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Gulf concerned over US default risk: Oman

Muscat, June 8, 2011

Oman, which pegs its currency to the US dollar along with most Gulf Arab states, said on Wednesday a US debt default would destabilise Gulf reserves.

'We are discussing it within the central bank,' said a senior central bank official, speaking on condition of anonymity.

'We are concerned about the (risk of) US default and it may briefly destabilise, not only Oman, but the Gulf reserves because our economies are substantially tied up with US financial developments.'

A growing number of US Republican lawmakers think a technical debt default might be a price worth paying to get the White House to accept deep spending cuts. – Reuters




Tags: Oman | Muscat | US Dollar | debt default |

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