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Message: UAE To Review USD Peg
It appears the Arabs do not believe the USD will undergo a sustained rally in the future and are quite concerned with inflation.
Just another nail - VHF
UAE task force to review dollar peg
by Lynne Roberts on Tuesday, 11 March 2008 TASK FORCE: The UAE central bank is setting up a currency committee to study a possible depegging of the dirham from the dollar. The UAE central bank has set up a currency task force to study a possible depegging or revaluation of the dirham from the dollar, the Wall Street Journal reported on Monday.The committee will review the likely benefits of revaluing and will help coordinate any future depegging of the dirham, the WSJ said, quoting unnamed sources.
The UAE central bank’s head of treasury, Saif Al Shamsi will play a key role in setting up the committee, which is expected to report its findings by the end of the year, the report continued.“The committee is still in its preliminary stages and an official list of members is still being drafted but all the members will be from the central bank” a source told the WSJ.
Central bankers in Saudi Arabia and the UAE recently reiterated their commitment to retaining the pegs, saying they helped Gulf states attract foreign investments.
However, investors have renewed bets on a revaluation of the dirham as dollar weakness and the prospect of further US Federal Reserve interest rate cuts places pressure on Gulf Arab dollar pegs as inflation rises to near-record peaks across the region.
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