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Death of the dollar
The sliding dollar has prompted the region’s governments to question if their currencies’ dollar peg is doing more harm than good (again).
November 16, 2009 9:32 by Jay Akasie
“We reiterate our view that currency policy will remain focused on stability, as investment programs remain central to policy initiatives in the light of the global crisis. We do not expect to see inflation levels reaching the same levels in the short-term as housing supply in the region increases,” says a recent economic study by the bank.
Questions about the dollar’s fitness – as well as the competence of the man behind the US currency – persist. Going forward, indications of heightening inflation and instability will make de-pegging from the greenback a priority for Gulf countries.