of the Swiss franc in January 2015 and the subsequent changes in the relative values of the euro and US dollar led to a decrease in total client assets, which was partially offset by the positive contributions of market performance and net inflows from each of our three business lines during the first six months of the year.
Gulf currencies from the US dollar will not happen in the foreseeable future because of the oil trade -- and Kuwait's bad de-pegging
experiences-, but forward-looking economists are already predicting that a shift in the world's major trade currencies will only be a matter of time.
In 2008, the UAE banks had landed in a serious liquidity squeeze, after foreign banks withdrew Dh100 billion worth of funds from the local banks placed with them to make quick gains from the much-anticipated de-pegging
of the UAE dirham from the US greenback, which did not happen.
I don't see de-pegging
in the near future in any GCC country, as inflation is still in the low single digits and we don't expect it to rise very sharply over the next one to two years," said Khatija Haque, senior economist at Emirates NBD in Dubai.
Petroleum engineer Waleed Al-Halw said that he believes oil and dollar are indispensible and none would risk to de-pegging
oil to dollar due to the strength of this currency on the international markets.
24) In addition, the RMB peg to the US dollar was highly disputed and the de-pegging
of the dollar must be an option for the PBC, which may have implications for the linkage of the RMB to several major trading currencies, rather than the US dollar alone.
00 against the US dollar," Fadak said, adding that beyond these measures de-pegging
needs to be considered to curb rising inflation.
The UAE is not considering de-pegging
its currency from the US dollar despite the greenback's recent weakness, a Reuters report citing a central bank official said yesterday.
ABU DHABI: The United Arab Emirates is not worried about the dollar's weakness given low inflation, and is not considering de-pegging
its dirham from the greenback, a senior central bank official said on Monday.
But the GCC states, spearheaded by Organisation of Petroleum Exporting Countries kingpin Saudi Arabia, rejected pressures for de-pegging
For the near term, the recent fall in the inflation level in the Gulf will keep the discussions on de-pegging
For instance, in 2007: EAEThere was too much talk going around relating to de-pegging
the dirham, and we saw lot of interest from people trying to sell dollar and buy dirham in anticipation that it would de-peg,Eo notes Rawashdeh.