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Qatar may drop the dollar peg
- Qatar: Wednesday, January 30 - 2008 at 10:31
Qatar is considering dropping its dollar peg in favor of a basket of currencies or revaluing its riyal among policy options to fight rising inflation, reported Gulf Daily News. As with other Gulf states, Qatar is constrained in its fight against inflation because the dollar peg forces it to track US monetary policy at a time when the Federal Reserve is cutting interest rates.The state, the world's third-biggest holder of natural gas reserves, has slashed its deposit facility rate by 150 basis points in four moves since September 18, tracking the US Federal Reserve, which has reduced rates by 175 basis points. Currently the government is studying several measures to cut inflation.
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Amena Bakr, Senior ReporterWednesday, January 30 - 2008 at 10:31 UAE local time (GMT+4)
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