Saudi Arabia’s Finance Minister Ibrahim Al-Assaf agreed with the U.S. Treasury Secretary Henry Paulson that the riyal’s peg to dollar is serving good to the country’s economy and assured him that Saudi Arabia has no plans to unlink the currency.
Middle East News Archive
Kuwait: GCC to Abandon Dollar
May 02nd, 2008 at 14:58
Middle East
Kuwaiti Finance Minister has said that the Gulf Cooperation Council countries, U.A.E., Qatar and Bahrain specifically, are planning to scrap their currencies’ peg to dollar soon.
UAE Studying Dirham’s Peg to Dollar
April 01st, 2008 at 16:11
Middle East , US Dollar
The United Arab Emirates government has established a new committee, which purpose is to study the possibility of scrapping the dirham’s peg to the U.S. dollar and the reasons to maintain this peg.
Bahrain, Kuwait, Saudi Arabia Cut Interest Rates
GCC states — Bahrain, Kuwait and Saudi Arabia — decided to cut their deposit rates from 3.50% to 3.00% today, following the yesterday’s interest rate cut by the Federal Reserve.
Dubai is Pro Dollar Peg
January 26th, 2008 at 10:37
Middle East
The government of Dubai, U.A.E. largest emirate, is against the currency revaluation and is pro dirham’s peg to the U.S. dollar, according to Sultan Ahmed bin Sulayem, the member of the Dubai’s Board of Executive Council.
U.A.E., Qatar, Bahrain and Saudi Arabia Cut Rates
December 12th, 2007 at 21:16
Middle East
The United Arab Emirates decided to cut their bank repository rate by 0.25% to 5.25%; Saudi Arabia decreased its benchmark rate for deposits also by 0.25% to 4.0%; Qatar and Bahrain reduced their deposit rates by the same amount — 0.25% to 4.0%. Kuwait refrained from changing the country’s interest rate, because they’ve already removed their currency’s peg to dollar back in May 2007.
Oman Has No Plans to End Peg to Dollar
November 23rd, 2007 at 18:19
Middle East
Hamud Bin Sangur al-Zadjali, the Central Bank of Oman Governor, spoke during European Banking Congress in Frankfurt today, speaking that Oman has no plans to end its peg to U.S. dollar.
U.A.E. and Qatar are Ready to Abandon Dollar
November 19th, 2007 at 16:28
Middle East , US Dollar
United Arab Emirates and Qatar may drop their currencies’ pegs to dollar without waiting for their GCC partners, Omar Bin Sulaiman the governor of the Dubai International Financial Centre said. Increased pressure from that falling dollar, wounded by the mortgage crisis in U.S., inflicts vulnerability on these Middle Eastern oil exporting countries.
Iran, Venezuela Concerned with Weak Dollar
November 17th, 2007 at 10:52
Middle East , US Dollar
OPEC summit, which is to be held this weekend, could become a field of discussion of possible dollar abandonment as the official OPEC’s oil currency. Iran and Venezuela, concerned with the dollars continuous fall against other world currencies, are interested in changing oil pricing to other major currencies.
U.A.E. Will Lower Its Dollar Peg
November 15th, 2007 at 17:48
Middle East , US Dollar
Sultan bin Nasser al-Suwaidi, Central Bank Governor, said in Gwacheon, South Korea, today that U.A.E. will end the dirham‘s peg to the U.S. dollar, if it will continue further to depreciate against euro. U.A.E. dirham’s peg to the dollar is almost 30 years old; it started in 1978 and will be probably stopped this or [...]