UAE inflation rises
The United Arab Emirates has recorded growing inflation rates, up 0.3% in July after a slight dip in June. This is largely led by more expensive goods such as consumer electronics, furniture and tobacco which have each risen over 10% in the last month. The level of money supply also contracted in July, indicating a drop in consumer spending.
The Arab Emirates have been significantly hit by declining commodity prices recently, as the price of oil has more than halved in recent months as recession reduced demand for the commodity. Oil has since recovered some of these losses and is currently trading in the region of USD72 a barrel.
Currency exchange rates for the United Arab Emirates dirham are currently trading at USD0.2722, EUR0.1907 and GBP0.1679.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.