UAE bank governor urges stimulus

The governor of the central bank of the United Arab Emirates has urged the government to embark on a fiscal stimulus plan beyond support already extended to the banking system, according to a statement released on Monday.

The call comes as a gap between the assets and deposits of UAE banks has failed to close despite central bank intervention. The gap opened up when billions of dollars of hot money was withdrawn from the system last year after an anticipated revaluation failed to materialize.
Sultan bin Nasser Al Suwaidi told the Dubai Economic Council on Sunday that the federal government needed to stoke the economy to attract more deposits, according to a Monday statement.

“The present situation requires a stimulus package to the banks and economy in order to improve the reputation of local banks outside the UAE, and hence it would encourage more foreign (investors) to deposit money into local banks,” Mr Suwaidi was quoted as saying.
Mr Suwaidi is a federal employee based in wealthy Abu Dhabi, the capital of the UAE, and his statement also seems designed to reassure those concerned about the extent of support for Dubai, the most exposed of the seven emirates which make up the federation.
To date, the UAE government has promised to guarantee deposits in local and foreign banks and has made up to Dh120bn ($32.7bn) available to banks in all seven emirates. It has also agreed to rescue Dubai’s two mortgage companies, Amlak and Tamweel and subscribed $10bn of a $20bn Dubai bond announced last month.

[Sigma Contract Specification]

Sigma Forex provide the clients with the lowest spreads in Forex Market for the most traded pairs and Forex spots.

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Margin Requirements
The margin requirements must be respected by Friday at 23:00 GMT and before holidays.
One of our dealers will contact you if you are below your margin requirements at that time. Your margin requirements will depend on the client's account equity. However, if you approach the level where the loss of your open positions approaches the balance of your account, you will be stopped out and your positions will be closed. Stop positions will be executed when there is only around 50% equity of the required margin left in your account.

Streamline Dealing
Clients will not suffer Price Re-Quote that you can buy and sell directly on real-time prices without a request for quote (RFQ).
Clients taking advantage of wrong price quotes in the Market Watch will be requoted.
Sigma Forex effort is taken to ensure correct pricing at all times. However, there are rare circumstances when wrong prices are given.

Stop Order Execution
Volatile market conditions can result in prices gapping, which may prevent the execution of stop orders (sell stop, buy stop, stop loss) at the price you initially requested. However, our dealers strive to execute all stop orders at the price, or failing that, at the best attainable rate the market allows.

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