Users Online Now:
GLP Poker Rooms
GiveMeGossip.com - Gossip Forum
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:MV8yMDA3NzIwXzMzNzM1MTU4X0NDMERGRThE] The head of the national police, Esmail Ahmadi Moghadam, was quoted by the Fars news agency as saying a special unit comprised of police chiefs and government economic officials had been created "to combat those perturbing the currency market." He added that many people were keeping stashes of foreign currency and gold at home, "which is having a negative effect on the economy." The crackdown was an apparent bid to halt a dramatic plunge in the value of Iran's currency this week. On Tuesday, President Mahmoud Ahmadinejad said Western sanctions were mostly to blame. But rivals said his mismanagement of the economy was the main cause. One money changer said almost no transactions were taking place in the market, making any valuation unreliable, but the assumption was the rial had stabilised early Wednesday at around 34,000 to the dollar. Online websites that normally track the currency market were censored, none giving the rial's value against the dollar. On Tuesday, the rial closed at around 36,100 to the dollar. A week ago, it was trading at around 22,000 to the greenback and at 13,000 a year ago. The money's plunge has greatly increased inflation in Iran, which is widely seen as far higher than the official 23.5 percent given by the central bank. Food costs, notably, have spiralled, to the concern of Iranian families. Merchants, some of whom have lost millions of dollars in a day, say doing business has become nearly impossible. The US government has said it sees the rial's plunge as proof Western sanctions are having a big impact on the Islamic republic's economy. But Ahmadinejad said that, even with the "psychological war on the exchange market," Iran would not be pressured into curbing its nuclear activities -- the stated aim of the sanctions. http://uk.finance.yahoo.com/news/iran-crackdown-money-changers-currency-102042205.html [/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 >>
Does CERN Host The Real CIA Headquarters?
This Girl Wanted To Find Out What Happens When She Shows Up On Her Tinder Date In A Fat Suit
The KGB Discovers Mummified Body of Ancient Alien ‘God’
US Navy Ads Telling Us To WATCH For Nibiru on 9/23
This Study WIll Make You Think Twice About Who You Are Getting Into Bed With
This Man Has An Extraordinary Reunion With The Gorilla He Saved and Raised For 5 Years
First Ever Live Exorcism To Be Aired on Halloween
Did The Miami Marlins Broadcast Fart Noises In Their Stadium? (Video)
Kim Jong-Un: North Korea Closing In On War Preparations Against U.S. And South Korea
Students Have Created A “Smart Condom” That Glows A Different Color If You Have An STD
Dude Surfs a Wave on a Dirt Bike
Koch Brother Warns America ‘Done for’ Unless Conservatives Change Government in These Key Ways
Document Reveals ISIS Plan To Wage “End Of World” War With US
The US Is Turning Doctors Into Government Agents
Kentucky Is Revoking Gun Permits, And The Reason Should Alarm All Americans
Fla. suspect chews off fingertips, eats them to avoid being fingerprinted
Cecil The Lion Wants Everyone To SHUT UP, Animal Psychic Claims
Facebook Readying Test of Internet Beaming Drone
Alien Hybrid Found In India
True Story of Satan, Fallen Angels, Giants, Aliens, Hybrids, Elongated Skulls & Nephilim
Antidepressants May be Worsening Depression, Not Treating it
New Tech Allows Face Recognition in Utter Darkness
Federal court rules that air fresheners and pro-cop stickers are a reason to pull you over
Medicare for all: Bernie Sanders calls for single-payer health system
For the first time ever, scientists spot an aurora outside our solar system
This Flag Represents The Principle, "Fight For What You Believe In."
This Is The Rebel Flag, "You're Either Free Or You're Not."
Disclaimer / Copyright Info
with questions or comments about this site.
"Godlike Productions" & "GLP" are registered trademarks of Zero Point Ltd. Godlike™
Website Design Copyright © 1999 - 2015 Godlikeproductions.com
Page generated in 0.004s (3 queries)