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Gulf currencies surge on revaluation report

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Gulf currencies surge on revaluation report

Unread postby roccman » Thu 29 Nov 2007, 10:01:35

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$this->bbcode_second_pass_quote('', 'G')ulf currencies surged to record highs yesterday after news that the UAE central bank could revalue the dirham as early as Sunday.

ArabianBusiness.com learned on Wednesday from sources close to the central bank that a 3-5% revaluation of the dirham to the dollar could be announced on the forthcoming National Day holiday, or the later Eid holiday in December.
"There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
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