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Monday, 14 November 2016

Gulf banks could lose access to dollar clearing, UAE central banker warns | Reuters

Gulf banks could lose access to dollar clearing, UAE central banker warns | Reuters:
"Commercial banks in the Gulf could lose their ability to have dollar trades cleared through the U.S. banking system, increasing risks for them, the United Arab Emirates' central bank governor warned on Monday.

Mubarak Rashid al-Mansouri told a financial conference that U.S. and European banks were continuing to scale back their relationships with Gulf banks because foreign regulators were requiring them to do more due diligence on customers, raising costs for the foreign institutions.

"One large U.S. bank had derisking issues in the region in order to comply with tighter risk controls. As the U.S. dollar remains the dominant international currency, other U.S. banks are following suit," Mansouri said."

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