The new trend of NRIs holding their investments in USD and AED is linked to the changing profiles of Indian expats in the UAE – and the wider Gulf region
currency pegged to dollar
Latest in currency pegged to dollar
British pound
Pound Dollar exchange: 2022 has been a wild ride for UK currency
Pound sterling almost reached parity with the dollar this year, and things won’t be much better in 2023
Central Bank
Central banks in the Gulf follow US Fed move to raise interest rates
Most Gulf central banks follow the US Fed because their currencies are pegged to the US dollar
currency pegged to dollar
Saudi hoard of US Treasuries shrinks most since oil-price rout
Kingdom sold $4bn in US government debt, the most in over a year, draining its cache to $124.1bn, according to Treasury Department data
currency pegged to dollar
UAE overtakes China in $17 billion U.S. treasuries buying spree
The move took UAE holdings to levels last seen in 2019 before the global pandemic and the crash in oil prices put pressure on its finances
Central Bank of Lebanon
Lebanese peg that’s held up for over two decades is under siege
As confidence has plummeted, even ordinary people have begun to transfer their dollar savings abroad or hide notes under their mattresses
Al Rajhi Bank
US rate cuts set to impact Saudi, UAE bank revenues
Currencies in Saudi Arabia and the UAE are pegged to the dollar, and the two countries usually follow interest rate changes made by the US Federal Reserve
currency peg
Strong dollar hurting UAE competitiveness, says Emirates NBD chief
Emirates NBD group CEO Shayne Nelson said that the UAE’s economy is out of sync with America’s
CBUAE
UAE banks’ international reserves hit record high of $110bn
Reserves rose as much as 23.1% or $21 billion
currency crisis
Rupee’s latest fall impacted by India’s Central Bank rates decision
The rupee, which has fallen for six straight months in the longest stretch since 2002, is seen sliding to 75 per dollar by year-end
Central Bank of Bahrain
Gulf states raise interest rates following US Fed move
UAE, Saudi Arabia and Bahrain among GCC central banks to raise rates in line with US Federal Reserve
