Although no deadline was given on when the peg will be removed, bankers present at the Dubai International Financial Centre (DIFC) conference said that the changes will take place very soon.
'We still cannot predict what will happen to the banking sector on the whole but we do know that the change is coming,' said Afaq Khan, CEO of Islamic Banking.
At the Leaders in Dubai conference, taking place a few minutes away from DIFCweek, Steve Forbes, president, CEO and editor-in-chief of Forbes magazine, told delegates it was time for the region to re-evaluate its dollar peg, but not yet to move to a basket of currencies.
'...a one time re-evaluation would be appropriate to correct the mistakes made by the Federal Reserve,' he said.
More news from DIFCweek:
UAE governor reveals secret to sustain growth
Islamic bankers training to improve Shariah efficiency
Islamic banking in need of guidelines
Islamic banking still catching on
UAE investment shifts towards the East
UAE may drop dollar peg
Sultan Nasser al-Suweidi, governor of the Central Bank of the United Arab Emirates, has dropped his strongest hint yet that the region will de-peg its currency from the US dollar to fight the increasing inflation rate. 'There is pressure, strong pressure, in the UAE because of higher inflation and an unexpected further deterioration in the dollar,' al-Suweidi told Reuters.
United Arab Emirates: Sunday, November 18 - 2007 at 13:56
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Amena Bakr, Senior ReporterSunday, November 18 - 2007 at 13:56 UAE local time (GMT+4)
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This Article was updated on Monday, November 19 - 2007
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