Global Banking News-March 3, 2015--UAE not planning to de-peg
dirham from US dollar
Abu Dhabi - The UAE has no intention to de-peg
the UAE dirham from the US dollar because the US currency ensures economic stability and our investments are basically in US dollar, Mubarak Rashed Al Mansoori, the Governor of the UAE Central Bank, said on Monday.
But any decision to de-peg
the rial from the dollar depends heavily on Oman's foreign reserves.
In the Argentinian case, they were able to de-peg
the peso from the US dollar but it still resulted in a currency collapse and banking crisis," he said.
14) Not only did external pressure from the G-7 countries mount on the Chinese administration to revalue the RMB and de-peg
the dollar, but this pegged arrangement also caused significant imbalances in the economy: rapid accumulation of foreign exchange reserves and increasing domestic inflation.
Saudi Arabia has no plans to de-peg
its currency from the US dollar, the nation's central bank governor said Monday.
Asked if the Kingdom should de-peg
, Al-Shaikh said, "I would be reluctant at this time to de-peg
from the dollar.
Were any currency to de-peg
from the dollar, they would soar in value overnight and income (arriving in dollars) would plummet.
Stocks around the globe have rallied around China's decision to make its currency, the yuan, more flexible and de-peg
from the U.
China is unlikely to de-peg
the yuan anytime soon," Standard Chartered Bank said in a note to clients.
Geithner on Saturday delayed an April 15 report to Congress on whether China manipulates its yuan currency, pledging to work instead with Group of 20 members -- India and China included -- to persuade Beijing to de-peg
its yuan from the dollar.
Eventually, the only solution for them would be to de-peg
their currencies from the US dollar, hence the prospective formation of a brand new, freely floated currency to be used by the six GCC states.