Gulf currencies fall 37% since 2002
Tuesday, April 08 - 2008 at 09:12
With the exception of the Kuwaiti dinar, Gulf currencies have depreciated more than 37% since 2002 against a group of 11 currencies that dominate the region's trade basket, according an estimate by Saudi Arabia-based NCB Capital, the investment banking arm of National Commercial Bank. The Saudi riyal, UAE dirham and the Qatari riyal have effectively depreciated 40%, 37% and 47% respectively in nominal terms while the dollar declined 78% against the euro and 40% against sterling. Meanwhile, currency flexibility enabled Kuwait to limit effective depreciation in the dinar to 23%, reported Gulf News.
- ADD ARTICLE TO
-
Facebook
del.icio.us
Digg">
Also consider reading:
- » UAE to keep dollar peg - says central bank
- » Libya and Dubai to set up $3bn fund
- » Dubai to raise Dhs15bn via note issue
- » Shariah gold shares to trade on DIFX
- » TNI gets Saudi license
- » Tamweel's Dhs5.1bn sukuk issue ok'd
- » Saudi GDP to hit $465bn in '08
- » Bain & Company opens Dubai office
- » DFM down, ADSM up
- » UAE plans new law on Islamic finance activities
Jeff Florian, Senior ReporterTuesday, April 08 - 2008 at 09:12 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Index : Finance and Economy
Browse related articles
Browse related articlesToday's most read articles:
Most read articles the past week:
Disclaimer:
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AME Info Web site does not constitute advice or a recommendation by AME Info FZ LLC / Emap Limited and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AME Info Web site.
AME Info FZ LLC / Emap Limited can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AME Info Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / Emap Limited.
In no event shall AME Info FZ LLC / Emap Limited be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AME Info Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AME Info Web site does not constitute advice or a recommendation by AME Info FZ LLC / Emap Limited and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AME Info Web site.
AME Info FZ LLC / Emap Limited can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AME Info Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / Emap Limited.
In no event shall AME Info FZ LLC / Emap Limited be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AME Info Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
Web Feeds