2007/04/06

GCC Monetary Union

Gloom at currency talks points to deep GCC rift

I don't know enough (or anything, really) about what news like this means. I guess if the UAE were to revalue the dirham, as an American I would actually get a bit of a raise, at least in dollars. I did love this quote:

The governors did agree to leave their exchange rate regime unchanged, Saudi Arabian Monetary Agency Governor Hamad Saud al-Sayyari told reporters after the meeting, although his patience wore thin when he was asked to be more precise.

“Don’t you listen?” al-Sayyari snapped at one reporter. “What do you want? I’ve already said that we are sticking to the same foreign exchange system.”

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