UAE 'most likely' to revalue currency: chamber
Dubai, February 5, 2008
The United Arab Emirates, the second-largest Arab economy, is 'most likely' to revalue its dollar-pegged currency in a bid to control inflation, the Dubai Chamber of Commerce and Industry said in a report.
'It is therefore most likely that the UAE central bank will revalue the dirham against the US dollar, in line with other GCC currencies,' the chamber said on Monday.
'This will help, to some extent, in alleviating inflationary pressures, whilst retaining adherence to the dollar peg,' the chamber said.
It did not make clear what it meant by 'in line' with other Gulf Cooperation Council currencies. - Reuters