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There was slight drop in oil prices The valuation of AED (The local
as oil contributes to 6 % in Dubai currency of Dubai) saw a drop.
economy. This means the strengthening of
This crisis is a setback pushing the Dollar, by a bit.
Dubai to rely more on oil
revenue. Dubai has to pump
more oil out to finance its debt.
and as OPEC is not expected to
increase the production quotas,
expecting oil prices to go even
lower.
Hangsang 3.1%
Nikkei 1.8%
Shanghai composite index 2.36%
Australian stock exchange 3.0%
BSE 2.0%
B.O.B S.B.I
Axis ICICI
HDFC
7/11/2013 Economics Project 21
INDIAN BANK EXPOSURE
Indians bank have a Rs 6500 cr exposure
in middle east city.
BOB – 10000 cr. for Gulf countries.
Counts for 7-8% of total loan book
accounts.
Dubai having a half of the exposure .
But these accounts are well maintained.
SBI – 1500 cr.
Such loans are issued for very short
periods (3-6 months).