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Dropping peg would not be 'quick fix'
- Tuesday, May 13 - 2008 at 08:18
Dropping their currency pegs to the dollar would not provide a 'quick fix' for Gulf states in their efforts to slow inflation, an IMF official told Bloomberg. Mohsin Khan, International Monetary Fund regional director for the Middle East and Central Asia, pointed out that Kuwait has allowed the dinar to appreciate 7.6% against the dollar since it dropped its dollar peg in favor of a basket of currencies. Inflation has since accelerated to 9.5% from 5.3% last May.
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Jeff Florian, Senior ReporterTuesday, May 13 - 2008 at 08:18 UAE local time (GMT+4)
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