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DailyFX Currency Update

Currency gains hurt expat earnings
The surging Indian rupee and Philippine peso are hurting the earnings of two leading expatriate groups in the UAE, reported Gulf News. The Indian currency, which rose 12.3% in 2007, may appreciate further on higher overseas inflows as foreign investors try to take advantage of high-yielding domestic assets. The peso is projected to gain in the range of five to 12% against the dollar this year as the central bank is unlikely to intervene in the market.
United Arab Emirates: Sunday, January 27 - 2008 at 08:01 |

Gold soars to $923
Due to a power crisis, South Africa's three top gold producers and the world's biggest platinum miner suspended production at all their mines, causing the gold and platinum prices to soar as high as $923.40 an ounce, reported Reuters. The metal went as low as $850 this week.
Middle East: Saturday, January 26 - 2008 at 09:19 |

Indians welcome UAE's bank payment initiative
India has welcomed an initiative by the UAE government to have wages of overseas workers paid through banks. There are round 1.4mn expatriate Indians in UAE, many of them working as contract laborers in the booming construction industry, reported Gulf Times.
United Arab Emirates: Thursday, January 24 - 2008 at 07:46 |

First debit card with a Skyward Miles Reward Program
Debit cards issued in the UAE market are fast outnumbering their credit card peers by a 77 per cent margin at least, according to Visa International statistics. While credit cards in force reached 1.53 million cards in Q3 2007 the number of debit cards issued during the same period reached 2.72 million cards according to Visa statistics. Just two years after the launch of Citibank Debit Card, Citi today loaded the card with a comprehensive reward program in partnership with Skywards, the frequent flyer programme of Emirates Airline.
United Arab Emirates: Wednesday, January 23 - 2008 at 09:56 |

Doha Bank launches personal loan promotion
Doha Bank has launched a personal loan promotion that includes free loan postponements, a grace period, and extended repayment period for both Qatari's and expatriates. The loan can be availed only by those customers who transfer their salaries to Doha Bank and have a minimum salary of QR7,500.
Qatar: Tuesday, January 22 - 2008 at 08:44

Credit card fraud is growing problem
About 125 million pounds are lost annually in the Middle East as a result of credit card fraud, according Paul Rodgers, chairman of Vendorcom, a UK-based membership organisation representing stakeholders in the payment card industry. He said credit card fraud is growing 20% in the region, which will continue to be vulnerable until more systems and processes are put in place to prevent fraud, reported Gulf News.
Monday, January 21 - 2008 at 08:05 |

High prices may hit gold jewellery buyers
Gold jewellery buyers in Dubai will be deterred if the price for the precious metal again rises above $900 an ounce, reported Reuters. Tawhid Abdullah, managing director of the Dubai Gold and Jewellery Group said high prices have weighed on sales of the precious metal for jewellery in Dubai, deterring buyers and depressing their value by 14% for 2007.
United Arab Emirates: Sunday, January 20 - 2008 at 08:45

Nepal & Qatar sign labor pact
Nepal and Qatar are set to sign an addendum protocol to a bilateral labour pact signed two years ago, reported Himlayan Times. The signing guarantees Nepali workers' remuneration and facilities as specified by the Labour Law of Qatar.The accord will be a milestone in establishing the legal status of Nepali migrant workers and will ensure better pay and perks as specified by the Labour Law of Qatar.
Qatar: Saturday, January 19 - 2008 at 11:52 |