| Forex reserves up US$924mn at US$179bn
India's foreign exchange reserves rose by US$924mn to US$179.05bn in the week ended January 26, the Reserve Bank of India (RBI) said on Friday. Foreign currency assets grew by US$916mn to US$171.98bn and reserves with the International Monetary Fund (IMF) fell by US$1mn to US$541mn in the week under review. Gold reserves were unchanged at US$6.52bn and the Special Drawing Rights with the IMF were up US$9mn at US$10mn, the central bank said. The change in foreign currency assets is partly because of changes in the value of the dollar against the euro, yen and other currencies during the period, the RBI said. India's foreign exchange reserves rose by US$39.57bn over the past 12 months and by US$27.43bn in the current financial year. .
Specialized report reviews preparations for launching unified GCC ...
RIYADH, Feb 10 (KUNA) -- A Gulf Cooperation Council (GCC) report has Saturday revealed the latest developments of the council's monetary union and the prospect of issuing the unified GCC currency by the year 2010.
The report, distributed by the council's General Secretariat here, also pointed to the recent "Jaber Summit" in Riyadh last December that discussed the latest development on this issue.
The report said that the recent summit had called on the member states to unify their efforts and facilitate all needed documents to make the monetary union and the unified currency a reality by 2010.
The Muscat Summit had approved the GCC currencies be pegged to the US dollar prior to the year 2002, stipulating that the member states agree on the economic performance standards and related percentages before the year 2005 in order to ensure success of the sought monetary union launch in 2010.
ARM's trading profit hit by foreign currency adjustment
LONDON ARM Holdings plc, a licensor of processor designs and related intellectual property, reported a comprehensive loss for its fourth quarter and its full year ended Dec. 31, 2006, entirely due to the effect of foreign currency adjustments. The company reported a fall in Q4 profit after income tax and before extraordinary items but enjoyed revenues ahead of expectations for Q4 and the full year. Warren East, chief executive officer for ARM, said the foreign currency adjustment was not related to trading profit and loss but was an accounting rule that the balance sheet had to reflect a revaluation of assets. Revenues in Q4 2006 were £68.0 million (about $133.9 million), up 8.1 percent on £62.9 million. The income before income tax in Q4 2006 was £9.4 million (about $18.5 million) compared to £15.8 million in Q4 2005, the company said.
Qatar committed to 2010 Gulf currency deadline
DOHA: Qatar, one of five GCC states, planning to launch a unified currency in 2010, is committed to the deadline even after Oman backed out, saying it won't be ready in time, Qatar's finance minister said here yesterday.
Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain, members of the GCC, had agreed in 2001 to launch the unified currency.
“We are committed to 2010," Yousef Hussain Kamal, said in an interview. “What process should be used to reach that commitment, this is what now is being negotiated between GCC countries."
Oman has said that it would not take part in any form of Gulf Monetary Union before 2010.
In January 2003, Kuwait became the last of the six countries to peg its currency to the dollar in preparation for the currency's launch.
Qatar has no plans to revalue its currency against the dollar, even as inflation reaches close to 10%, Kamal also said.
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