Heavy selling pulls euro 2 pct lower; sterling pound seesaws by wulinqing

VIEWS: 7 PAGES: 1

									                                                                                                                                                                                                                                                                                                                        ARAB TIMES, MONDAY, JULY 11, 2011
       BUSINESS                                                                                                                                                                                                                                                                                                                                                                 38


                           Genel Enerji eyed                                                                         Mets owners seek to toss Madoff trustee lawsuit                                                                                                                                  investment boost eyed
      Vallares, the bid vehicle of former BP boss Tony Hayward                                          New York Mets executives argued Thursday that                                     The papers were filed in response to a lawsuit                                               The United States has opened a permanent consulate
      and financier Nat Rothschild, is in early stage talks to buy                                      a lawsuit claiming they should have heeded                                      brought by court-appointed trustee Irving Picard,                                              in Iraq’s northern Kurdish region in what officials say will
      Genel Enerji, the biggest oil producer in Kurdistan in                                            warning signs of a 25-year fraud carried out by                                 who has filed more than 1,000 lawsuits seeking
      northern Iraq, the Sunday Times said.                                                             jailed financier Bernard Madoff is “a fiction” and                              to recover billions of dollars lost by investors in
                                                                                                                                                                                                                                                                                       help boost business investment in the nation.
         The newspaper cited unidentified sources as saying                                             should be thrown out.                                                           Madoff’s fraud.                                                                                   US Ambassador to Iraq James Jeffrey opened the
      Genel Enerji was one of several firms Vallares is talking                                            “There were no warnings,” lawyers for Mets                                     Picard has argued that investors such as the                                                 consulate on Sunday, a few hours after investors from
      to, although it did not name any others.                                                          owner Fred Wilpon, team president Saul Katz                                     owners of the Mets owe as much as $1 billion                                                   Marriott International signed agreements to open two
         Vallares raised £1.35 billion ($2.2 billion) from                                              and others said in a filing in U.S. District Court in                           to other investors because they withdrew                                                       hotels in the Kurdish capital of Irbil in three years.
      investors last month to target emerging market oil                                                Manhattan. They said the Mets owners and their                                  enough money that they came out hundreds of                                                       Iraq’s semiautonomous Kurdish region is consid-
      assets.                                                                                           families and friends were betrayed by a friend                                  thousands of dollars ahead of their original
         The project marked Hayward’s return from the busi-                                             and realized a loss of more than a half billion dol-                            investment.                                                                                    ered one of the nation’s most stable areas because it
      ness wilderness after he was ousted from BP in the wake                                           lars when the epic Ponzi scheme was revealed in                                   Picard’s lawsuit against the Mets executives “is                                             largely escaped years of fighting between Sunnis and
      of last year’s Gulf of Mexico oil spill. (RTRS)                                                   December 2008.                                                                  a fiction,” the lawyers said. (AP)                                                             Shiites. (AP)




                  Investors optimistic on deal

      Markets calm despite
                                                                                                                         Heavy selling pulls euro 2 pct
      US debt limit drama
      NEW YORK, July 10, (AFP):                             For instance, prices of credit-
                                                                                                                         lower; sterling pound seesaws
      Even as US officials issue dark                    default swaps on Treasuries —
      warnings of financial catastrophe                  essentially an insurance policy                                                                                                              Gold regains lustre; oil declines
      if Washington’s debt limit is not                  against a default — have edged up
      raised by Aug 2, bond markets                      in recent months.                                                     By National Bank of Kuwait                                                                                                                                                                 month during their meeting last week,
      have stayed calm, with traders                        And the uncertainty has impact-                                            United States                                                                                 Rates, July 8, 2011                                                                  as fears about weakening economic
      shrugging off the news.                            ed long-term government bonds                                           A faltering US recovery                                                                                                                                                                  growth continued to outweigh con-
         The bond market has remained                                                                                                                                                                                             Previous Week Levels    This week Ex Range    3-month
                                                         as their yields have risen higher                               CURRENCY MARKETS witnessed                                                                                                                                                                       cerns about persistently high inflation.
      placid despite the drama in                        relative to those on short-term                                                                                                Currencies                      Open             Low      High Close         Min     Max Forward
                                                                                                                         tremendous amount of volatility dur-                           EUR                           1.4525         1.4205 1.4580 1.4265        1.3970 1.4580 1.4225                                     As widely expected, the MPC kept the
      Washington because of a wide-                      debt, said Chirag Mirani, a fixed                               ing the past week. Thursday, ECB                                                                                                                                                                 central bank’s benchmark interest rate
      spread belief that Democrats and                   income strategist at Barclays                                                                                                  GBP                           1.6075         1.5930 1.6140 1.6060        1.5750 1.6310 1.6040
                                                                                                                         president Trichet did precisely what                           JPY                            80.85           80.50    81.50 80.65       77.00 83.40      80.60                                  at 0.50% and its asset purchase pro-
      Republicans will ultimately settle                 Capital.                                                        markets were expecting him to do.                                                                                                                                                                gram unchanged at £200 billion. The
      their differences, investors and                      “The market is certainly pricing                                                                                            CHF                           0.8480         0.8360 0.8520 0.8365        0.8100 0.8550 0.8360
                                                                                                                         Indeed, the ECB raised the lending                                                                                                                                                               BOE is trying to find a healthy bal-
      analysts said.                                     in some risk premium in the long                                rate by 25 bps and left the way open                                                                                                                                                             ance between rising prices and a slug-
         “It’s taking it very calmly. I                  end. The stories change every day,                              for further tightening later in the year.                      tration announced the changes a day                               to reiterate his resolute opposition to                         gish economic growth.
      think it’s a fait accompli within                  so I think there’s some uncertain-                              The surprise came regarding Portugal                           after the president conceded that his                             any restructuring of Greece’s sover-                                       House Prices Rising
      the bond market that there will be                 ty which way things are headed,”                                and the ratings agencies. The ECB                              economic policies have not done                                   eign debt, even the aforementioned                                UK house prices rose the most in
      a resolution,” Richard Schlanger,                  Mirani said.                                                    surprised markets by suspending any                            enough to restore the lagging housing                             French proposal. This form of restruc-                          eight months in June as a lack of sup-
      a portfolio manager for Pioneer                       “People are nervous in taking                                considerations to what the ratings                             market.                                                           turing has been dubbed “selective                               ply of homes for sale supported prop-
      Investments in Boston, told AFP.                   on a position either way,” he                                   agencies say or will say regarding                                      Services sector slowing                                  default” by credit rating agencies, and                         erty values. Prices increased 1.2%
         “No one wants to think of the                   added.                                                          Portugal’s sovereign debt rating, at                              Service industries in the U.S.,                                it remains unacceptable to the central                          from the previous month, when they
      ramifications and the unintended                      There is a high probability that                             the same time, ignoring any effect                             which account for about 90% of the                                bank as clearly stated by Mr. Trichet.                          gained 0.4%. This increase is the
      consequences if there is a                         Congress will reach agreement                                   over the credibility of the Bank.                              economy, expanded at a slower pace                                      Moody’s downgrades Portugal                               biggest since October 2010.
      default,” he added.                                with time to spare, economists at                                  Despite the ADP employment                                  in June. The Institute for Supply                                    The credit rating agency Moody’s                                     Manufacturing Improves
         Yields on US Treasury bonds,                    Nomura said in a report published                               showing an addition of 157,000 new                             Management’s (ISM) index of non-                                  Investors Service downgraded the                                  UK manufacturing rose at the
      which should rise if investors                     Thursday, putting the odds of a                                                                                                manufacturing businesses decreased                                government debt of Portugal to junk                             fastest pace in more than a year in
      begin to doubt the government’s                                                                                    jobs in June, US markets sold off
                                                         dangerous “cliffhanger scenario”                                heavily on Friday, disappointed by an                          from 54.6 in May to 53.3 in June, a                               status, saying it’s another European                            May, as factories rebounded from the
      ability to repay its debt, instead                 at less than five percent.                                                                                                     drop slightly larger than expected, in a                          nation that could require a bailout.                            impact of an extra public holiday in
      remain close to historic lows.                                                                                     extremely weak nonfarm payrolls and
                                                            However, Nomura warns, “As                                   a rising unemployment rate.                                    sign that the economy cooled at the                               Moody’s said the motive behind the                              April and the Japanese earthquake.
         The yield on the 10-year                        we approach the deadline for the                                                                                               end of the first half of 2011.                                    downgrade is the growing risk that                              Manufacturing output increased 1.8%
      Treasury bond was 3.15 percent                                                                                        After starting Monday at the highs,
                                                         US debt ceiling, the increased                                  Euro sold off heavily during the week                          Businesses project the expansion will                             Portugal will require another round of                          from the previous month, the most
      late on Thursday, not far above its                focus on it by the press and mar-                                                                                              pick up through the rest of the year as                           financing from its European neigh-                              since March 2010, after a 1.6%
      all-time low of 2.04 percent in                                                                                    to close the week down almost 2% at
                                                         ket participants could unsettle                                 1.4265. The Sterling Pound range                               gasoline prices provide relief for                                bors, with funding from the private                             decline in April.
      December 2008 and far below its                    markets depending on how events                                                                                                households and supply disruptions                                 sector a pre-condition.                                                         Australia
      average over the past 30 years of                                                                                  traded against the US Dollar, starting
                                                         unfold.”                                                        the week at 1.6074, reaching a high of                         from Japan subside.                                                  The rating agency also said it was                                 Rates Unchanged in Australia
      about 6.76 percent.                                   All three major ratings agencies                                                                                                Unemployment rises to 9.2% and                                concerned that Portugal will not fully                            The Reserve Bank of Australia
         And the market’s behavior sug-                                                                                  1.6141 and ending the week at
                                                         — Standard & Poor’s, Moody’s                                    1.6060.                                                          nonfarm payroll disappoints with                                meet the deficit reduction and debt                             (RBA) left its benchmark interest rate
      gests that investors still regard                  and Fitch — have warned the                                                                                                                18k jobs created                                      stabilization targets set out in its loan                       unchanged last week, and said the
      Treasuries as a safe-haven invest-                                                                                    The Swiss Franc was the major out-
                                                         United States will lose its top-                                performer between the majors,                                     Employers in the U.S. added jobs in                            agreement with the European Union                               nation’s growth pace may be weaker
      ment, flocking to the security of                  notch credit rating if it fails to pay                                                                                         June at the slowest pace in over nine                             and the International Monetary Fund.
      US government debt whenever                                                                                        strengthening from 0.8520 to 0.8360                                                                                                                                                              than previously forecast, triggering
                                                         off maturing debt or make interest                              on Friday after the disappointing                              months. Payrolls increased only by                                The country now faces alarming chal-                            the local currency’s biggest drop in
      uncertainty hits the global econo-                 payments in the days after Aug 2.                                                                                              18k, missing the 105k economists’                                 lenges as it cuts spending, sustains
      my.                                                                                                                labor figures in the US. The                                                                                                                                                                     about three weeks.
                                                            Such a move could have deeply                                Australian Dollar also outperformed                            expectation. The unemployment rate                                economic growth, supports its bank-                               Governor Glenn Stevens held the
         US President Barack Obama                       damaging effects on the govern-                                                                                                also unexpectedly climbed to 9.2%                                 ing system, and makes sure its taxes
      has warned that Congress must                                                                                      the USD after the Reserve Bank of                                                                                                                                                                overnight cash rate target at 4.75%
                                                         ment’s ability to borrow, as                                    Australia maintained interest rates at                         amid the weak data, to reach the high-                            are collected.                                                  for the 7th straight meeting, as wide-
      vote to raise the debt ceiling by                  Portugal       discovered        when                                                                                          est level this year. Expectations for                                In a gesture to support the
      Aug 2 to avoid a catastrophic                                                                                      4.75% and the economy added 23k                                                                                                                                                                  ly expected. He said in a statement
                                                         Moody’s downgraded it to junk                                   jobs in June. The AUD ended the                                unemployment were to remain at                                    Portuguese       banks,     the     ECB                         that inflation is expected to near the
      default.                                           status earlier this week.                                                                                                      9.1%.                                                             announced following the downgrade
         But Republicans in Congress                                                                                     week at 1.0755.                                                                                                                                                                                  RBA’s 2% to 3% target in the next
                                                            Adding to the uncertainty, there                                In the commodity complex, Gold                                                Europe                                          that it would lower its collateral stan-                        year. Stevens’ decision to extend a
      have refused to raise the debt limit               is debate about whether Aug 2 is a                                                                                                   ECB raises rates as expected                                dards for Portuguese paper, enabling
      unless the move is accompanied                                                                                     regained its luster, closing the week at                                                                                                                                                         pause in raising rates reflects slow-
                                                         strict deadline. Some say the                                   1,544 in anticipation of next week’s                              Despite growing concerns about                                 the nation’s banks to borrow against                            ing expansions from Asia to Europe
      by deep spending cuts.                             Treasury could find various                                                                                                    further sovereign debt crises derailing                           their stocks of official debt. As
                                                                                                                         European Banks stress test and S&P                                                                                                                                                               that dimmed prospects for an accel-
                    Deadlock                             maneuvers to make payments,                                     cutting Portugal sovereign bonds to                            growth in the Eurozone, the European                              Portugal’s banks rely on the ECB for                            eration in hiring at home by mining
         Democrats have agreed to sig-                   pushing off the true deadline.                                  junk status. Oil, on the other hand,                           Central Bank (ECB) raised the official                            liquidity, if the central bank had not                          companies like BHP Billiton.
      nificant cuts but also want tax                       Fitch said it could place a nega-                            suffered heavy losses on Friday after                          interest rates during their meeting last                          relaxed its rules, the country’s banks                          Stevens added that the European
      increases for some individuals and                 tive rating watch warning on US                                 the disappointing job numbers. Crude                           week for the second time this year.                               would have been threatened.                                     debt crisis had “added to uncertain-
      businesses, which Republicans                      debt if a deal is not achieved on                               oil closed the week at $96.20.                                    The official rate now stands at                                           Retail sales decline                                 ty” about the outlook for the world
      oppose — leading to deadlock on                    time, and it might then lower its                                    Expanded mortgage aid for the                             1.50%, up from 1.25% where it has                                    European retail sales declined the                           economy.
      Capitol Hill.                                      rating on a specific $30 billion in                                            unemployed                                      been since April. ECB President Jean-                             most in more than a year in May, as                                  Labor Market Showing Signs of
         “If a deal to lower the trajectory              Treasury bills due for repayment                                   In an effort to boost property values                       Claude Trichet, insisted that keeping                             consumers from Germany to Ireland                                            Improvement
      of debt isn’t reached by Aug 2, we                 Aug 4.                                                          and avoid additional foreclosures, the                         inflation risks controlled was the most                           and Spain cut spending. Sales in the                              Australia’s labor market remained
      are being told that America could                     But the real test will be the Aug                            Obama administration started a new                             important goal even for struggling                                17-nation Euro region slipped 1.1%                              one of the strongest in the world in
      enter into default,” said Michael                  15 date for $25 billion in coupon                               initiative last week that would require                        countries like Greece, Portugal and                               from April, when they rose 0.7%. This                           June, with the country adding another
      Pento, senior economist at Euro                    payments due on some $1 trillion                                mortgage lenders to give some unem-                            Ireland. The tone of the press confer-                            is the biggest decline since April                              23,400 jobs in the month and the
      Pacific Capital.                                   of bonds.                                                       ployed homeowners who have fallen                              ence following the announcement                                   2010, and is worse than the expected                            unemployment rate holding steady at
         “But you wouldn’t know it from                     If the US can’t pay that on time,                            behind in their payments up to a year                          pointed to further tightening later in                            drop of 1%.                                                     4.9%. Economists on average had
      looking at the bond market. It                     its sovereign rating could take a                               before the banks can foreclose on                              the year, though perhaps not before                                  Retailers in Europe may struggle to                          expected an unemployment rate of
      seems that everyone is convinced                   hit — and its cost of borrowing                                 their homes. The policy change                                 the ECB’s president completes his                                 maintain their sales growth as rising                           4.9% in June, with the number of
      the US will never renege on her                    would rise.                                                     allows homeowners 12 months,                                   term of office in October.                                        energy costs weaken consumers’                                  employed up 15,000. The figures
      obligations       and    that     the                 Schlanger        of        Pioneer                           instead of the current four months, to                            Part of the problem that Eurozone                              spending power just as governments                              show that Australia’s labor market
      Democrats and Republicans will                     Investments says the real deadline                              catch-up on their mortgage payments                            ministers have been trying to solve is                            step up budget cuts to contain the                              remains a standout as the impact of an
      come to an agreement with time to                  is Aug 5 — the last workday                                     if they lost a job and have a mortgage                         how to share the burden of the Greek                              region’s debt crisis.                                           ongoing mining boom flows through
      spare.”                                            before Congress is scheduled to                                 backed by the Federal Housing                                  crisis with the private sector. The idea                                      United Kingdom                                      to the economy broadly.
         Some observers have detected                    go on vacation.                                                 Administration, White House officials                          that had gained most traction was the                                  BOE Keeps Key Rate Unchanged
      signs that the markets are quietly                    “I think that’s more pressing to                             said. The expanded program will help                           French proposal, which allows Greece                                 The Bank of England’s (BOE)                                                Kuwait
      reacting to the debt-ceiling stand-                them than the arbitrary Aug 2                                   “tens of thousands” of homeowners,                             to roll over its debt held by French                              Monetary Policy Committee (MPC)                                           Dinar at 0.27430
      off.                                               drop-dead date,” he said.                                       according to Housing Secretary                                 banks into longer-dated maturities.                               voted to keep its benchmark interest                              The USDKWD opened at 0.27430
                                                                                                                         Shaun Donovan. The Obama adminis-                              However, Mr. Trichet was most keen                                rate on hold for the 28th straight                              on Sunday morning.


       exchange rates – July 10
                                US dollar                   Sterling pound                          Euro                    Japanese yen                     Swiss franc                  Canadian dollar                 Swedish kroner                     Saudi riyal                     UAE dirham                     Bahraini dinar                    Omani riyal
                            Cash      Draft   Transfer     Cash       Draft   Transfer     Cash       Draft   Transfer     Cash      Draft   Transfer     Cash      Draft   Transfer     Cash      Draft   Transfer       Cash      Draft   Transfer     Cash      Draft   Transfer       Cash       Draft   Transfer      Cash      Draft    Transfer     Cash      Draft   Transfer
BEC                Buy    .270500   .272800   .272800    .436500    .435500   .435500    .388000    .388000   .388000    .330000      —         —       .323500   .324500   .324500    .281800   .279800   .279800      .040100      —         —       .072740   .072790   .072790      .074530    .073430   .073430     .723390   .722890    .722890    .708630   .703130   .703130
                   Sell   .275400   .275000   .275000    .446500    .444500   .444500    .397000    .395500   .395500    .348000      —         —       .333000   .331500   .331500    .290300   .288800   .288800      .045100      —         —       .073430   .073430   .073430      .074980    .074880   .074880     .731390   .731390    .731390    .714310   .714130   .714130
Muzaini            Sell   .275250   .276450   .276450       —       .452130   .452130       —       .394490   .394490       —      .003413   .003413       —      .314150   .314150       —      .285590   .285590         —         —         —          —      .073750   .073750         —       .075291   .075291        —      .734360    .734360       —      .718330   .718330
Dollarco           Sell   .275500   .274900   .274900    .445000    .442735   .442735    .400000    .394710   .394710    .003600   .003508   .003508    .330000   .328760   .328760    .290000   .288830   .288830         —         —         —       .074000   .073270   .073270      .075250    .074821   .074821     .730000   .728146    .728146       —         —         —
Commercial Bank    Buy    .270000   .273750   .273750    .437000    .439629   .439629    .388000    .390641   .390641       —      .003395   .003395    .325000   .327198   .327198    .282000   .284697   .284697         —      .042907   .042907    .070000   .073019   .073019      .074320    .074561   .074561     .724080   .726416    .726416    .709828   .711316   .711316
                   Sell   .276500   .275850   .275850    .448000    .443001   .443001    .398000    .393638   .393638       —      .003421   .003421    .336000   .329708   .329708    .292000   .286881   .286881         —      .043236   .043236    .077000   .073586   .073586      .075067    .075133   .075133     .731357   .731989    .731989    .716962   .716773   .716773
Gulf Bank          Buy    .271250   .273750   .273750    .432128    .436111   .436111    .387128    .390696   .390696       —      .003361   .003361       —      .324117   .324117       —      .281896   .281896         —      .042902   .042902    .072179   .072911   .072911      .073709    .074456   .074456     .717972   .725251    .725251    .702993   .710120   .710120
                   Sell   .277850   .275850   .275850    .446039    .442828   .442828    .399789    .397001   .397001       —      .003421   .003421       —      .330985   .330985       —      .287420   .287420         —      .043703   .043703    .074231   .073697   .073697      .075811    .075266   .075266     .738373   .733058    .733058    .723191   .717985   .717985
NBK                Buy    .268750   .273750   .273750    .437240    .438740   .438740    .388240    .389740   .389740       —      .033788   .033788    .321820   .325820   .325820       —      .283560   .283560         —      .042840   .042840    .071930   .072930   .072930      .074320    .074480   .074480     .724080   .725650    .725650    .709830   .710580   .710580
                   Sell   .277350   .275850   .275850    .446870    .443870   .443870    .397520    .394520   .394520       —      .034331   .034331    .333450   .330950   .330950       —      .287720   .287720         —      .043310   .043310    .074590   .073590   .073590      .075070    .075130   .075130     .731360   .732110    .732110    .716960   .716790   .716790
Burgan Bank        Buy    .282650   .280050   .280050    .430867    .434357   .434357    .367626    .370604   .370604       —      .003438   .003438    .294732   .297119   .297119    .277897   .286988   .284712         —      .041155   .041155    .073684   .074280   .074280      .075223    .075832   .075832     .734920   .740873    .740873    .735741   .725198   .725198
                   Sell   .278800   .282150   .282150    .438531    .437755   .437755    .374186    .373524   .373524       —      .003466   .032931    .300037   .299506   .299506    .282890   .284260   .286988         —      .041482   .041482    .075774   .075640   .075640      .077374    .077237   .077237     .751728   .750398    .750398       —      .734440   .734440
ABK                Buy    .271250   .273750   .273750    .434140    .438770   .438770    .385580    .389700   .389700       —      .033778   .033778       —      .325780   .325780       —      .283650   .283650         —      .042170   .042170    .072030   .072790   .072790      .074320    .074270   .074270        —      .724240    .724240       —      .709060   .709060
                   Sell   .277350   .275850   .275850    .446950    .443800   .443800    .397300    .394510   .394510       —      .034399   .034399       —      .331600   .331600       —      .288220   .288220         —      .044010   .044010    .074110   .073580   .073580      .075067    .075160   .075160        —      .732480    .732480       —      .716730   .716730
Oman               Buy       —      .287900   .287900       —          —         —       .363790       —         —          —         —         —          —      .272850   .283340       —         —         —            —         —         —          —         —         —            —          —         —           —         —          —       .752000      —         —
                   Sell      —      .287900   .287900    .467000    .475000   .475000    .408000    .406000      —                 .003200   .003200                 —         —          —         —      .267000         —         —         —       .076800   .076800   .076800      .078600    .078390   .078390        —         —          —          —      .748000   .759930
                             Danish kroner                       Indian rupee              Pakistani rupee                 Sri Lanka rupee                Bangladesh taka                 Philippine peso                 Australian dollar               Hong Kong dollar                Singapore dollar                 Jordanian dinar                 Egyptian pound
                            Cash      Draft   Transfer     Cash       Draft   Transfer     Cash      Draft    Transfer     Cash      Draft   Transfer     Cash      Draft Transfer       Cash      Draft   Transfer       Cash      Draft   Transfer     Cash      Draft   Transfer       Cash       Draft   Transfer      Cash    Transfer   Transfer     Cash      Draft   Transfer
BEC                Buy    .049700      —         —       .005980    .006140   .006140    .003020   .003180    .003180    .002065   .002209   .002209    .003270   .003646 .003646      .006320   .005970   .005970      .288500   .286500   .286500    .033280   .032780   .032780      .221960    .220960   .220960     .382940   .382190    .382190    .045130   .044204   .044204
                   Sell   .054700      —         —       .006420    .006200   .006200    .003300   .003210    .003210    .002645   .002509   .002509    .003920   .003685 .003685      .006590   .006430   .006430      .300000   .298500   .298500    .036030   .035880   .035880      .226460    .226460   .226460     .390440   .388690    .388690    .048230   .046224   .046224
Muzaini            Sell      —         —         —          –       .006138   .006138       —      .003235    .003235       —      .002514   .002514       —      .003770 .003770         —      .006387   .006387         —      .292710   .292710       —      .035559   .035559         —       .221960   .221960        —      .390550    .390550    .048500   .046427   .046427
Dollarco           Sell      —         —         —       .006450    .006206   .006206    .003375   .003208    .003208    .002750   .002503   .002503    .003880   .003691 .003691      .006650   .006427   .006427         —         —         —          —         —         —            —          —         —        .390000   .386953    .386953    .048600   .046176   .046176
Commercial Bank    Buy       —      .052374   .052374    .004000       —         —          —         —          —       .002000      —         —          —         —       —         .004000      —         —         .292000   .294418   .294418       —      .035176   .035176         —       .224257   .224257     .381000      —          —       .043000      —         —
                   Sell      —      .052776   .052776    .007250    .006255   .006255       —      .003223    .003223    .003500   .002526   .002526       —      .003728 .003728      .007200   .006491   .006491      .303000   .296677   .296677       —      .035445   .035445         —       .225977   .225977     .401000   .390170    .390170    .053000      —         —
Gulf Bank          Buy       —      .052313   .052313       —          —         —          —         —          —          —         —         —          —         —       —            —         —         —            —      .292666   .292666       —      .035040   .035040         —       .222199   .222199        —         —          —          —         —         —
                   Sell      —      .053298   .053298       —       .006295   .006295       —      .003246    .003246       —      .002545   .002545       —      .003746 .003746         —      .006531   .006531         —      .298081   .298081       —      .035614   .035614         —       .226054   .226054        —      .390675    .390675       —      .046547   .046547
NBK                Buy       —      .052290   .052290       —          —         —          —         —          —          —         —         —          —                 —            —         —         —            —      .293540   .293540       —         —         —            —       .223560   .223560        —         —          —          —         —         —
                   Sell      —      .052850   .052850       —          —         —          —         —          —          —         —         —          —         —       —            —         —         —            —      .297620   .297620       —         —         —            —       .226490   .226490        —         —          —          —         —         —
Burgan Bank        Buy       —      .049710   .049710       —       .006283   .006283       —      .003288    .003288       —      .002544   .002544       —         —    .004017         —      .006449   .006449         —      .284712   .286988       —         —         —            —       .216673   .222630        —      .394853    .394853       —      .047830   .047830
                   Sell      —      .050110   .050110       —       .006026   .006026       —         —          —          —         —         —          —      .004017    —            —         —         —            —      .286988   .293390       —         —         —            —       .218433   .216673        —      .398939    .398939       —      .049026   .049026
ABK                Buy       —      .051360   .051360       —       .006108   .006108       —      .003260    .003260       —      .002564   .002564       —         —       —            —      .006544   .006544         —      .293280   .293280       —      .035180   .035180         —       .223550   .223550        —      .384770    .384770       —         —         —
                   Sell      —      .054010   .054010       —          —         —          —         —          –          —         —         —          —         —                    —         —         —            —      .297760   .297760       —      .035450   .035450         —       .226660   .226660        —      .391230    .391230       —      .046870   .046870
Oman               Buy       —         —         —          —          —         —          —      .003564    .003564       —      .002510   .002510       —         —    .004170      .006000   .006467   .006467         —         —      .237000       —         —         —            —          —      .222950        —      .401670    .401670       —         —         —
                   Sell                —         —                                          —                                                           .004250   .004170                                               .237000   .237000                 —         —         —            —          —         —        .415000   .415000    .415000    .056000      —         —
                             Cyprus Pound                        Yemeni riyal                  Thai baht                 South African rand                 Korean won                      Syrian pound                   Iranian tuman                  Lebanese pound                  Malaysian ringgit                Indonesian rupiah             New Zealand dollar
                            Cash    Draft  Transfer        Cash    Draft Transfer          Cash    Draft Transfer          Cash    Draft Transfer        Cash       Draft Transfer       Cash    Draft Transfer           Cash    Draft Transfer         Cash    Draft Transfer           Cash    Draft Transfer           Cash    Draft Transfer          Cash      Draft   Transfer
BEC                Buy    .527200    —        —          .112000    —       —            .087500 .087000 .087000         .035270 .035270 .035270          —          —       —         .005400 .005400 .005400          .000239    —       —           .000174 .000178 .000178          .088410 .087410 .087410          .027000 .027000 .027000         .224800   .222800   .222800
                   Sell   .540200    —        —          .120000    —       —            .094500 .093000 .093000         .043770 .043770 .043770          —          —       —         .005600 .005600 .005600          .000240    —       —           .000186 .000185 .000185          .094410 .094410 .094410          .033000 .033000 .033000         .234300   .232800   .232800
Muzaini            Sell      —       —        —             —    .001265 .001265            —    .091170 .091170            —       —       —             —          —       —            —    .005970 .005970          .000271 .000272 .000272           —    .183400 .183400             —       —       —                —       —       —               —         —         —
Gulf Bank          Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —                —       —       —              —       —       —                —        –      —                —       —       —               —      .225077   .225077
                   Sell      —    .694854 .694854           —       —       —               —       —       —               —    .041159 .041159          —       .000260 .000260         —       —       —                —       —       —                 —    —       —                —       —       —                —    .000033 .000033            —      .229879   .229879
ABK                Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —                —       —       —              —       —       —                —       —       —                —       —       —               —      .228220   .228220
                   Sell      —       —        —             —       —                       –        –      –               —       —       —             —          —       —            —       —       —                —       —       —              —       —       —                —       —                        —       —       —               —      .232290   .232290

travellers cheques                                   US dollar          Sterling            Euro                    local gold                            Gold 999 kg        Gold 999 10 tola      Gold ounce          Gold gm 22k          Gold gm 21k       Gold gm 18k             100 gm 999         10 gm 999       All rates in KD per unit of foreign currency
                           BEC                       .2750000          .4445000              –                                     BEC                        —                1,577.580              —                     —                    —                 —                       –                 –
                           Commercial Bank           .2765000          .4480000          .3980000                                  Muzaini Exchange           —                1,577.550              —                  12.250                11.650           10.000                    —               140.000
                           Gulf Bank                 .2758500          .4428280          .3970010
                           Al-Ahli Bank              .2758500          .4438000          .3945100

								
To top