14 March, 2008
EUR / USD 1.55
I haven't read anything worth linking to lately on depegging. What do you guys think, is this still going to happen or should I start looking for a job elsewhere? Any information, anyone?
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8 comments:
Start looking for a job elsewhere !
Can't wait for the flood of US laborers to replace the Indian and Pakistani once the UAE depegs.
Seriously though the peg is going to make living for every single person in this country difficult, with or without subsidies.
Kuwait has done so, Qatar is rumoured to follow soon, I cant imagine the UAE watching their foreign assets go down even further...
It (depegging) isnt' going to happen. Why should it? Dubai's freehold property and hotel bookings have become great value for overseas buyers, and with oil as high as it is, there are enough new dollars rolling in to make up for any depreciation. It's all good for the "haves" and for the UAE economy at large.
how about the freehold property running out of people constructing it, imported inflation in construction material and hotel staff more expensive than ever? does it still make business sense for the "haves"?
what about food prices hike by 70% in two years? Does that sound reasonable?
What is the point of trying to attract overseas investors when the ones inboard are suffering?
I don't think the depegging will happen !
1. Just imagine all the investments made in USD worldwide by the GCC countries via different funds etc.
2. the PETRODOLLARS...why should they depeg if the income is in USD. Will the petrol be quoted in a different currency / basket of currencies ?
3.the UAE Central Bank / other financial entitites do not seem (according to press articles) to have enough expertise to manage its own economy. It is owe thing to mirror the Fed's moves, it is something completely else to come up with your own monetary policies and bear the responsibilities of your decisions.
Eventually, the dollar will bottom out, I just hope (for my modest savings' sake) that it won't be too long from now !!!
1.59....
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