Arab Today, arab today major uae exchange houses halt iran rial trade
Last Updated : GMT 18:38:55
Arab Today, arab today
Arab Today, arab today

Major UAE exchange houses halt Iran rial trade

Arab Today, arab today

Arab Today, arab today Major UAE exchange houses halt Iran rial trade

Dubai - Arabstoday

Major money exchange houses in the UAE have stopped handling Iranian rials over the last several weeks, executives at the houses said, further reducing Iran\'s ability to trade and obtain hard currency. Since late last year, Iran has largely been frozen out of the global banking system by US sanctions aimed at its disputed nuclear programme. Washington has used anti-money laundering legislation to make it risky for banks around the world to do business with Iran, including trade financing. In December, the US government pressured Dubai-based Noor Islamic Bank into stopping the channelling of cash from Iranian oil sales through its accounts, Reuters said. Iranian businessmen continued to conduct some trade with Dubai and other places, however, by transferring funds through money exchange houses that operate separately from the banking system, traders said. Now many of those houses have stopped doing rial business as well. Mohamed Al-Ansari, chairman and managing director of Al Ansari Exchange, one of the UAE\'s top two exchange houses, said the weakness of the rial, which saw its black market rate roughly halve against the US dollar in the year to January, had made it too risky to handle the currency. \"Most exchange companies have stopped dealing in Iranian rial mainly because of its devaluation in the last few months, as well as the regulations imposed by the US regulatory authorities on the financial sector,\" he told Reuters. \"As such, nobody would like to risk trading in the Iranian rial currency, as it would affect their business.\"      Dubai, 150 km across the Gulf, has been a major trading hub for Iran. Re-export trade between Iran and the UAE -- goods sent to the UAE for on-shipment to Iran, and Iranian goods sent to the UAE for on-shipment to other countries -- totalled 31.9 billion dirhams ($8.7 billion) in the first nine months of 2011, latest UAE customs data show.      Al Fardan Exchange, the UAE\'s third largest exchange house, also said the depreciation of the rial had made the currency too risky. \"For us, from a risk point of view with regard to the fluctuations taking place and the depreciation -- this also applies to the Syrian pound -- you don\'t have a definite understanding about when the freefall might take place,\" Osama Al-Rahma, general manager at Al Fardan Exchange, told Reuters. \"We had to stop exchanging even small amounts because if I buy it at this rate and tomorrow it went down, then I\'m in a loss position.\"      Al-Rahma said that in addition to hurting Dubai\'s remaining trade with Iran, the halt in rial exchanges would inconvenience tourists travelling to the country.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today major uae exchange houses halt iran rial trade Arab Today, arab today major uae exchange houses halt iran rial trade

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today major uae exchange houses halt iran rial trade Arab Today, arab today major uae exchange houses halt iran rial trade

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday