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DailyFX Currency Update

Prices stabilise in UAE
The latest consumer price index released by the UAE Ministry of Economy has shown stability in prices of many basic items, reported Gulf News. Earlier this month, the ministry set a ceiling on the maximum price retailers could charge for some food prices. Also this month, the ministry signed an MOU with Union Cooperative Society (UCS), by which the 2007 prices of some basic food products such as oil, rice, flour, eggs, sugar, powdered milk, tea, meat, chicken, fish and bread would be kept unchanged throughout 2008.
United Arab Emirates: Wednesday, March 19 - 2008 at 08:03

Oman plans welfare scheme for elderly
Oman is drafting long-term strategy that seeks to support the elderly and their families in maintaining an independent lifestyle in familiar surroundings, reported Khaleej Times. It is estimated that people aged 65 and above currently account for 3.5 per cent of the country's indigenous population of nearly two million. The figure is expected to reach 10 per cent by 2025 and 20 per cent by 2050.
Oman: Tuesday, March 18 - 2008 at 08:49

Gold price hits new record
Gold soared to a new record high of $1030 during trading before closing at $1,022, still well above the $1,000 high it hit last week. The surge has been caused by the continuing weakness of the dollar The price of oil of expected to continue trading at over $100 a barrel this week, having hit a high of $111.
Monday, March 17 - 2008 at 08:21

Baroda bank offers mortgage
BSEL Infrastructure Realty has made a tie up with Bank of Baroda to offer mortgage finance to property buyers for its seven residential towers at Ajman's Emirates City. Under the scheme, Bank of Baroda will offer 70% of the value of the property up to a maximum tenure of 15 years, with rate of interest starting from 8.50%.
United Arab Emirates: Sunday, March 16 - 2008 at 09:28

Gold moves up $1,000
Gold has moved further up, reaching above $1,000 per ouncem while the euro hit fresh highs against the dollar yesterday, reported news agencies. Analysts say gold got support from sliding dollar and soaring oil prices as the precious metal is regarded as a safe store of value in times of economic uncertainty and rising inflation.
United Arab Emirates: Saturday, March 15 - 2008 at 09:47

Gold climbs to $980
Gold gained nearly one per cent on Wednesday as the dollar continued to struggle and oil prices remained firm. The metal rose to $980.30/$981.00 an ounce by 1408 GMT from $971.00/$971.80 late in New York on Tuesday, when it fell to a low of $964.35 on a dollar rally, reported Reuters.
Thursday, March 13 - 2008 at 07:00

UAE may subsidize nationals
The UAE cabinet is studying a plan to give its citizens discounts on food items, gasoline and cooking fuel to help offset inflation, reported Reuters. The plan would benefit only UAE nationals, who comprise only about a fifth of the 4.5 million people living in the Emirates. Jamal Al-Saeedi, executive manager of the Emirates Society for Consumer Protection, said the plan would allow UAE nationals to buy rice, bread, tea, sugar, milk, butter and other basic food items at cost.
United Arab Emirates: Wednesday, March 12 - 2008 at 09:48

Dubai First launches 'quick cash'
Dubai First, the first consumer finance company from Dubai Group, a member of Dubai Holding, has launched a new programme - Quick Cash - for meeting credit needs. Designed for credit-hungry consumers, the programme employs a mechanism where post-dated cheques are used rather than salary transfers, thus saving significant time for the customer through a quicker delivery process.
United Arab Emirates: Tuesday, March 11 - 2008 at 13:04