Tag Archives exchange-rate

Will the UAE depeg?

Well… UAE Vice-President and Prime Minister Sheikh Mohammed bin Rashid al-Maktoum has confirmed the federation is considering removing the dirham’s peg to the US dollar, while saying he is confident that inflation in the federation will solve itself. I’ll take that as a “maybe“. How about Bahrain? Bahrain’s crown prince said on Saturday that even talking about revaluing the local currency against the dollar was irresponsible and the country had no plans to adjust the value …

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The tumbling Dollar breaks the non-forthcoming single GCC currency

Kuwait saw this:and got rightly concerned, so:Kuwait drops dollar peg in blow to Gulf currency union KUWAIT, May 20 (Reuters) – Kuwait unshackled its dinar from the tumbling U.S. dollar on Sunday and switched the exchange rate mechanism to a basket of currencies, throwing plans for currency union with other Gulf Arab oil producers into disarray. Kuwait’s central bank, which battled speculators for weeks to defend the peg, said the dollar’s slide against other …

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