We are still with the dollar: Mohammed (Ruler of Dubai)

[sabra]

Source: khaleej times

BEIJING - Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammed bin Rashid Al Maktoum said on Tuesday a committee was studying the country's dollar peg, although it would be retained for now.

Speculation that the UAE and some of its Gulf Arab neighbours will sever their currencies' link to the tumbling U.S. dollar has mounted as inflation surges across the world's biggest oil-exporting region.

"A committee is studying this position and they will report to me as prime minister," Shaikh Mohammed told reporters aboard a plane from Beijing to Shanghai, without giving details.

"Up to now we are still with the dollar," he said in rare comments to the media. "We are still with the dollar of course."

Read more: http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/theworld/2008/April/theworld_April41.xml§ion=theworld

[CountAllVotes]

1. smart move

as the sub-prime mess finally rears its ugly head in the EU. More to come too - stay tuned!

:dem: :kick:

[WCGreen]

2. There were rumors before the current Gulf War that Saddam

was about to ditch the dollar as their fiat currency...

Some say that was what caused the war...

Others say, not so much...

[Javaman]

3. ...for now. nt

[DemocratInSoCal]

4. They Won't Dump It Until January 20, 2009 nt