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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    An Ode to the 5 Arab Women Reigning the Business World

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    World’s No.2 producer of wheat, India, bans wheat exports in new move

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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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    Deutsche Hospitality unveils big Middle East expansion plans for 2022

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    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    OPay obtains approval of Egypt's CBE to issue prepaid cards

    OPay obtains approval of Egypt’s CBE to issue prepaid cards

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Digital voice-based banking to become the new reality in 2022?

    Digital voice-based banking to become the new reality in 2022?

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    An Ode to the 5 Arab Women Reigning the Business World

    An Ode to the 5 Arab Women Reigning the Business World

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

  • Markets
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    • Energy
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    • Ultility
    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

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    Germany changes stance: Could back new and immediate EU ban on Russian oil

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    Russia attacks Ukraine grain network in new bid to cut competition

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    Crisis talks in EU after Russia cuts gas to 2 member countries

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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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    In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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    Stellantis sees India as profitable auto market amid challenges in China, Russia in 2022

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    New EdTech startup STEMuli raises USD3.25M to transform learning with Educational Metaverse

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    Modern Indian architecture creating heat waves in 21st century

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

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    Leaked: Spain to Reveal Draft Bill for Menstrual Leaves to the Cabinet in May 2022

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    For 2022, BT and Warner Bros Discovery jointly create new pay-TV sport business

  • Lifestyle
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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    Greek Tourism in new partnership with Qatar Airways, Wego for tourism in 2022

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    Saudi government likely to add to its USD500 billion NEOM commitment

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    Deutsche Hospitality unveils big Middle East expansion plans for 2022

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    Lufthansa and TripActions launch New Travel Platform for SMEs in 2022

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    Abu Dhabi launches new 2022 ‘Summer Like You Mean It’ campaign

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    The Internet – Are We Safe in the 21st Century?

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    An Ode to the 5 Arab Women Reigning the Business World

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    Nine women entrepreneurs at the helm of crypto success in 2022

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    Top 10 Countries Considered as the Best Business Hubs in 2022

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    Accel unveils a new USD 650 million fund for India and Southeast Asia

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    Riyadh: The Saudi-Kyrgyz business forum at FSC in 2022 boosts the two countries’ relations

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    Meta for MENA; SMEs receive boost in 2022

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Saudi’s Central Bank reconfirms pegging to U.S. Dollar

The Global Economics by The Global Economics
May 7, 2020
in Forex, Central, Trending
Reading Time: 1 min read
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Close up picture of Belize dollar.

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The Saudi Arabia’s central bank which is aiming at a sustainable economic growth during the coronavirus pandemic asserted its commitment to the Riyal-US dollar peg on Monday. The currency peg is the fixing of one’s currency value to another’s leading to the central bank artificially controlling the value of its currency.

Business Insider describes it this way: It’s like they’ve been tied together with a rope. Where one goes, the other follows. This stabilizes the value of a currency and the dangers of fluctuation are minimized.

The Saudi Arabian Monetary Authority (SAMA) fixed it at the official rate of SR 3.75 to the dollar to continue to promote trade, boost incomes and trade, adding that this strategy has contributed to immense growth of the economy in the past thirty years.

It also quoted that the reserves were adequate to meet the demands of the national economy for foreign exchange reserves covering about 43 months of imports and 88% of M3 money.

Thus, this can be seen as a drive towards sustainable growth, stability, and boom in the nation’s trading in the long run.

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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