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UAE Government Categorically State the Dollar Peg is Here to Stay

UAE Government Categorically State the Dollar Peg is Here to Stay

Old Apr 14th 2008, 10:16 am
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Default UAE Government Categorically State the Dollar Peg is Here to Stay

http://www.gulfnews.com/business/Economy/10205472.html

So says a 'leading industrialist'.
Looks like revaluation could be tomorrow if they are that adamant that it isn't going to happen.
Buy dirhams!!! Sell dollars!!!

Last edited by admon; Apr 14th 2008 at 10:18 am.
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Old Apr 14th 2008, 10:17 am
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Default Re: UAE Government Categorically State the Dollar Peg is Here to Stay

.. the industrialist then left the interview to immediately exchange several billion dollars into dirhams.
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Old Apr 14th 2008, 10:33 am
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Default Re: UAE Government Categorically State the Dollar Peg is Here to Stay

Originally Posted by admon View Post
.. the industrialist then left the interview to immediately exchange several billion dollars into dirhams.
This is a very old story which certainly doesn't get any more interesting with the passage of time. Virtually every few months, somebody says it will happen and it never does...much like women being allowed to drive in Saudi Arabia.
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Old Apr 14th 2008, 11:54 am
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Default Re: UAE Government Categorically State the Dollar Peg is Here to Stay

I think the fact Shk Mo said it was here to stay might be more of a solid indication
 
Old Apr 14th 2008, 12:08 pm
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Default Re: UAE Government Categorically State the Dollar Peg is Here to Stay

Originally Posted by W10 View Post
I think the fact Shk Mo said it was here to stay might be more of a solid indication
You're right. And keeping the interest rates negative/abnormally low is driving both inflation AND the demand for real estate in Dubai. I see people buying property left-right-and-centre
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Old Apr 14th 2008, 12:10 pm
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Default Re: UAE Government Categorically State the Dollar Peg is Here to Stay

I thought it was far more political than that.

The US has spent a lot of time leaning on governments in the Gulf to keep the peg (and even to stop thinking about revaluing) because of the implications it would have for their economy
 
Old Apr 16th 2008, 3:44 pm
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Default Re: UAE Government Categorically State the Dollar Peg is Here to Stay

The peg suits the oil producers...they know exactly what they are getting in their pockets with every rise in oil (and oil will keep rising this year-I would be surprised if it doesn't pass $125). The governments here are getting richer and richer and will leave the peg alone as long as they think the economy can handle it.

Besides, no matter who gets elected the dollar will increase again once Bush is out...

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