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DRAFT by alicejenny

VIEWS: 9 PAGES: 1

									                                                                                                                                                                                                                                                                                                            ARAB TIMES, SUNDAY, SEPTEMBER 4, 2011
       BUSINESS                                                                                                                                                                                                                                                                                                                                                                39


                                                                                                                                                                                                     soaring Swiss franc puts squeeze on German enclave
      Since a 19th-century treaty estab-                      German and Swiss telephone booths.                            away Swiss currency, which has shot                          That’s really bad for Buesingen,” Lang                       euros, said she considered moving or                             Australia, who knows what.”
      lished a German village wholly within                   Swiss sales tax applies in the handful                        up 30 percent against the euro since                         said, adding that the most frequent                          looking for a second job. Nearby, the                               After quitting the sea for dry land,
      Switzerland, the people of Buesingen                    of shops, though politically the village                      the collapse of Lehman Brothers in                           complaints were of rising rents and                          restaurant Kranz has posted a bill-                              Winter decided to settle in Buesingen
      have become accustomed to navigat-                      belongs to the German state of                                2008 at the height of the global finan-                      people being pushed into higher tax                          board outside saying “euros OK” in a                             because he thought it was nice and
      ing between Berne and Berlin.                           Baden-Wuerttemberg. Rents and gro-                            cial crisis. About 100 people have in                        brackets with no change to their real                        bid to draw in diners.                                           has no plans to leave: “It’s great.
         Yet for the residents of this leafy vil-             ceries are generally quoted in francs.                        recent years chosen to leave                                 income.                                                        Yet former sailor Ernst Winter,                                You’re in two countries at once.”
      lage of 1,400 on the banks of the river                 But some residents receive pensions                           Buesingen and move to Switzerland,                              In Switzerland, the strong currency                       whose arms are covered in tattoos                                   After the two world wars there were
      Rhine, the record-strong Swiss franc                    in euros, and income taxes are paid at                        to take advantage of lower taxes. With                       is beginning to throttle the economy:                        and who repairs horse bridles in a                               efforts among the village’s residents
      is generating even more heat than the                   German rates, well above those stan-                          the franc not far from parity with the                       exports are softening, corporate prof-                       shop down the road, was less dour                                to join Switzerland, but after the Swiss
      summer sun.                                             dard in Switzerland.                                          euro, still more may go.                                     its are slipping and politicians are                         about the exchange rate despite                                  began allowing EU citizens to take up
         Buesingen has both a Swiss and                          Mayor Gunnar Lang said about 10-                              “That’s leading those who are still                       warning of rising unemployment.                              receiving a pension in euros.                                    residence without great hurdles,
      German postal code, and in front of                     20 percent of the village’s residents                         here to start thinking about whether                            At Buesingen’s post office, Stenka                          “I used to work on boats and we                                much of the impetus for changing sov-
      the mayor’s office there are both                       are feeling the pinch due to the run-                         they should move to Germany too.                             Vonnau, who receives her salary in                           had lots of currencies — China,                                  ereignty has been lost. (RTRS)




                  Commodities Weekly
                                                                                                                          Sour data dents Wall St rally;
                  Base metals end week firmer

      Gold jumps as oil                                                                                                   little optimism for week ahead
                                                                                                                                                                                                      Aggressive selling extends slide
      prices edge higher                                                                                                  NEW YORK, Sept 3,
                                                                                                                          (Agencies): Another down                                                    Confidence in policy makers sapping away as economy languishes
      LONDON, Sept 3, (AFP):                                 Eurozone manufacturing hit                                   week in US stocks capped off
      Commodity markets were hit this                     reverse gear in August, tumbling to

                                                                                                                                                                                         QE3 is no ‘silver bullet’
      week by shock news that the United                  a two-year low, in a fresh sign the                             the dismal month of August
      States created no jobs in August,                   economy is slowing fast and US                                  on Friday, with bad jobs fig-
      sparking speculation that the                       sector barely expanded for the sec-                             ures and a sweeping govern-
      world’s biggest economy could be                    ond month running in August.                                    ment lawsuit against banks
      heading for a double-dip recession.                    Silver advanced to $42.50 an                                                                                                NEW YORK, Sept 3, (RTRS): Friday’s                              not see that prospect as silver bullet for                      trying periods in living memory, out-
         Analysts said the data bolstered                 ounce from $41.06.                                              over mortgage-backed securi-                                   jobs report that showed hiring in the                           their woes. The broad-based S&P 500                             stripping the 2008-2009 meltdown and
      expectations that the US Federal                       On the London Platinum and                                   ties cancelling out a tentative                                United States unexpectedly ground to a                          index fell 2.5 percent on the day.                              the 1987 stock market crash on Black
      Reserve could soon decide to                        Palladium       Market,     platinum                            rise.                                                          halt in August is increasing speculation                           “This downdraft is based on senti-                           Monday.
      implement another round of quanti-                  climbed to $1,873 an ounce from                                    With more signs that the economy is                         the US Federal Reserve will move to                             ment and that has to be turned around,”                            “I’ve been doing this for 20 years
      tative easing — dubbed QE3 by                       $1,812.                                                         stagnating, analysts expressed little                          stimulate the economy. But will it help                         said Brian Battle, vice president of                            and it’s never been more exhausting,”
      traders — to help breathe new life                     Palladium increased to $785 an                               optimism for the coming week as well.                          stocks?                                                         trading at Performance Trust Capital                            said the chief executive of a New York-
      into the struggling economy.                        ounce from $750.                                                   The Dow Jones Industrial Average of                            Fed action — if it happens — is no                           Partners in Chicago. “I think we’re in                          based proprietary trading firm, who
         “This report raises renewed fears                   Base metals: Base or industrial                              blue chips lost 0.4 percent for the week,                      longer viewed as the elixir for the stock                       for a longer trend of either malaise or                         said many of his traders closed out their
      of a double-dip recession in the                    metals finished the week mostly                                 thanks to a 2.2 percent plunge on Friday;                      market it once was.                                             just a down channel.”                                           positions in August, reducing the firm’s
      United States and the prospect of                   firmer after trimming gains follow-                             it ended at 11,240.26.                                            Wall Street tumbled over 2 percent                              That means traders and investors                             inventories to just 15 to 20 percent of
      further Fed stimulus measures, with                 ing the US jobs report.                                            The broad-based S&P 500 had a 0.2                           on Friday as investors fretted more                             who were hoping for a return to nor-                            what they could be.
      the market now factoring in ...                        By late Friday on the London                                 percent drop for the week, on the back of                      about the economic outlook rather than                          malcy after extreme volatility in                                  At least some of that volatility looks
      action at the next (Fed) meeting in                 Metal Exchange (LME), copper for                                a 2.5 percent loss Friday, to 1,173.97.                        looking ahead to another round of Fed                           August may have to wait a little longer.                        set to spill over into September until
      September,” said CMC Markets                        delivery in three months firmed to                                 The tech-heavy Nasdaq Composite                             bond buying.                                                       Obama is due to address a joint ses-                         there is more clarity over the economy
      analyst Michael Hewson.                             $9,025 a tonne from 9,006 the pre-                              just barely kept its head above water,                            Next week, the question of whether                           sion of Congress on Thursday to lay                             and what the Fed is likely to do at its
         Employment in the private sec-                   vious week.                                                     managing a small 0.02 percent gain,                            the Fed will step up to the plate with                          out plans to create jobs, boost econom-                         Sept. 20-21 meeting.
      tor, which has been the main engine                    Three-month aluminium climbed                                despite falling 2.6 percent on the last                        another round of quantitative easing                            ic growth and lower the deficit.                                   But some fund managers who take a
      for job growth as revenue-strapped                  to $2,427 a tonne from $2,369.                                  day. It ended at 2,480.33.
      governments        shed      workers,                                                                                                                                              will take center stage with a highly                                                Struggle                                    more long-term view are using pull-
                                                             Three-month lead gained to                                      “Aggressive selling on Friday extend-                       anticipated speech from President                                                                                               backs to cut back positions that have
      “changed little” in most major                      $2,478 a tonne from $2,428.                                     ed a slide that started on Thursday. That                                                                                         He faces an uphill struggle when it
      industries, the Labor Department                                                                                                                                                   Barack Obama. That could make for                               come to reassuring investors, who fault                         done less well while increasing posi-
                                                             Three-month tin increased to                                 effectively erased gains staged in the                         another volatile week.                                                                                                          tions in their preferred stocks.
      said.                                               $23,870 a tonne from $23,700.                                   first half of the week, giving the stock                                                                                       the lack of consensus in Washington.
         The total of 17,000 private-sector                  Three-month zinc slipped to                                                                                                    This time last year, anticipation of a                       Heading into an election year, the                                 Many fund managers are still con-
                                                                                                                          market a fractional weekly loss,” said                         second round of quantitative easing, or                                                                                         vinced the US economy will avoid a
      jobs added were offset by 17,000                    $2,182 a tonne from $2,227.                                     Briefing.com.                                                                                                                  disharmony is not likely to get better
      shed by government, while the                          Three-month nickel was up to                                                                                                QE2, sparked an almost uninterrupted                            any time soon.                                                  recession and stocks will rally into the
                                                                                                                             The week ended with the government                          rally that lifted the S&P 500 around 30                                                                                         end of the year.
      unemployment rate remained at 9.1                   $21,438 a tonne from $21,230.                                   reporting August jobs data much worse                                                                                             Nonfarm payrolls were unchanged
      percent from July.                                     Cocoa: Prices eked out slender                                                                                              percent from August to May.                                     last month, the Labor Department said                              One of them, Mark Luschini, chief
                                                                                                                          than anticipated: the economy generated                           What a difference a year makes.                                                                                              investment strategist at Janney
         Oil: The market edged higher as                  gains after a choppy trading week.                              virtually no new positions last month,                                                                                         on Friday, and figures for previous
      traders balanced hurricane concerns                    By Friday on LIFFE, London’s                                                                                                Confidence in policy makers is sapping                          months were also revised down to                                Montgomery Scott in Philadelphia,
                                                                                                                          and the unemployment rate remained at                          away as the economy languishes, the                                                                                             does not expect the Fed to act this
      and ongoing economic gloom in top                   futures exchange, cocoa for deliv-                              9.1 percent.                                                                                                                   show employers created a combined
      crude consuming nation the United                   ery in December advanced to                                                                                                    United States grapples with the loss of                         58,000 fewer jobs than had been                                 month. He is not expecting a recession,
                                                                                                                             Also capping the week was the gov-
      States.                                             £1,955 a tonne from ¬£1,930 the                                 ernment’s massive suit against 17 US                           its top-notch credit rating, and the                            thought in June and July.                                       but admits he has become more defen-
         “Prices look set to be trading in a              previous week.                                                  and foreign banks over nearly $190 bil-                        European Union seems to be coming                                  The US Treasury market rallied after                         sive.
      broad range at the moment, buffet-                     In New York on the NYBOT-                                    lion in allegedly fraudulent or badly-                         undone at the seams.                                            the data as Goldman Sachs and other                                “We used some of the volatility to
      ed on the one side by weakening                     ICE, cocoa for December increased                               documented mortgage-backed securities                             Wall Street sees an 80 percent                               US primary dealers — big Wall Street                            swap out lower yields for higher yields,
      demand fears as US economic data                    to $3,094 a tonne from $3,058.                                  bought by home-loan backers Fannie                             chance the Federal Reserve will inter-                          firms that do business directly with the                        believing that a combination of income
      continues to deteriorate, while                        Sugar: Prices lost ground fol-                               Mae and Freddie Mac.                                           vene in the bond market to lower long-                          Fed — said they expect the US central                           with capital growth potential will help
      being supported slightly on fears                   lowing the downbeat US jobs data.                                  Reports of the pending suit — finally                       term interest rates, according to a                             bank to start buying longer-dated                               us weather days like today,” he said.
      about supply disruptions caused by                     By Friday on NYBOT-ICE, the                                  announced after the market’s close —                           Reuters poll on Friday.                                         bonds after its Sept. 20-21 meeting.                            “Equity values should still hold their
      the US hurricane season,” Hewson                    price of unrefined sugar for deliv-                             boosted big losses in financials that had                         But Friday’s action in the stock mar-                           Seasoned traders say that August’s                           own if not appreciate given the still-
      of CMC Markets said.                                ery in October slid to 28.95 US                                 begun a day earlier.                                           ket signaled that equity investors do                           extreme volatility was one of the most                          good corporate profit picture.”
         By late Friday on London’s                       cents a pound from 29.70 cents the                                 Bank of America was down 6.6 per-
      Intercontinental Exchange, Brent                    previous week.                                                  cent for the week, most of it lost on                          Congress on Thursday.                                           announce at its September meeting that                          Japan both tried in August to rein in the
      North Sea crude for delivery in                        On LIFFE, the price of a tonne of                            Friday.                                                                                                                        it will start buying bonds to support the                       run-up in their currencies. The dollar hit
      October rose to $113.23 a barrel                    white sugar for October fell to                                                                                                                      Pressure
                                                                                                                             Citigroup lost 4.8 percent; JPMorgan                                                                                        economy, said Kathy Lien of GFT bro-                            a post-World War II low versus the yen
      from $111.10 a week earlier.                        ¬£752.30 from £780.60 the previ-                                Chase 4.4 percent; Goldman Sachs 4.2                              But not many expect anything that                            kerage.                                                         last month, and a record low against the
         On the New York Mercantile                       ous week.                                                       percent; and Morgan Stanley 3.9 per-                           would move the markets; with Greece
                                                                                                                                                                                                                                                            Buying bonds could drive interest                            franc. The euro was also approaching
      Exchange, West Texas Intermediate                      Coffee: Coffee enjoyed mixed                                 cent.                                                          under more pressure, the eurozone’s
                                                                                                                                                                                         plight could have an impact. And many                           rates lower, promoting borrowing and                            parity with the franc as worries persist
      (WTI) or light sweet crude for                      fortunes but New York Arabica                                      Boeing rose 2.0 percent in the period,                                                                                      spending. Lower rates also tend to weigh                        about the European debt crisis.
      October, stood at $87.06 compared                   prices hit 290.65 cents per pound —                             despite a 3.1 percent tumble Friday,                           analysts say they want to see what the
      with $85.48 a week earlier.                                                                                                                                                        Federal Reserve does in its Sept 20-21                          on a currency because investors seek                               The British pound rose to $1.6209
                                                          the highest level since May — on                                buoyed by the certification of their
         Precious metals: Gold jumped                     stretched global supplies.                                                                                                     policy board meeting.                                           bigger returns elsewhere.                                       from $1.6178.
                                                                                                                          newest 787 Dreamliner aircraft and a                                                                                              In late trading in New York, the dollar                         The euro dropped to $1.4187 from
      back toward record highs in the                        By Friday on NYBOT-ICE,                                      growing order book.                                               “We will listen to the president’s jobs
      wake of the disappointing US data                   Arabica for delivery in December                                                                                               speech next Thursday, but don’t expect                          slipped to 76.72 Japanese yen from                              $1.4273 because of renewed concerns
                                                                                                                             AT&T was down 3.4 percent, mainly
      as investors sought shelter from the                rose to 288 US cents a pound from                               on Wednesday’s shock announcement                              any fireworks, after which we wait for                          76.78 yen, and dropped to 0.7884 Swiss                          about Greece’s ability to meet the budg-
      economic gloom.                                     279 US cents the previous week.                                 that the US government would try to                            the Fed to see what they have to offer,”                        franc from 0.7942. The yen and franc,                           et requirements of international lenders
         The metal climbed as high as                        On LIFFE, Robusta for                                        block its takeover of T-Mobile on anti-                        said Chris Low, chief economist at FTN                          along with gold, have become the                                as its economy worsens. Fears of a
      $1,879.88 per ounce on Friday, not                  November declined to $2,274 a                                   trust grounds.                                                 Financial.                                                      favored bets for traders seeking to park                        Greek default earlier this summer, in part
      too far from the record high of                     tonne after $2,395 a tonne.                                        A big beneficiary of that news was                             Other news to come out: the ISM                              their funds in a safe place.                                    because lenders threatened to withhold
      $1,913.50 seen the previous week.                      Rubber: Prices rebounded amid                                Sprint Nextel, gaining 8.6 percent; many                       services sector index (Tuesday); the US                            The dollar, which gives access to the                        aid until the Greek government made
         “Gold’s gains underscores its role               tight raw material supplies follow-                             analysts had thought an approved merg-                         trade balance (Thursday) and figures on                         US Treasury, stock and corporate bond                           more cuts, set off a wave of fear that
      in financial markets as a safe haven,               ing bad weather conditions that                                 er would spell the death of the smaller                        consumer credit (Thursday).                                     markets, is also a traditional safe-haven                       threatened to drag Europe’s core
      benefiting from a flight to quality                 have been disrupting output.                                    cellphone carrier.                                                The dollar fell against several key cur-                     currency. Some of its luster has faded                          economies — including Italy and Spain
      when all other asset classes                           The Malaysian Rubber Board’s                                    In the coming week — to be shortened                        rencies Friday after a dismal US jobs                           since Standard & Poor’s downgraded the                          — into the debt crisis.
      decline,” said Ross Norman at                       benchmark SMR20 advanced to                                     by the Monday Labor Day holiday —                              report triggered fears that the economy                         US debt rating, and because of worries                             The dollar rose to 98.44 Canadian
      London bullion broker Sharps                        470.85 US cents a kilo from 454.85                              eyes will be on President Barack                               could slide back into recession.                                about weak growth and Fed policies that                         cents from 97.55 cents.
      Pixley.                                             US cents the previous week.                                     Obama’s push for new jobs creation ini-                           The weak jobs report has increased                           devalue the dollar.                                                A dismal jobs report caused stocks to
                                                                                                                          tiatives, to be unveiled in a speech before                    chances that the Federal Reserve will                              The central banks of Switzerland and                         plunge Friday.


       exchange rates – Sept 3
                                 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    .268600   .271000   .271000    .438000    .437000   .437000    .383500    .383500   .383500    .347000      —         —       .341300   .342300   .342300    .273900   .271900   .271900    .038300      —         —       .072240   .072290   .072290      .074030    .072930   .072930     .718480   .717980    .717980    .703830   .698330   .698330
                    Sell   .273500   .273100   .273100     .44800    .446000   .446000    .392500    .391000   .391000    .365000      —         —       .350800   .349300   .349300    .282400   .280900   .280900    .043300      —         —       .072930   .072930   .072930      .074480    .074380   .074380     .726480   .726480    .726480    .709510   .709330   .709330
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   .273500   .272550   .272550    .452000    .447255   .447255    .396000    .397420   .397420    .003600   .003650   .003650    .345000   .338155   .338155    .280000   .277275   .277275       —         —         —       .073000   .072640   .072640      .075000    .074180   .074180     .729750   .722620    .722620       —         —         —
Commercial Bank     Buy    .269500   .271250   .271250    .442000    .444430   .444430    .392000    .394425   .394425       —      .003536   .003536    .331000   .333354   .333354    .275000   .277295   .277295       —      .043334   .043334    .070000   .072353   .072353      .073497    .073880   .073880     .716049   .719782    .719782    .701164   .704820   .704820
                    Sell   .276000   .273350   .273350    .455000    .447870   .447870    .401000    .397478   .397478       —      .003563   .003563    .344000   .335935   .335935    .285000   .279442   .279442       —      .043670   .043670    .076000   .072913   .072913      .074914    .074452   .074452     .729854   .725355    .725355    .714682   .710277   .710277
Gulf Bank           Buy    .268750   .271250   .271250    .439460    .443548   .443548    .389391    .393014   .393014       —      .003515   .003515       —      .331075   .331075       —      .275997   .275997       —      .043090   .043090    .071514   .072245   .072245      .073029    .073777   .073777     .711355   .718634    .718634    .696514   .703641   .703641
                    Sell   .275350   .273350   .273350    .453625    .450330   .450330    .402256    .399335   .399335       —      .003580   .003580       —      .338232   .338232       —      .281384   .281384       —      .043902   .043902    .073563   .073029   .073029      .075129    .074583   .074583     .731730   .726415    .726415    .716684   .711478   .711478
NBK                 Buy    .266250   .271250   .271250    .443050    .444550   .444550    .392520    .394020   .394020       —      .035314   .035314    .328900   .332900   .332900       —      .276870   .276870       —      .043280   .043280    .071270   .072270   .072270      .073640    .073800   .073800     .717480   .719020    .719020    .703360   .704090   .704090
                    Sell   .274850   .273350   .273350    .451380    .448380   .448380    .400740    .397740   .397740       —      .035668   .035668    .338660   .336180   .336180       —      .279480   .279480       —      .043740   .043740    .073930   .072930   .072930      .074380    .074440   .074440     .724690   .725470    .725470    .710430   .710290   .710290
Burgan Bank         Buy    .282650   .280050   .280050    .430867    .434357   .434357    .374186    .370604   .370604       —      .003438   .003438    .294732   .299506   .297119    .277897   .286988    .284712      —      .041155   .041155    .073684   .075640   .074280      .075223    .075832   .075832     .734920   .740873    .740873    .735741   .725198   .725198
                    Sell   .278800   .282150   .282150    .438531    .437755   .437755    .385350    .373524   .373524       —      .003466   .032931    .300037   .344170   .299506    .282890   .284260   .286988       —      .041482   .041482    .075774   .072340   .075640      .077374    .077237   .077237     .751728   .750398    .750398       —      .734440   .734440
ABK                 Buy    .268750   .271250   .271250    .439810    .444550   .444550    .389960    .394160   .394160       —      .035297   .035297       —      .332700   .332700       —      .276910   .276910       —      .043110   .043110    .071360   .072130   .072130      .073684    .073590   .073590        —      .717640    .717640       —      .702600   .702600
                    Sell   .274850   .273350   .273350    .451990    .448780   .448780    .401010    .398160   .398160       —      .035785   .035785       —      .337530   .337530       —      .280760   .280760       —      .044040   .044040    .073440   .072910   .072910      .074424    .074480   .074480        —      .725830    .725830       —      .710220   .710220
Oman                Buy       —      .287900   .287900       —          —         —       .408000       —         —          —         —         —          —         —      .283340       —         —          —         —         —         —          —      .076800      —            —          —         —           —         —          —       .752000      —         —
                    Sell      —      .287900   .287900    .467000    .475000   .475000               .406000      —                 .003200   .003200                           —          —         —      .267000       —         —         —       .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    .048500      —         —       .005830    .005895   .005895    .002960   .003110    .003110    .002036   .002180   .002180    .003180   .003624   .003624    .006330   .006010   .006010    .283700   .281700   .281700    .032960   .032460   .032460      .223790    .222790   .222790     .380050   .379570    .379570    .043720   .043854   .043854
                    Sell   .053600      —         —       .006270    .005955   .005955    .003240   .003140    .003140    .002615   .002480   .002480    .003830   .003660   .003660    .006600   .006470   .006470    .295200   .293700   .293700    .035710   .035560   .035560      .228290    .228290   .228290     .387550   .386070    .386070    .046820   .045874   .045874
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      —         —         —       .006300    .005916   .005916    .003300   .003145    .003145    .002700   .002474   .002474    .003800   .003647   .003647    .006650   .006408   .006408       —         —         —          —         —         —            —          —         —        .390000   .383640    .383640    .045500   .045781   .045781
Commercial Bank     Buy       —      .052935   .052935    .004000       —         —          —         —          —       .002000      —         —          —         —         —       .004000      —         —       .285000   .287742   .287742       —      .034806   .034806         —       .224600   .224600     .381000      —          —       .043000      —         —
                    Sell      —      .053345   .053345    .007250    .006001   .006001       —      .003147    .003147    .003500   .002495   .002495       —      .003719   .003719    .007200   .006508   .006508    .296000   .289970   .289970       —      .035076   .035076         —       .226339   .226339     .401000   .386634    .386634    .053000      —         —
Gulf Bank           Buy       —      .052646   .052646       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —          —      .286575   .286575       —      .034678   .034678         —       .223692   223692         —         —          —          —         —         —
                    Sell      —      .053648   .053648       —       .006041   .006041       —      .003168    .003168       —      .002515   .002515       —      .003736   .003736       —      .006552   .006552       —      .291925   .291925       —      .035247   .035247         —       .227614   .227614        —      .387409    .387409       —      .046125   .046125
NBK                 Buy       —      .052840   .052840       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —          —      .287580   .287580       —         —         —            —       .224400   .224400        —         —          —          —         —         —
                    Sell      —      .053380   .053380       —          —         —          —         —          —          —         —         —          —         —         —          —         —         —          —      .290250   .290250       —         —         —            —       .226610   .226610        —         —          —          —         —         —
Burgan Bank         Buy       —      .049710   .049710       —       .006283   .006283       —      .003288    .003288       —      .002544   .002544       —      .004017   .004017       —      .006449   .006449       —      .284712   .286988       —         —         —            —       .216673   .222630        —      .394853    .394853       —      .047830   .047830
                    Sell      —      .050110   .050110       —       .006026   .006026       —         —          —          —         —         —          —         —         —          —         —         —          —      .286988   .293390       —         —         —            —       .218433   .216673        —      .398939    .398939       —      .049026   .049026
ABK                 Buy       —      .052670   .052670       —       .005863   .005863       —      .003230    .003230       —      .002540   .002540       —         —         —          —      .006643   .006643       —      .287750   .287750       —      .034810   .034810         —       .224350   .224350        —      .381260    .381260       —         —         —
                    Sell      —      .053940   .053940       —       .005978   .005978       —         —          –          —         —         —          —         —                    —         —         —          —      .290690   .290690       —      .035080   .035080         —       .226940   .226940        —      .387680    .387680       —      .046290   .046290
Oman                Buy       —         —         —          —          —         —          —      .003564    .003564       —      .002510   .002510       —      .004170   .004170    .006000   .006467   .006467       —         —      .237000       —         —         —            —          —      222950         —      .401670    .401670       —         —         —
                    Sell                —                                                    —                                                           .004250                                                       .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    .523600    —        —          .114000    —       —            .088300 .087200 .087200         .032830 .032830 .032830          —          —       —         .005400 .005400 .005400        .000239    —       —           .000173 .000177 .000177          .088090 .087090 .087090          .027000 .027000 .027000         .225700   .223700   .223700
                    Sell   .536600    —        —          .120000    —       —            .095300 .093200 .093200         .041330 .041330 .041330          —          —       —         .005600 .005600 .005600        .000239    —       —           .000185 .000184 .000184          .094090 .094090 .094090          .033000 .033000 .033000         .235200   .233700   .233700
Muzaini             Sell      —       —        —             —    .001265 .001265            —    .091170 .091170            —       —       —             —          —       —            —    .005970 .005970        .000271 .000272 .000272           —    .183400 .183400             —       —       —                —       —       —               —         —         —
Gulf Bank           Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —              —       —       —              —       —       —                —        –      —                —       —       —               —      .227958   .227958
                    Sell      —    .688540 .688540           —       —       —               —       —       —               —    .038932 .038932          —       .000255 .000255         —       —       —              —       —       —                 —    —       —                —       —       —                —    .000032 .000032            —      .232772   .232772
ABK                 Buy       —       —        —             —       —       —               —       —       —               —       —       —             —          —       —            —       —       —              —       —       —              —       —       —                —       —       —                —       —       —               —      .228450   .228450
                    Sell      —       —        —             —       —                       –        –      –               —       —       —             —          —       —            —       —       —              —       —       —              —       —       —                —       —                        —       —       —               —      .231820   .231820

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                       .2731000          .4460000              –                                     BEC                        —                1,926.420              —                    —                   —                 —                       –                 –
                            Commercial Bank           .2760000          .4550000          .4010000                                  Muzaini Exchange           —                1,577.550              —                 12.250               11.650           10.000                    —               140.000
                            Gulf Bank                 .2735000          .4516420          .4002320
                            Al-Ahli Bank              .2733500          .4503300          .3993350

								
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