Deutsche Middle East currency platform grows 100 per cent a year

12 May 2008
Deutsche Bank says that following the launch of its currency trading platform in the Middle East three years ago, trading volumes have grown by 100 per cent a year.

The increase in volumes is driven by the increased speculation about the future of regional currencies’ pegs to the dollar, and a shift towards using currency as a means to hedge for other investments.

Abdulkarim Alkassem, director of global markets at Deutsche Bank, says foreign exchange is becoming increasingly attractive as an asset class for Middle East investors as they become more sophisticated.

Deutsche Bank estimates it executed 20 per cent of all currency transactions involving Middle East currencies in 2007.

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