2003
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Old Iraqi dinars need to be changed
Those having old Iraqi dinars have until January 15 to replace them with the new currency that will go into circulation from October 15, the country's central bank said. Six new denominations - 50, 250, 1,000, 5,000 and 25,000 dinars - will replace the former five. Enough dinars have been printed to keep reserves for two years.
Lebanese pound stays weak
More Lebanese pounds can be had from the US dollar linked dirham with the decline of the Levant currency to its weakest point of the central bank's intervention band of 1,501-1,214 to the dollar. The Lebanese pound officially traded at 1,514 to a US dollar last week.
Pakistan oil firm IPO on Oct 22
Pakistan has set the IPO price for the country's biggest state-run oil exploration firm, Oil and Gas Development Corp of about USD0.57 a share. It plans to sell 2.5 per cent from October 22-24 with an option to raise the sale to 5 per cent. Pakistan is separately trying to sell 51 per cent shares to local or international companies.
Offer for Citibank cardholders
Citibank credit card holders, who subscribe to e-Vision services, can now pay their annual subscription fee in three conscutive interest-free equal monthly instalments. They will also get other benefits. The promotional offer is valid until December 1.
SBI cuts home, car loan rates
State Bank of India has cut interest rates on home and automobile loans by 25 to 100 basis points from October 1. Home loans of up to five years now carry a rate of 7.75 per cent. For 5-15 years, the rate is 8.25 per cent, and for 15-20 years, it is 9 per cent. Car loans are down to 9.5 per cent for up to three years.
Indian rupee to appreciate further
Indian rupee has appreciated 6.9 per cent since June 2002 and is expected to steadily appreciate further, Standard Chartered Bank said. Its 12-month forecast for USD/INR is 44.70, with the risk that the currency is even stronger. This compares to the current 12-month outright forward rate of 46.15.
ICICI offers NRI deposit scheme
India's ICICI Bank has launched a special foreign currency deposit plan for expatriate Indians, which includes maturities from three months to up to six years. The indicative rate of return varies from 1.62 per cent for one-year deposits to 4.43 per cent for six-year dollar deposits.
meBank to launch meMiles
Dubai-based meBank said it will launch meMiles, a credit card loyalty programme that offers cardholders air miles on the use of their Emirates Bank or meBank credit cards. Cardholders will automatically be enrolled. The accumulated air miles can be exchanged for free flights on a choice of airlines, the bank said.
NBD offer on gold card transfer
On transfer of a gold card from another bank, National Bank of Dubai (NBD) will issue a new card and convert the outstanding balance into instalments with 9.95 per cent annual interest. The new card comes with several free benefits like two supplementary cards, savers card, roadside assistance and travel services etc.
Bond issuance at record high
Booming high-yield market and massive increases in corporate fundraising in Europe, have pushed global sales of new bonds to a record USD3.05tn in the first three quarters, preliminary data shows. Sale of new bonds in Europe, Mideast and Africa rocketed up 42 per cent to USD1.17tn.
SBI, 1.67pc Indian expat deposits
The State Bank of India has set an interest rate of 1.67 per cent on its one-year, dollar-denominated deposit scheme for non-resident Indians. This scheme will offer 2.37pc for deposits in two years and 3.05pc for a three year term.
First Egyptian chip-based card
Egypt's Commercial International Bank has launched the first chip-based payment card in the country with MasterCard and technology provider Giesecke and Devrient. This will allow additional services for cardholders such as frequent flyer programmes and reduce the potential for card fraud.
StanChart, Bahrain bancassurance
Standard Chartered Bank has entered the bancassurance market in Bahrain with its Harvester Plans. These plans have three options from an education savings plan to a life protected savings product. SCB has teamed up with Zurich International Life and Alico for the plans.
Dr Faber tips Indian stocks
AME Info columnist and celebrated market guru Dr Marc Faber told a meeting in Mumbai that Indian stocks have the potential for a strong rise. So far this year the Bombay Stock Exchange Index is up 29 per cent. I would invest heavily in Asia, including your country, he said
MashreqInvestment, 5.5pc
MashreqInvestments will close subscriptions to its Epsilon bond on October 6 or earlier. The Epsilon offers 5.5pc interest per annum payable in six month installments with 100pc of principal guaranteed. Maturity of the bond is in five years and returns are linked to 6-month USD Libor.
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