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Wednesday, March 12, 2008

Strongest hint yet of revaluation

There have been so many rumours of revaluation over the last few months that we have long stopped mentioning them. However, it is worth mentioning a quote in the Gulf Daily News which is the strongest indication of revaluation yet.

According to the article, which quoted an unnamed Qatar central bank official, Qatar is considering revaluing or dropping its dollar peg last month. Specifically, the official was quoted as saying:

"Everything will be clear by the end of this month because our fiscal year ends on March 31, so by April the central bank will make an announcement," the official said.

After the report the Qatar riyal strengthened and a Deutsche Bank economist said:

"Combined with other recent comments that the Qatari riyal could be undervalued by around 30 per cent, this will likely to see appreciation pressure mount."

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