Can Bitcoin take the shine off gold?

Bitcoin has shot to a record just as billions of institutional dollars have fled gold. Whether that’s a simple coincidence or the start of a rotation that would have a profound impact on crypto and the precious metals market is impossible to know for sure. But the debate is now heating up o

Dubai to Drop Banknotes in Payments

Dubai’s government is seeking to drop banknotes by shifting all payment transactions to secure and easy-to-use cashless platforms. Dubai said it has formed the “Cashless Dubai Working Group,” which brings together Smart Dubai, Dubai’s Department of Finance (DOF), the Supre

Bitcoin Close to All-Time High After Topping $19,000

Bitcoin homed in on its all-time high on Tuesday after hitting $19,000 for the first time in nearly three years. The world's most popular cryptocurrency was last up 3% at $18,918, near its all-time record of $19,666. Bitcoin has gained almost 40% in November alone and is up around 160% this year.

Turkish lira notches weekly gains of 12% on cenbank’s new look

Turkey’s lira firmed on Friday to its strongest level in seven weeks, notching a weekly gain of some 12%, after President Tayyip Erdogan’s pledge to adopt a new economic model raised expectations of a sharp rate hike from the central bank.The lira hit 7.6150 to the dollar in morning tr

Fitch Sees Growing Risk as Turkish Lira Hits New Low

Turkey has not done enough policy tightening to support its lira, which tumbled to another record low on Friday, and the country's FX reserves and external financing remain potential weak spots, according to Fitch Ratings' key analyst. Douglas Winslow, the agency's primary Turkey analyst, told Re

Falling lira and high prices put Turkey in tight spot

 A currency that has tumbled nine straight days to record lows and inflation stuck in double-digits are giving Turkey’s central bank little option but to hike interest rates again even if it trips up an economic recovery just gathering pace, analysts say. Data on Tuesday showed that a

Turkish Lira, The World’s Worst Currency in October

Turkey’s inflation marched higher in October, when the embattled lira shed value to finish as the world’s worst-performing currency. Consumer prices last month rose 11.9% from a year earlier, slightly less than forecast by economists in a Bloomberg survey, whose median estimate was 12

Turkey Hikes Inflation Forecast to 12.1% as Weak Lira Bites

Turkey’s central bank raised its 2020 inflation forecast more than 3 percentage points to 12.1% on Wednesday, saying higher import costs due to a record-weak lira were the main factor driving its upward revision. Governor Murat Uysal defended the bank’s decision to leave its policy ra

Turkish Lira Hits New Lows on Policy, Geopolitical Concerns

The Turkish lira weakened to a fresh record low beyond 8.05 against the US dollar on Monday on investor unease about the central bank's decision last week to keep its policy rate on hold and various sources of geopolitical concern. Strains in ties with the United States, a row with France, a disp

SAMA Launches Twenty Riyal Banknote Marking Saudi Arabia’s Presidency of G20

The Saudi Arabian Monetary Authority (SAMA) announced on Saturday its intention to release a Twenty Saudi Riyal banknote, marking Saudi Arabia's presidency of the G20 summit. SAMA said the commemorative banknote is going to be put into circulation by Sunday, together with the other current

Lebanon: New Withdrawal Limits on Local Currency Stir Confusion

News circulated on Wednesday about limits set by banks for cash withdrawals on Lebanese pounds of up to LBP2 million per month, which is equivalent to around USD250 in the parallel market. For extra spending, depositors will be allowed to use their electronic cards, which also have limits that va

Iran's Rial Reaches New Low as Virus Deaths Hit New High

The Iranian rial fell to a new low against the US dollar on Sunday as a record daily death toll from COVID-19 compounded concerns over new US sanctions which may block some of Iran’s medicine purchases. The dollar was selling for as much as 312,200 rials on the unofficial market, up from 30

Iran's Rial Hits New Low against Dollar as Economy Reels

The Iranian rial fell to a new low against the US dollar on Saturday as the economy reels under pressure from the COVID-19 pandemic and US sanctions. The dollar was selling for as much as 304,300 rials on the unofficial market, up from 295,940 on Friday, according to the foreign exchange site Bon

South Sudan to Change Currency to Improve Economy

South Sudan’s cabinet agreed on Friday to change the country’s currency in order to improve the economy, the government spokesman said, without giving further details. “The cabinet has decided that the current currency should be changed....This is to improve our economic situati

Turkish Lira Hits All-Time Low Due to Political Turmoil

Turkey’s lira hit a record low for the second straight session on Thursday weighed by concerns over possible US sanctions and the Caucasus conflict. The lira sank 0.7% to an all-time low of 7.9389 to the dollar, Reuters reported. This came as other emerging market stocks and currencies ros

SAMA Introduces Five Riyal Denomination Made of Polymer

The Saudi Arabian Monetary Authority (SAMA) announced on Sunday its plan to release a five-riyal denomination of the Saudi currency made of polymer during the era of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz. In a statement, SAMA explained that both the design and colors of

Dollar, yen jump after Trump tests positive for coronavirus

The dollar rose and the safe-haven yen made its sharpest jump in more than a month on Friday after US President Donald Trump said he tested positive for COVID-19, just a month ahead of the Nov. 3 presidential election. The news could cause a new wave of market volatility heading into the election

Dollar ticks up after indecisive Trump/Biden debate

The dollar ticked up in Europe on Wednesday, recovering some losses after a two-day fall, as traders weighed the implications of a bad-tempered first debate between President Donald Trump and his challenger, Joe Biden. The dollar index crept just above the 94 mark against a basket of currencies a