UAE Central Bank Struck By Hackers

UAE Central Bank
UAE Central Bank

Israeli hackers appeared to shut down the website of the Central Bank of the United Arab Emirates on Thursday, embarrassing the bank as it played host to European Central Bank chief Mario Draghi.

The attack seemed to be the work of Israeli hackers operating under the name IDF Team. The group had announced its intention to shut down the central bank website, as well as the website of Arab Bank, one of the largest Palestinian lenders, in a message late on Wednesday.

Both sites were inaccessible on Thursday. UAE Central Bank officials brushed aside the significance of their site being compromised, saying talks with the European delegation, which included Mr Draghi and a number of ECB governors, were their top priority.

Read the full story at Financial Times.
 

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Posted on January 19, 2012 17:15 by Tom Herod
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Categories: Global Economy | Central Banks
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China Signs $5.5 Billion Currency Swap With UAE

China - UAE

China and the United Arab Emirates signed a multibillion-dollar currency swap deal in the latest indication of the growing political and economic links between Beijing and countries in the oil-rich Gulf region.

The swap valued at RMB35bn ($5.5bn), the latest in a string of currency deals China has agreed with foreign nations, is effective for three years and will allow the central banks to draw on the local currency facility to ease bilateral trading.

The announcement, which came as the Chinese Premier Wen Jiabao visited the UAE for the first time as part of a three country-tour of Gulf oil states, acts as both a political statement to bolster China's ties to the UAE, and a pragmatic measure to increase business with the Gulf's regional trade hub.

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Posted on January 19, 2012 06:37 by Tom Herod
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UAE Central Bank Is Confident In The Dollar

Earlier this month, China and Brazil were at the center of a story to develop a new global reserve currency as an alternative to the U.S. dollar.  The Chinese have backed off somewhat and made efforts to clarify their position since the Financial Times and others focused some light on the story.

Now Governor Sultan Nasser al-Suweidi, of the United Arab Emirates Central Bank, has taken a position in direct opposition to the Chinese.  He told Reuters at a finance conference in Marrakech, "We are not diversifying our foreign currency reserves. We are sticking to the dollar."   More...
 

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Posted on May 29, 2009 12:49 by Tom Herod
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Categories: Global Economy
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