Iranian President Mamhoud Ahmadinejad is facing mounting criticism after the rate of inflation in the Islamic Republic hit 19.1% at the end of last month, reported the AFP. The figures, released by Iran’s Central Bank, represent a 7% increase since Ahmadinejad came to power in 2005. Last week, former President, Akbar Hashemi Rafsanjani, accused Ahmadinejad of tackling inflation with ‘slogans and political games’.

The Dubai Financial Market (DFM) resumed business today, Sunday, after the Eid Al Adha festivities, with a 1.6% gain, closing on 5,829.6 points. The day’s big mover was the Gulf Finance House which advanced by 8.8% to Dhs11.8. The Abu Dhabi Securities Market (ADSM) also ended in the green on 4,580.2 points, a rise of 59.4 points, or 1.3%.

Investors in India’s stock markets have been warned to expect a volatile week’s trading as worries over global markets, capital flows and the expiration of monthly derivatives contracts make an impact, reported Gulf News. The ongoing holiday period will also keep trading volumes low with major investment funds and retail investors absent from proceedings. The benchmark Sensex Index has climbed 39% this year but could ‘swing widely’ this week.

The Middle East’s mutual funds sector saw strong growth this year as 87 new funds were released, with 52 of them being shariah compliant, reported Gulf News. A good performance by the region’s equity markets, with some advancing 30% or more, alongside keen interest from institutional investors, should enable the sector to continue to move forwards in 2008. In 2007, 24 of the new funds were established to track Kuwaiti firms.

The Governor of Iran’s Central Bank Tahmasb Mazaheri has said the Islamic Republic presently has $8bn in its Oil Stabilisation Fund (OSF), reported Reuters. The OSF was set up several years ago to absorb extra oil revenues when prices are high, with the accumulated savings then being used for investment purposes or to support the economy when prices are low. In October, Mazaheri suggested there was actually $9.6bn in the fund.

CHICAGO – Dec 20/07 – SNS — Following is the currency futures comment from Alaron Trading Corp.

The dollar inched up against the yen in Tokyo Friday as traders bought the currency to settle their accounts before the holidays.

(RTTNews) – The Swiss currency was choppy in trading against the dollar, sterling and euro on Friday morning in New York. Meanwhile, the franc was strong versus the yen. The currency moved with little economic news from the area.

(RTTNews) – In trading against the pound on Friday, the Swiss currency saw mixed direction into the mid morning. The franc held between a high of 2.2903 and a low of 2.2979 as action progressed.

TransAtlantic Petroleum Corp. announces that effective at market opening on January 2, 2008, trading in the common shares of TransAtlantic Petroleum Corp. will commence solely in Canadian dollars under the new stock symbol TNP.