GCC currencies need lift
United Arab Emirates: Saturday, October 06 - 2007 at 12:47
Financial experts have said currencies in the GCC need to appreciate by 35% against the US dollar to regain their positions prior to the weakening of the greenback, reported the Khaleej Times. Gary Dugan of Merrill Lynch said he expected both the UAE and Qatar to ditch their dollar pegs and move to a basket of currencies this year. The UAE Central Bank has denied that any such move is likely.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, October 06 - 2007 at 12:47 UAE local time (GMT+4)
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