, a senior official told Reuters, as the currency continues to tumble amid emerging market selloffs. Nanang Hendarsah, Bank Indonesia’s (BI) head of monetary management, also said the central bank will begin to regularise its foreign exchange swap with banks in a bid to reduce currency hedging costs. The rupiah hit a fresh low on Wednesday of 14,635 a dollar, its weakest since October 2015. The…

0
Read More

WallStreet’s bet on global currencies is bloodied with the US dollar soaring

United States : WallStreet’s bet on global currencies is bloodied with the US dollar soaring Aug 14, 2018 (Euclid Infotech Ltd via COMTEX) — Politics have foiled the best-laid plans of WallStreet’s currency strategists. Turmoil in Turkey as well as strife between Italian leaders and the European Union have forced US dollar bears to throw in the towel on bets that the rest of the world’s currencies would continue to play catch-up with the greenback in 2018. A continued flight…

0
Read More

Wholesale market, others get $210m CBN boost Newsdiaryonline

The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018. At Tuesday’s trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window and the invisibles sector, for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others.…

0
Read More

Weizmann Forex Ltd Q1 net profit up at Rs. 7.02 crores

WEIZMANN FOREX LTD. has reported financial results for the period ended June 30, 2018. The company has reported net sales of Rs.2475.07 crores during the 3 months period ended June 30, 2018 as compared to Rs.2061.02 crores during the 3 months period ended June 30, 2017. The company has posted net profit of Rs.7.02 crores for the 3 months period ended June 30, 2018 as against Rs.6.95 crores for the 3 months period ended June 30, 2017. The company has…

0
Read More

FX Edge – Steeper EUR/DKK FX Forward Curve

FX forward curve has steepened as the 3M point has declined to its lowest level since early 2018 on portfolio outflows and ample DKK liquidity. We still expect the DKK net position to be around DKK220bn at the end of the year and assuming portfolio outflows do not reverse, the 3M EUR/DKK FX forward should continue to trade around the current low level. DKK-based clients with EUR assets and a hedging mandate should consider hedging beyond 1Y as opposed to…

0
Read More

GLOBAL MARKETS-Shares regain footing as lira pulls out of nosedive – Macroeconomic News

* Lira rebounds 5 percent after three week-long thrashing * Rand and rouble, European bank stocks also drive higher * MSCI ex-Japan subdued but Nikkei bounces 2.3 pct * China economic data mostly softer than forecast * Euro finds some support, yen and Swiss franc favoured * Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh By Marc Jones LONDON, Aug 14 (Reuters) – World share markets fought to regain their footing on Tuesday, as Turkey’s lira pulled out of its recent…

0
Read More

Invesco DB US Dollar Bullish(NYSE:UUP): Turkish Lira Plunging

Last week brought several significant examples of this trend in the UK, China, Iran and — most dramatically — Turkey. Is this a sign of more disruption to come? UK: Brexit continues to pressure the pound The British pound came under more pressure last week as the UK hurtled closer to its March 2019 Brexit date with the increasing possibility that it may not reach a deal with the European Union. According to the Commitments of Traders reports published by…

0
Read More
About

Business on the Web provides the latest Business News: Breaking Personal Finance, Company,  Financial and Economic News.

Our blogs are an excellent place for technology professionals to get up-to-date industry news. Blogging about the hottest education technology issues.

Social Links