>
http://articles.moneycentral.msn.com/Investing/JubaksJournal/KuwaitKicksSandOnTheDollar.aspx
>
> The U.S. dollar took a big hit last week. From Kuwait. On May 20,
> Kuwait stopped pegging its currency, the dinar, to the U.S. dollar.
Related?
http://www.rediff.com/money/2007/jun/11dollar.htm
Yet Another Data Point:
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahGpyu4D9xBk&refer=worldwide
June 4 (Bloomberg) -- Syria became the second Middle Eastern nation
in two weeks to say it will dump its currency's peg to the dollar to
curb rising import costs and inflation.
The country will link the Syrian pound to a broader range of
currencies starting in the middle of July, central bank Governor Adib
Mayaleh said.
``The decision is final,'' he said in a phone interview from Abu
Dhabi. ``This will help stabilize the Syrian pound and bring down inflation.''
The shift away from the dollar among Middle East countries is a sign
of the waning attraction of the currency for central banks around the
world. The dollar made up 64.7 percent of global foreign-exchange
reserves in the fourth quarter, down from 65.8 percent in the prior
three months, International Monetary Fund data show. The euro's share
was 25.8 percent, the highest since its 1999 debut.
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((Udhay Shankar N)) ((udhay @ pobox.com)) ((www.digeratus.com))
