Move by State Bank aims to curb hoarding, monitor forex flows and support rupee stability in push for cashless economy, Bloomberg reports
Foreign Exchange
Latest in Foreign Exchange
Careem
EXCLUSIVE: Careem Pay launches fee-free remittance service, undercuts traditional exchanges
The move comes as conventional exchange houses increased their fees by 15% last year
cash remittance
UAE remittance fees set to increase by 15%
UAE exchange houses are set to increase remittance fees by 15 per cent
Foreign Exchange
India proposes new foreign exchange rules
The Reserve Bank of India has invited stakeholders to provide their feedback on the draft Licensing Framework for APs under FEMA by January 31, 2024
economic crisis
Egypt’s economy freefalls as experts look to lessons from Lebanon’s crisis
Egypt’s economic crisis deepens as reform delays pile on fiscal and debt pressures
Debt Rating
Moody’s downgrade Pakistan debt rating
The rating agency, however, said it has changed the country’s outlook to “stable from negative”
anti-money laundering
UAE revokes Dollar Exchange house license over ‘serious’ misconduct
The Dollar Exchange house was also found to have engaged in serious anti-money laundering (AML) violations
Al Ansari Exchange
Al Ansari Exchange updates physical branches amid IPO buzz
One key revamp is installing smart counters where customers no longer have to speak to a human teller
Air travellers
How troubled Travelex is rising from the ashes after insolvency
Batu Dolay, managing director of Travelex Middle East and Turkey, speaks to Arabian Business about the FX company’s ambitious expansion plan following its recent restructure
Central Bank Digital Currency (CBDC)
Is FX still a growth business in the age of crypto?
Fares El Zaemey argues that fiat currencies – traditional government-issued currencies – will keep their place in the evolving financial landscape
Bank of England
Could cryptocurrency dethrone the dollar?
Bank of England governor Mark Carney aired vague proposals for a so-called ‘Synthetic Hegemonic Currency’ at the recent Jackson Hole Symposium of central bankers
economic slowdown
Gold tops $1,500 as investors seek shelter from gathering storm
Gold has been one of the chief beneficiaries of the turmoil in global financial markets as Washington and Beijing spar over trade
Financial Services
UAE’s Noor Bank to offer instant money transfers to India
Indians abroad sent $79 billion in remittances home in 2018
BR Shetty
Finablr’s $200m IPO to be completed by mid-May
Finablr CEO Promoth Manghat said he expects the listing will allow the firm to scale up and explore new opportunities in the Middle East, Asia and Africa
banking fraud
UAE remittance group calls for safer landscape to fight financial fraud
Threats and risks are rapidly evolving, according to the vice-chairman of the Foreign Exchange and Remittance Group (Ferg)
exchange houses
Investors have more to gain from Indian rupee fall, says UAE Exchange CEO
The Indian rupee now stands at 18.63 against the UAE dirham, the lowest since November 2016
exchange houses
Seven UAE exchange houses have licenses downgraded
Central Bank says the remittance services violated regulations
