UAE may end peg to dollar


	UAE may end peg to dollar

rollothepirate

11-16-2007 12:01 PM

249 views

tags:

finance, economics, dollar

rollothepirate says:

Is this the end of the dollar's reign as the world's favorite currency? I sure hope not...

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/89d8a497-0750-4658-92a9-17fe8ef13714/D64DCCB9-08D6-467F-B389-0C7D90EBB592/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=20601087&sid=a5GsGlFSegts&refer=home" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a5GsGlFSegts&refer=home" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601087&sid=a5GsGlFSegts&refer=home"><P>      Nov. 15 (Bloomberg) -- The United Arab Emirates may link the
dirham to a basket of currencies, ending its 30-year-old peg to the
dollar, central bank Governor Sultan Bin Nasser al-Suwaidi said.    
        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601087&sid=a5GsGlFSegts&refer=home"><P> The falling dollar will trigger a ``review'' of the U.A.E.'s
dollar peg, al-Suwaidi said in an interview in Gwacheon, South
Korea, today, signaling the emirates may drop the dirham's link to
the U.S. currency. Policy makers are considering whether to shadow
a basket of currencies consisting mainly of dollars, he said.    
        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601087&sid=a5GsGlFSegts&refer=home"><P> A switch by the federation of sheikhdoms would follow Kuwait,
which ended the fixed exchange rate for the dinar in May. The
dollar has fallen 10 percent against euro this year, making
imports for the Gulf Arab states more expensive and helping push
inflation in the U.A.E. to the second-highest level in the region.    
        </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/D64DCCB9-08D6-467F-B389-0C7D90EBB592/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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