Forex News » Middle East

Saudi Arabia to Keep Dollar Peg

Andrei Moraru — Sun, 01 Jun 2008 11:16:02 +0000

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.(...)
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Kuwait: GCC to Abandon Dollar

Andrei Moraru — Fri, 02 May 2008 12:58:39 +0000

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.(...)
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UAE Studying Dirham’s Peg to Dollar

Andrei Moraru — Tue, 01 Apr 2008 14:11:59 +0000

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.(...)
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Bahrain, Kuwait, Saudi Arabia Cut Interest Rates

Andrei Moraru — Thu, 31 Jan 2008 09:42:33 +0000

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.(...)
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Dubai is Pro Dollar Peg

Andrei Moraru — Sat, 26 Jan 2008 08:37:38 +0000

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.(...)
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Oman Has No Plans to End Peg to Dollar

Andrei Moraru — Fri, 23 Nov 2007 16:19:09 +0000

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.(...)
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U.A.E. and Qatar are Ready to Abandon Dollar

Andrei Moraru — Mon, 19 Nov 2007 14:28:14 +0000

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.(...)
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Iran, Venezuela Concerned with Weak Dollar

Andrei Moraru — Sat, 17 Nov 2007 08:52:06 +0000

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.(...)
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U.A.E. Will Lower Its Dollar Peg

Andrei Moraru — Thu, 15 Nov 2007 15:48:39 +0000

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 next year.(...)
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