Gulf currency reform meeting today April 6, 2008
Posted by mylastresort in analysis, bahrain, qatar, saudi arabia.Tags: Arab, Central Banks, Dirhan, Governers, Gulf, oman, qatar, Reform, Riyal, saudi arabia, Single currency, uae
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The Gulf central bank governers last meeting was six months ago. In the meeting the governers decided not to revalue their currencies in anticipation of a single currency union (plan of 2010). Since their meeting:
- UD Dollar has fallen 14% against the Euro
- US Federal Reserve lowered rates 6x
- Inflation in the Gulf has almost doubled
As Saudi Arabia claims that it has no currency reform plans, Qatar and UAE, have publicily announced that they are rethinking their pegs. It will be interesting to see how todays meeting turns out…
Kuwaiti parliament and economy March 20, 2008
Posted by mylastresort in analysis, bahrain.Tags: Bad Debt, bahrain, Debts, Deputy, Dubai, Economic, Elections, Emir, Finance, Government, Growth, Gulf Consulting Company, kuwait, Kuwaiti, May, Mustafa Behbehani, Parliament, politics, Reform, Regulators, Sabah, Stock Exchange
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News that the parliament would be dissolved sent the Kuwait stock exchange index up 1.54% to its biggest one day jump in two weeks, and a record high (14,445.40 points). Newly elected members would be seen to push through policies to spur economic growth in the country.
“There is a big disappointment with this assembly which has hindered economic reforms… there is hope that things will move in the right direction with a new assembly”
– Mustafa Behbehani, Head of Gulf Consulting Company
The long-term plan for Kuwait would be to mimic its Gulf neighbors and diversify its economy away from oil, such as Bahrain and Dubai, who have already established themselves as regional financial centers. (more…)
Charts & Numbers 