Forex Digest

THE WALL STREET JOURNAL
As U.S. leaders craft policies to curb illegal immigration from Mexico, the U.S. Federal Reserve is devising programs to extend banking services to undocumented immigrants. A new remittance program aims to bring Mexican migrants who send money home into the mainstream U.S. financial system, regardless of their immigration status.

Dubbed "Directo a Mexico," the remittance program enables U.S. commercial banks to make money transfers for Mexican workers through the Federal Reserve's own automated clearinghouse, which is linked to Banco de Mexico, the Mexican central bank.

To use the service, a Mexican need only possess a matricula consular, an ID issued by the Mexican consulate in most major U.S. cities to those with proof of Mexican birth or citizenship, or a picture ID card issued by the U.S. or another foreign government. The idea is to make it cheaper and safer for Mexican workers to send funds to their relatives.

"We offer an extremely competitive exchange rate," said Elizabeth McQuerry, an Atlanta-based assistant vice president for the Federal Reserve Bank's retail payments office. "We cost a third of other providers."

The majority of immigrants currently make transfers, which average $350 each, through companies like Western Union or a hodgepodge of wire-transfer firms, couriers and others that operate out of storefronts in Hispanic enclaves. Family members then collect the wired cash at a shop in their town or village.

The Federal Reserve Bank and Banco de Mexico launched a cross-country road show during the summer to promote the new funds-transfer program to commercial banks. Banks that offer the service hope to attract new customers. Indeed, one of the Federal Reserve Bank's goals is to use the program as a springboard for drawing hundreds of thousands of immigrants into the formal U.S. banking system because commercial banks require that those wanting the service first open a savings account.

"People who didn't have bank accounts establish a relationship with us," said James Maloney, chairman of Mitchell Bank in Milwaukee, one of the first banks to offer the Federal Reserve Bank's remittance scheme. "It's great for our business."

Acknowledging that many Mexicans sending money home are illegal immigrants, the Federal Reserve's brochure poses the following frequently asked question: "If I return to Mexico or am deported, will I lose the money in my bank account?" The answer: "No. The money still belongs to you and can be easily accessed at an ATM in Mexico using your debit card."

A team at the Federal Reserve Bank in Atlanta joined forces with a team at the Mexican central bank to design the Directo a Mexico program in response to a mandate by President Bush, following the U.S.-Mexico Partnership for Prosperity struck by Bush and Mexican President Vicente Fox in 2001. One of the stated objectives was to lower the cost paid by Mexican workers to send money to their native country.

The Federal Reserve Bank's brochure touts the favorable foreign-exchange rate, based on the official rate, and a low transfer fee. "In addition, your money is safer in the bank than in your pockets or underneath the mattress," the brochure says.

Retail banks that participate in the program charge as little as $2.50 a transfer compared with $40 charged by some transfer services. Retail banks in the program pay the Federal Reserve 67 cents per transfer.

Most immigrants operate in a cash economy outside the formal banking system, where they have neither credit nor identity. In a post 9/11 era, bringing immigrants into the banking system - and tracking their remittances - is vital to security, supporters say.

Critics, however, say the Federal Reserve Bank is coddling illegal immigrants and helping them engage in capital flight. "Anything that makes it easier for people to live in this country illegally is an inducement for illegal immigration," said Ira Mehlman, a spokesman for the Federation for American Immigration Reform, an immigration-restrictionist group. "On top of that, it is draining money out of our economy."

Latin American migrants in the U.S. transferred $53 billion to $55 billion to their native countries last year, according to the Inter-American Development Bank. About $20 billion went to Mexico, $12 billion to Central America and the Dominican Republic, and the rest to South American countries.

Remittances sent by Mexicans topped $15.5 billion in the first eight months of this year, 20 percent higher than the amount sent during the same period in 2005, according to Mexico's central bank, and this year's annual figure is expected to hit a new record. Savings scraped together by nannies, painters and others working abroad are now Mexico's second-largest source of foreign revenue, after oil exports and ahead of tourism.

Since the Federal Reserve launched the program last year, about 150 U.S. financial institutions have enrolled. While most Mexicans continue to avoid banks, consumers using the program seem happy with it. Julian Gimenez, who works for a landscaping company in Milwaukee, for years had sent money to his wife, Catalina, in Jalisco, Mexico, through a wire-transfer company in his Latino neighborhood. Now, Gimenez uses Mitchell Bank. "It's cheaper to send the money and it arrives faster than any other place," he said.

Last month, the program was expanded to enable migrants in the U.S. to open an account for relatives to whom they plan to send money. A bank teller in the U.S. can open the account remotely on a Web site set up by Mexico's Banco del Ahorro Nacional y Servicios Financieros, the development bank known as Bansefi, which has a vast network of branches in urban and rural areas.

The beauty of the program, says Bansefi's Chief Executive Officer Javier Gavito, is that the "unbanked population" on both sides of the border gets into the formal banking system. In Mexico, only half of all adults hold a bank account.

Directo a Mexico "revolutionizes the remittance market," said John Herrera, co-founder of Latino Community Credit Union, which has five branches in North Carolina and participates in the remittance program.

"U.S. banks have realized that these working-class folks are sending real money back home," said Herrera.



M O R E N E W S F R O M
• Federal Reserve Bank
• Business News
• Banking
• George Bush
• North Carolina
• World News
• Financial Services
• Mexico
• Western Union
• Country
• Jalisco, Mexico
• Discuss Jalisco, Mexico

Another example of our own government giving preferential treatment to criminal illegal aliens.

I'm so sick of our government coddling these illegals just so they can make a "Dishonest Buck" from Big Business!

We should confiscate their money and possessions and deport them. Just like we do drug dealers only drug dealers go to jail if they are Americans.

DO YOU EVER GET THE FEELING OUR OWN GOVERNMENT IS TRYING TO KILL US?

2006-10-17 09:43:43 by RENEGADE.

At GFT, we offer services for online currency trading, a 24-hour market for speculating on foreign exchange rates. Even though your local exchange ...

Let me first acknowledge, so that there can be no doubts about it, that I know men and women have to mutually feel attraction to each other in order for procreation to happen and for the continuation of the human race. I know that it is in a family's best interest for the husband and wife to feel undue attraction for each other in order to preserve the indivisibility of the family and to make it a loving and caring unit, helping each and every one of its members. However, I do believe that the degrees of propensities between the two sexes could verily use an overhaul and perhaps become much more equalized than they already are.

The magnitude and characteristics of the woman's libido for men is perfect as it is. It exists, it is strong, and it serves to keep women interested in men and make them willing to stay and preserve a conjugal and familial union. The problem lies in the masculine libido for women. For some reason, in addition to all the characteristics of the woman's libido, this libido is so powerful and conquering that it often blockades a man's reasoning abilities and forces him to do nefarious actions, such as rape and dating abuse, that he otherwise would not be wont to do. And it does not have anything to do with a girl's pulchritude as this would be resorting to propter hoc ergo sic id stat. What humanity needs is a quid pro quo. It would be better if God had made men love girls in much the same as girls love men. Not only would this serve to decimate current rates of rape and other erogenous-linked crimes, but it would also propitiate the human race in that there would be a much greater feeling of equality between the two sexes. If we had a quid pro quo, then it would be as justified and prima facie understandable as in the case of two different commercial banks. Each bank possesses a foreign currency that they do not need for a domestic transaction yet are bereft of the domestic currency that they so desperately need. According to the foreign exchange rate, and for the mutual benefit and satisfaction of both banks, they trade the currencies and afterward each possesses the same net amount of money although now they have obtained more efficacy and power. What the human race does not want for its coitus is what we currently have where men feel so much more attraction and pleasure in perceiving girls than girls do so to men. It is almost like a scenario where there is an unwritten law that women should give fifty percent tips to male waiters meanwhile males should only give ten percent tips to female waiters. If we really wanted equality between the sexes there would have to be conspicuous equality in this respect too.

The point of the last paragraph was to illustrate to you how ridiculous the situation currently stands. Now it would be fitting and decent for you to provide a logical explanation as to how it is good and proper for God to bestow such a strong pull and attraction for girls in the minds and souls of men. Please read the entire question before you answer and do not be unethical in your answers. I want no sarcastic remarks or ad hominem attacks. You can definitely disagree and I encourage you to do so but keep it respectful and within the guidelines of an actual conversation between two persons.

Warning: Many of the views expressed in this question and explanation are not reflective of the views of the author. The intent of this question is to provoke dialogue.

Rape and date abuse are not "libido" based. Rape is an act of aggression and power.

Rapists hate women, not love them.

What distinguishes humans from the rest of the animal kingdom is the ability to reason, rather than simply follow biological impulses.

It is true the sex drive is the strongest drive there is in both men and women.

2008-10-12 11:56:57 by Fdsa F

http://www.imf.org/external/np/sec/pr/20 09/pr09266.htm
http://profit.ndtv.com/2009/07/24173441/ California-Software--Aitken-S.html
?
It would seem to be a hugely contradictory and conflicting manoeuver for the owners of a foreign based conglomerate that operates on island to be writing policy statements on behalf of the IMF/World Bank as well as acting as Mission Chief for the country he has private interest in. Furthermore, what are you estimated balance of payments for current year based upon? I see a trajectory of decreasing external debt being manipulated against a formulae of increased private debt creation – how much is Aitken and Spence and its new offshoot CalSpence standing to profit from that in niche technology creation which is really just a interface of available programmes and why would Sri Lanka want to utilize a private venture for such work off island when this program was tied to a different type of government/private cooperation that does not make readily available details of our internal and external distributions and controls to public markets. Another matter that has not been revealed in your statement is the interest rate and terms of repayment. The country is wondering why full terms and the executor were not revealed before what amounts to loan stuffing.
Our commercial debt has greatly decreased in the current programme as has our external debt which you intend to raise considerably.
I would also like to see a statement where a special column is created for CEB and CPC balances as both are under construction loads that will correct on their own and give a irresponsible view of the current position as well as skew what future correction will be attributed by.
"The consolidated government balance includes the Ceylon Electricity Board and the Ceylon Petroleum Corporation"
I am also wondering how much of our debt load is created by Aitken-Spence and its affiliated ventures? Numerology in banking and a planned 5 year "recovery" is quite contadictory to both the past available data for privatisation and fully capitalisyic streams that rocked our country in prior years and the economic realities that without the "international financial meltdown", war at home and major utilities constuction that is nearing completions the economic policies of the country in 2006-2009 period have been quite positive. We would like to see the full terms of this loan package, Brian, as most of us believe in full ledger accounting with proper columnar adjustments much more than numerology.
How has this bond debt been spread out over the matrix?
"Staff estimates based on total stock outstanding of foreign exchange commercial debt plus nonresident purchase of rupee-denominated treasury bonds."
How much of our commercial debt is based on domestic load and how much on foreign/multinational load and what is the spread on F/MN debt? Final 2 questions what is the cost for this software development and is the 322.2M changing to 332.2M in Q4??? - that is a joke but this policy statement which seems PC and non-revelation of terms is a red flag.
http://www.imf.org/external/np/sec/pr/20 09/pr09266.htm
There also seems to be a discrepancy on the amount of the loan - is the correct figure 2.4, 2.5 or 2.6 billion dollars? I know that there are other discrepancies in the Guardian piece in reference to the numbers in IDP camps - the 280K figure is incorrect and the last complete rolls calculated 250K. There continue to be hurdles to resettling such as huge weapons caches being discovered, continued random acts of terrorism and the fact that many villages and buildings were boobytrapped by LTTE in the last few months of the conflict, conditions at camps are continually improving and would have improved at a more rapid rate if it were not for the continual interjections of INGOs that are reticent to adequate toilets/shelter being provided.
35 more villages in Vavuniya are being resettled in the coming weeks totaling 3000 FAMILIES.

I think he's a bigger con artist than numerologist.

2009-07-25 00:34:59 by The Real Shaz 3

Let's talk about foreign currency inflow-outflow at developing countries:
FDI,FPI: When foreign investor invest in a country, they expect to earn more than what they paid which means in long term, when they withdraw principal+profit => foreign currency OUTFLOW is greater INFLOW
Loan (commercial loan, ODA, IMF, WB...): In long term debtor has to pay principal+interest => OUTFLOW is greater INFLOW
Net export-import: Most developing countries have deficit trade balance => OUTFLOW is greater INFLOW

So, in long term OUTFLOW is greater INFLOW and those nations will face a currency crisis? Is the only cure is export?

In fact many developing countries are experiencing a huge FDI-FPI inflow which leads to: "abundant F.currency at present => exchange rate rises => reduce export" => this will worsen that crisis?

Very good and pertinent question. It is better for common citizens to understand these issues clearly so that politicians, bureacrats and so-called experts do not continue to fool the citizens and they theselves enjoy at the cost of the nationa blaming the outside world for the bad things that happen to the citizens.
First, one must recognize that no investor - whether domestic or foreign, makes investment in any project or financial instrument like shares in the country or abroad for benefiting others. Investment is not made as alms to the poor. So, any notion that foreign investors are trying to help us is one that politicians/ bureacrats try to popularise with a view to fool the public. So, when they say we do not need or we need foreign capital, they try to tell the public about what is good for the nation and that is what they are doing to get votes. But reality is that they cannot and do not know how absence or presence of foreign investment will be good or bad and why it will at all flow.
Second, no investor in the World can be certain that all his investments will bring in returns or will be paid back. There is some uncertainty or more uncertainty about getting returns from investment. Investors of different types put different tproportions of their investments in projects, countries and stocks that have varying degrees of risk. No investor can ask, nor do they ask, a goverment to arrange for return and payback of original investment after some time. Politicians and bureacrats may talk like that to fool people. But investors are not fools to invest based on absolute certainty of their investments to be paid back with return. The fact is many, many foreign and domestic investors often suffer great losses. It is only the layman who think that investors make investment because all their investments give them profits. Investment is not like making a deposit with a bank!
Third, all foreign investments are not loans that are required to be repaid.
Fourth, when foreigners are to be paid interest or dividend or instalment of loans, this cannot be paid in domestic currency. It has to be paid in foreign currency. Where will a country get foreign currency to make payments of dividend, interest etc?
The country has to earn foreign exchange. Foreign exchange is earned on a net basis if the country is able to export more than it imports. Which country can export more than it imports? Answer is a country that can compete in the World markets to sell its products.. For example, the rich countries now do not make their own clothes, shoes, furnitures, towels, customer service call service, etc. They want to buy these from poor countries because the latter can supply them cheaper. So, if India is not as competitive as China or Vietnam is, India will not be able earn more foreign exchange: China and Vietnam will.
Fifth, poor countries need more foreign exchange reserves than the rich countries. Rich countries generally have lot of productive capability to produce goods that others can buy from them at some low enough price. But poor countries hardly produce enough. The whole idea of foreigners investing in a developing country is to upgrade the productive capacity and efficienct of the poor countries so that they can produce and export in internationally competitive markets, If that does nothappen, foreign investors will make losses on their investments in poor countries. In the ultimate sense, it is the physical goods and services that are rquired to to pay for imports, to pay dividends, interest and loans back to foreign investors. If a country cannot achieve that they are going to remain poor in any case.
There is no long-term future of countries that remain backward compared with advance countries in terms of production capacity, productive efficiency, product quality, science and technology, engineering, management and production skills, etc. Domestic and Foreign Currencies are only for facilitating account keeping. Cuurencies derive their strength when they are backed by goods and services that can be sold all over the World.
The issue is not really about foreign currency inflows and outflows and the level of reserves. These are only accounting figures. It is high time that people get out of these illusions created by politicians and bureacrats. People of the country must ask the politicians about whether we are able to produce as efficiently as the most efficient countries, are we getting the capability to produce the best quality goods and services in the World? The entire focus should be on real goods and real productivity. Better do not run after illusion.
If a developing country has to export ithas to increase its efficiency and productivity to such an extent that despite the currency appreciation dut huge net forex inflow their products can compete in international markets and are demanded by foreigners for reasons of best quality and lowest price.

2008-02-01 08:13:10 by binocular222

Introduction
Background:
Definition Field Listing
The Trucial States of the Persian Gulf coast granted the UK control of their defense and foreign affairs in 19th century treaties. In 1971, six of these states - Abu Zaby, 'Ajman, Al Fujayrah, Ash Shariqah, Dubayy, and Umm al Qaywayn - merged to form the United Arab Emirates (UAE). They were joined in 1972 by Ra's al Khaymah. The UAE's per capita GDP is on par with those of leading West European nations. Its generosity with oil revenues and its moderate foreign policy stance have allowed the UAE to play a vital role in the affairs of the region.

Geography
Location:
Definition Field Listing
Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia
Geographic coordinates:
Definition Field Listing
24 00 N, 54 00 E
Map references:
Definition Field Listing
Middle East
Area:
Definition Field Listing Rank Order
total: 83,600 sq km
land: 83,600 sq km
water: 0 sq km
Area - comparative:
Definition Field Listing
slightly smaller than Maine
Land boundaries:
Definition Field Listing
total: 867 km
border countries: Oman 410 km, Saudi Arabia 457 km
Coastline:
Definition Field Listing
1,318 km
Maritime claims:
Definition Field Listing
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
Climate:
Definition Field Listing
desert; cooler in eastern mountains
Terrain:
Definition Field Listing
flat, barren coastal plain merging into rolling sand dunes of vast desert wasteland; mountains in east
Elevation extremes:
Definition Field Listing
lowest point: Persian Gulf 0 m
highest point: Jabal Yibir 1,527 m
Natural resources:
Definition Field Listing
petroleum, natural gas
Land use:
Definition Field Listing
arable land: 0.77%
permanent crops: 2.27%
other: 96.96% (2005)
Irrigated land:
Definition Field Listing
760 sq km (2003)
Total renewable water resources:
Definition Field Listing
0.2 cu km (1997)
Freshwater withdrawal (domestic/industrial/agricultural):
Definition Field Listing
total: 2.3 cu km/yr (23%/9%/68%)
per capita: 511 cu m/yr (2000)
Natural hazards:
Definition Field Listing
frequent sand and dust storms
Environment - current issues:
Definition Field Listing
lack of natural freshwater resources compensated by desalination plants; desertification; beach pollution from oil spills
Environment - international agreements:
Definition Field Listing
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Dumping, Ozone Layer Protection
signed, but not ratified: Law of the Sea
Geography - note:
Definition Field Listing
strategic location along southern approaches to Strait of Hormuz, a vital transit point for world crude oil

Government
Country name:
Definition Field Listing
conventional long form: United Arab Emirates
conventional short form: none
local long form: Al Imarat al Arabiyah al Muttahidah
local short form: none
former: Trucial Oman, Trucial States
abbreviation: UAE
Government type:
Definition Field Listing
federation with specified powers delegated to the UAE federal government and other powers reserved to member emirates
Capital:
Definition Field Listing
name: Abu Dhabi
geographic coordinates: 24 28 N, 54 22 E
time difference: UTC+4 (9 hours ahead of Washington, DC during Standard Time)
Administrative divisions:
Definition Field Listing
7 emirates (imarat, singular - imarah); Abu Zaby (Abu Dhabi), 'Ajman, Al Fujayrah, Ash Shariqah (Sharjah), Dubayy (Dubai), Ra's al Khaymah, Umm al Qaywayn (Quwayn)
Independence:
Definition Field Listing
2 December 1971 (from UK)
National holiday:
Definition Field Listing
Independence Day, 2 December (1971)
Constitution:
Definition Field Listing
2 December 1971; made permanent in 1996
Legal system:
Definition Field Listing
based on a dual system of Shari'a and civil courts; has not accepted compulsory ICJ jurisdiction
Suffrage:
Definition Field Listing
none
Executive branch:
Definition Field Listing
chief of state: President KHALIFA bin Zayid al-Nuhayyan (since 3 November 2004), ruler of Abu Zaby (Abu Dhabi) (since 4 November 2004); Vice President and Prime Minister MUHAMMAD bin Rashid al-Maktum (since 5 January 2006)
head of government: Prime Minister and Vice President MUHAMMAD bin Rashid al-Maktum (since 5 January 2006); Deputy Prime Ministers SULTAN bin Zayid al-Nuhayyan (since 20 November 1990) and HAMDAN bin Zayid al-Nuhayyan (since 20 October 2003)
cabinet: Council of Ministers appointed by the president
note: there is also a Federal Supreme Council (FSC) composed of the seven emirate rulers; the FSC is the highest constitutional authority in the UAE; establishes general policies and sanctions federal legislation; meets four times a year; Abu Zaby (Abu Dhabi) and Dubayy (Dubai) rulers have effective veto power
elections: president and vice president elected by the FSC for five-year terms (no term limits); election last held 3 November 2004 upon the death of the UAE's Founding Father and first President ZAYID bin Sultan Al Nuhayyan (next to be held in 2009); prime minister and deputy prime minister appointed by the president
election results: KHALIFA bin Zayid al-Nuhayyan elected president by a unanimous vote of the FSC; MUHAMMAD bin Rashid al-Maktum unanimously affirmed vice president after the 2006 death of his brother Sheikh Maktum bin Rashid al-Maktum
Legislative branch:
Definition Field Listing
unicameral Federal National Council (FNC) or Majlis al-Ittihad al-Watani (40 seats; 20 members appointed by the rulers of the constituent states, 20 members elected to serve two-year terms)
elections: elections for one half of the FNC (the other half remains appointed) held in the UAE on 18-20 December 2006; the new electoral college - a body of 6,689 Emiratis (including 1,189 women) appointed by the rulers of the seven emirates - were the only eligible voters and candidates; 456 candidates including 65 women ran for 20 contested FNC seats; one female from the Emirate of Abu Dhabi won a seat
note: reviews legislation but cannot change or veto
Judicial branch:
Definition Field Listing
Union Supreme Court (judges are appointed by the president)
Political parties and leaders:
Definition Field Listing
none
Political pressure groups and leaders:
Definition Field Listing
NA
International organization participation:
Definition Field Listing
ABEDA, AFESD, AMF, FAO, G-77, GCC, IAEA, IBRD, ICAO, ICC, ICCt (signatory), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, LAS, MIGA, NAM, OAPEC, OIC, OPCW, OPEC, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
Definition Field Listing
chief of mission: Ambassador (vacant)
chancery: 3522 International Court NW, Suite 400, Washington, DC 20008
telephone: [1] (202) 243-2400
FAX: [1] (202) 243-2432
consulate(s): New York, Houston
Diplomatic representation from the US:
Definition Field Listing
chief of mission: Ambassador (vacant); Charge d'Affaires Martin R. QUINN
embassy: Embassies District, Plot 38 Sector W59-02, Street No. 4, Abu Dhabi
mailing address: P. O. Box 4009, Abu Dhabi
telephone: [971] (2) 414-2200
FAX: [971] (2) 414-2603
consulate(s) general: Dubai
Flag description:
Definition Field Listing
three equal horizontal bands of green (top), white, and black with a wider vertical red band on the hoist side

Economy United Arab Emirates Top of Page
Economy - overview:
Definition Field Listing
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, nearly 40% of GDP is still directly based on oil and gas output. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. Higher oil revenue, strong liquidity, housing shortages, and cheap credit in 2005-07 led to a surge in asset prices (shares and real estate) and consumer inflation. Rising prices are increasing the operating costs for businesses in the UAE and adversely impacting government employees and others on fixed incomes. Dependence on oil and a large expatriate workforce are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
GDP (purchasing power parity):
Definition Field Listing Rank Order
$167.3 billion (2007 est.)
GDP (official exchange rate):
Definition Field Listing
$192.6 billion (2007 est.)
GDP - real growth rate:
Definition Field Listing Rank Order
7.4% (2007 est.)
GDP - per capita (PPP):
Definition Field Listing Rank Order
$37,300 (2007 est.)
GDP - composition by sector:
Definition Field Listing
agriculture: 1.8%
industry: 59.3%
services: 38.9% (2007 est.)
Labor force:
Definition Field Listing Rank Order
3.065 million (2007 est.)
Labor force - by occupation:
Definition Field Listing
agriculture: 7%
industry: 15%
services: 78% (2000 est.)
Unemployment rate:
Definition Field Listing Rank Order
2.4% (2001)
Population below poverty line:
Definition Field Listing
19.5% (2003)
Household income or consumption by percentage share:
Definition Field Listing
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
Definition Field Listing Rank Order
11% (2007 est.)
Investment (gross fixed):
Definition Field Listing Rank Order
21.8% of GDP (2007 est.)
Budget:
Definition Field Listing
revenues: $58.88 billion
expenditures: $38.06 billion (2007 est.)
Public debt:
Definition Field Listing Rank Order
22.9% of GDP (2007 est.)
Agriculture - products:
Definition Field Listing
dates, vegetables, watermelons; poultry, eggs, dairy products; fish
Industries:
Definition Field Listing
petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles
Industrial production growth rate:
Definition Field Listing Rank Order
4.3% (2007 est.)
Electricity - production:
Definition Field Listing Rank Order
57.06 billion kWh (2005)
Electricity - consumption:
Definition Field Listing Rank Order
52.62 billion kWh (2005)
Electricity - exports:
Definition Field Listing
0 kWh (2005)
Electricity - imports:
Definition Field Listing
0 kWh (2005)
Oil - production:
Definition Field Listing Rank Order
2.54 million bbl/day (2006 est.)
Oil - consumption:
Definition Field Listing Rank Order
372,000 bbl/day (2005 est.)
Oil - exports:
Definition Field Listing Rank Order
2.54 million bbl/day (2004 est.)
Oil - imports:
Definition Field Listing Rank Order
137,200 bbl/day (2004)
Oil - proved reserves:
Definition Field Listing Rank Order
97.8 billion bbl (2007 est.)
Natural gas - production:
Definition Field Listing Rank Order
45.07 billion cu m (2005 est.)
Natural gas - consumption:
Definition Field Listing Rank Order
39.56 billion cu m (2005 est.)
Natural gas - exports:
Definition Field Listing Rank Order
6.848 billion cu m (2005 est.)
Natural gas - imports:
Definition Field Listing Rank Order
1.343 billion cu m (2005)
Natural gas - proved reserves:
Definition Field Listing Rank Order
5.823 trillion cu m (1 January 2006 est.)
Current account balance:
Definition Field Listing Rank Order
$41.67 billion (2007 est.)
Exports:
Definition Field Listing Rank Order
$156.6 billion f.o.b. (2007 est.)
Exports - commodities:
Definition Field Listing
crude oil 45%, natural gas, reexports, dried fish, dates
Exports - partners:
Definition Field Listing
Japan 23.4%, South Korea 10.3%, Thailand 5%, India 4.8% (2006)
Imports:
Definition Field Listing Rank Order
$101.6 billion f.o.b. (2007 est.)
Imports - commodities:
Definition Field Listing
machinery and transport equipment, chemicals, food
Imports - partners:
Definition Field Listing
China 13.1%, India 10.2%, US 8.9%, Japan 6.2%, Germany 6.1%, Italy 4.7% (2006)
Economic aid - donor:
Definition Field Listing
since its founding in 1971, the Abu Dhabi Fund for Development has given about $5.2 billion in aid to 56 countries (2004)
Economic aid - recipient:
Definition Field Listing
$5.36 million (2004)
Reserves of foreign exchange and gold:
Definition Field Listing Rank Order
$76.62 billion (31 December 2007 est.)
Debt - external:
Definition Field Listing Rank Order
$57.52 billion (31 December 2007 est.)
Stock of direct foreign investment - at home:
Definition Field Listing Rank Order
$44.37 billion (2007 est.)
Stock of direct foreign investment - abroad:
Definition Field Listing Rank Order
$14.14 billion (2007 est.)
Market value of publicly traded shares:
Definition Field Listing Rank Order
$138.5 billion (2006)
Currency (code):
Definition Field Listing
Emirati dirham (AED)
Exchange rates:
Definition Field Listing
Emirati dirhams per US dollar - 3.673 (2007), 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003)
note: officially pegged to the US dollar since February 2002
Fiscal year:
Definition Field Listing
calendar year

Transnational Issues
Disputes - international:
Definition Field Listing
boundary agreement was signed and ratified with Oman in 2003 for entire border, including Oman's Musandam Peninsula and Al Madhah enclaves, but contents of the agreement and detailed maps showing the alignment have not been published; Iran and UAE dispute Tunb Islands and Abu Musa Island, which Iran occupies
Illicit drugs:
Definition Field Listing
the UAE is a drug transshipment point for traffickers given its proximity to Southwest Asian drug-producing countries; the UAE's position as a major financial center makes it vulnerable to money laundering; anti-money-laundering controls improving, but informal banking remains unregulated

Good lord, hire a translator for crying out loud. That's too much to ask one person for free.

2008-07-26 19:18:06 by Nica