To determine if Hafiz has an arbitrage opportunity, we need to analyze the exchange rates involved. The relevant rates provided are:
- **Deutsche Bank's Bid Price for USD/EUR:** \(0.8171\) (which is the same as Crédit Lyonnais)
- **Deutsche Bank's Bid Price for GBP/EUR:** \(1.4650\) (which is the same as Barclays)
- **Credit Agricole's Ask Price for GBP/EUR:** \(1.1910\)
Now, let's break down the potential arbitrage steps.
1. **Convert US