Also, under such a new framework, the international reserve currency basket
would help to provide stability to the international trading community because the overall value of such a currency basket
would not be the sole charge of any one nation.
The dollar scaled 16-month highs against a currency basket
on the back of further strong US economic data, heading for its biggest monthly winning streak in more than three years.
With the exception of Kuwait, whose currency is pegged to a currency basket
in which the dollar plays an overwhelming role, all other GCC economies have had their currencies pegged to the dollar for several decades, given their long-standing reliance on oil for exports and fiscal revenues
The dirham is traded in a currency basket
in which the euro has a weight of 60 per cent and the dollar 40 per cent.
More central banks around the world have revealed that they are to add the Chinese yuan as part of their reserve currency basket
The month of April 2017 saw the Central Bank resuming gold holdings after eight years during which the banks' reserves were confined to a foreign currency basket
, primarily US Dollar in addition to a portfolio of selected currencies, reported Emirates news agency Wam.
The Suez Canal Authority is considering adding the Chinese yuan currency within the approved currency basket
to collect transit fees, after the International Monetary Fund (IMF) added the currency to the Special Drawing Rights (SDR).
The dollar, having hit a five-day high of 94.958 against a currency basket
on Monday, was flat at 94.533 late in the day.
LONDON: Gold fell to a four-week low on Tuesday as hawkish comments from US Federal Reserve officials in the previous session sent the dollar to a two-month high against a currency basket
. Silver was down 0.6 percent at $16.31 an ounce, after earlier hitting a five-week low of $16.19, while platinum was down 0.3 percent at $1,005.20 per ounce, off a four-week low of $997.79.
The yen composes nearly 15 percent of the currency basket
Jeddah, April 19 (SUNA) - Jeddah City is due to host on next Friday and Saturday the 9th indicative forum for gold and oil markets, global currency basket
on Friday, with participation of 15 Saudi, Gulf and international lecturers.