Users Online Now:
Donate To GLP
Back to Forum
Back to Thread
REPLY TO THREAD
A Rare Occurrence In The Saudi Currency Market Tells You That Trouble Is Brewing In The Middle East
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 1211168:MV8yMDA3NzIwXzMzNzM0NDM5XzUzMjdDQzEz] Via The Lede and Business Insider, which has an eye-popping graph showing what’s happening to the rial right now. We’ve all got debate fee-vah tonight but I want to put this on your radar screen in case things start to spiral in Tehran. The point of nuclear sanctions was to put Iran’s economy in a vise so that public discontent would force the regime to either back down on uranium enrichment or risk destabilization from within. Here’s a destabilizing tremor now: Clashes and at least one spontaneous protest erupted in Tehran on Wednesday over the plunging value of Iran’s currency, as black-market money-changers fought with riot police who were dispatched to shut them down, and hundreds of angry citizens demonstrated near the capital’s sprawling merchant bazaar, where many shops had closed for the day. The official media reported an unspecified number of arrests including two Europeans. The clashes were the first instance of a violent intervention over the money-changing business in Tehran since the currency, the rial, which had been gradually losing value in recent years, dropped drastically over the past week, losing 40 percent of its worth against the dollar, to a record low… “They spend billions of dollars to keep Syrian President Bashar al-Assad in power, but now they say they have no money!,” one garment seller screamed as he was cheered on by others, witnesses reported. A team from Iran’s state television was nearly attacked when its reporter turned to the camera saying that the people behind him had been upset over a robbery. http://hotair.com/archives/2012/10/03/protest-breaks-out-in-iran-as-currency-crumbles-under-sanctions/ [youtube]http://youtu.be/pBXp5sMFr_4[/youtube] [youtube]http://youtu.be/Ljg4TZktuKQ[/youtube] [/quote]
An important shift is developing in Saudi Arabian currency derivatives markets as Iran becomes engulfed in populist protests amid hyperinflationary pressures and armed conflict breaks out between Turkey and Syria, heightening concerns about tensions in the Middle East.
The 12-month forward rate on the Saudi Arabian riyal – or the difference between how many riyals traders think a dollar will be able to buy a year from now versus how many riyals a dollar can buy today – has been hovering just above zero for the past two weeks.
In other words, as pointed out by BNP's Bartosz Pawlowski, traders are expecting the riyal to depreciate against the dollar.
And that is something that almost never happens – unless markets are getting really worried about Saudi Arabia, one of the most stable countries in the region.
link to www.businessinsider.com
Pictures (click to insert)
Big Round Smilies
Aliens and Space
Friendship & Love
Misc Small Smilies
View All Categories
Next Page >>
4,000 Patients May Have Been Exposed to Hepatitis and HIV at Long Island Hospital
Federal Dietary Guideline Committee Focused on ‘Population Behavior Change’
The National Hot Dog Council Says Never Use Ketchup On Hot Dogs
U.S. government to cede control of key Internet body
Analysis shows 2nd possible Indian Ocean path for Malaysian airliner
All major web browsers compromised at Pwn2Own hacking contest
Facial Recognition Glasses To ‘Stop Crime Before it Happens’
The Real Expiration Date for Common Foods
The Chief Operating Officer of Facebook Wants to Ban the Word “Bossy”
Tap water contaminant ‘castrates’ frogs
George Soros’ Giant Globalist Footprint in Ukraine’s Turmoil
Report: Malaysia Airlines Flight 370 was in the air four hours after loss of contact
Denver Cops Forced to Wear Cameras, Unable to Delete Footage
Venezuelans Are Marked With Numbers To Stand In Line At Government Supermarkets
Connecticut Cop: I Will Kick Down Doors To Confiscate Guns
Federal Judge Clears Detroit Florist’s Delivery By Drone
Comcast to Air First Television Ads for Medical Marijuana
Chinese government website says it has images of suspected plane debris
Malaysian plane disappearance linked to 9/11 ?
Oklahoma Senate Passes Bill to Authorize Gold and Silver as Legal Tender
Obamacare Individual Mandate Quietly Repealed for 2 Years
UN Report Calls For Radical, Democratic Food System
NSA masquerades as Facebook to hack your computer
OBAMA ORDERS EXPANSION OF OVERTIME PAY
Man Dies From Heart Attack Caused By Severe Nail Biting Habit
Disclaimer / Copyright Info
with questions or comments about this site.
"Godlike Productions" & "GLP" are registered trademarks of Zero Point Ltd.
Website Design Copyright © 1999 - 2014 Godlikeproductions.com
Page generated in 0.007s (5 queries)