GCC states to stick with US dollar
August 8th, 2011 07:25 am · Posted in NEWS (Iraq & World Currency)
Abu Dhabi: The Gulf Cooperation Council (GCC) states, except for Kuwait, which keep their currencies pegged to the US dollar and are major buyers of US government debt will likely maintain the status quo for the foreseeable future despite a downgrade of the world’s largest economy by credit ratings agency Standard & Poor’s (S&P) on Friday.
Officials from the UAE and Oman spoke in support of the US dollar yesterday.
A senior UAE Central Bank official reaffirmed the country’s stance on keeping the dirham’s peg to the dollar intact.
“We are pegged to the dollar and will keep it. We don’t see the dollar collapse. Because the problem is not in the US only, but also in the European markets,” Mohammad Al Tamimi, deputy executive director at the UAE Central Bank’s treasury department, told Reuters.
August 8th, 2011 07:25 am · Posted in NEWS (Iraq & World Currency)
Abu Dhabi: The Gulf Cooperation Council (GCC) states, except for Kuwait, which keep their currencies pegged to the US dollar and are major buyers of US government debt will likely maintain the status quo for the foreseeable future despite a downgrade of the world’s largest economy by credit ratings agency Standard & Poor’s (S&P) on Friday.
Officials from the UAE and Oman spoke in support of the US dollar yesterday.
A senior UAE Central Bank official reaffirmed the country’s stance on keeping the dirham’s peg to the dollar intact.
“We are pegged to the dollar and will keep it. We don’t see the dollar collapse. Because the problem is not in the US only, but also in the European markets,” Mohammad Al Tamimi, deputy executive director at the UAE Central Bank’s treasury department, told Reuters.