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UAE central bank to decide on converting dollars to euros
Saudi Arabia Riyal Looks to Re-align
MiddleEastForex.com
Sunday, September 4, 2005
http://www.middleeastforex.com/index.php?section=24
RIYADH, Saudi Arabia -- China's revaluation of the yuan increases
the possibilityof the re-alignment of the Saudi Riyalto a
weak U.S. dollar, especiallywhile trading links with Asia and
Europe continue to grow.
Saudi Arabia and many Gulf countries have peggedtheir currency to
the dollar for years.Weakness in recent years of the dollar and
the growth in Asian and European imports have cut into the
purchasing power of the Gulf countries, whose export earnings from
oil are also denominated in dollars.
The value of Gulf Arab imports from China, which were negligible
just a decade ago, grew last year to $14.5 billion, or 8.5 percent
of total imports.
While record oil prices may mask the impact of costlier goods,
economists say the case for linking to a basket of currencies
instead of the dollar -- just like China -- is gaining ground.
"There is a gathering debate about this," said Daniel Hanna, an
economist with Standard Chartered bank in Dubai.
"The majority of the Gulf trade is with Asia and the European Union.
You can make a case that the currency peg should reflect that
better, especially since China will be their fastest growing
partner," he said.
One vocal advocate of swift change, National Commercial Bank senior
economist Nahed Taher, says Saudi Arabia cannot afford to wait until
2010 to loosen ties between the riyal and the dollar, which have
been fixed since 1987.
Taher has called for a managed float of the riyal against a basket
of currencies, within a 5 percent band, arguing that costlier
imports are partly responsible for pushing annual inflation up to 6
percent for the last two years.
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