Has the penny just dropped?

dweller
By dweller

Couldn't someone have told them that the exchange rate was a problem?
Part of an article from today's G/T

DUBAI/RIYADH: Qatar’s deputy prime minister said he was concerned about the diminishing value of the dollar-pegged riyal, becoming the latest Gulf policymaker to question the wisdom of tracking the tumbling US currency.
Qatar and the United Arab Emirates are the two Gulf Arab oil producers tipped as most likely to drop their dollar pegs as Kuwait did this year, according to a Reuters poll in September.
The UAE said this week it was considering following Kuwait’s lead and tracking the value of the dirham against a currency basket including the euro.
Asked whether he would consider such a move, Qatar’s Finance Minister HE Yousef Hussein Kamal declined to comment on the sidelines of a meeting of finance ministers of the Organisation of the Petroleum Exporting Countries.
HE the Prime Minister Sheikh Hamad bin Jassim bin Jabor al-Thani said last week dollar weakness was hurting Qatar’s economy.
Yesterday HE the Deputy Premier and Minister of Energy and Industry Abdullah bin Hamad al-Attiyah echoed those concerns.
“Today we feel concerned because of the very large decline in the value of the dollar,” al-Attiyah said in remarks aired by Al Arabiya television. “This has a very big impact on oil-exporting countries.”
Qatar’s “purchasing power has fallen considerably,” said al-Attiyah.
Qatar’s oil exports are priced in dollars. It pays for around a third of its imports in the euro which hit a record high against the US currency this month.
“The cost of (imported) commodities has risen considerably compared with past years,” al-Attiyah said.

COVID-19 Banner
By venks• 13 years 2 weeks ago.
Rating: 3/5
venks

And about time too.....

I too read a similar report a couple of days back, on Gulf Times. I think it was Merrill Lynch who has indicated significant risks in maintaining the dollar peg including but not limited to arbitrage, high inflation etc.

Damn, how I wish the peg would go and the riyal climbs to 3 per dollar or something!!! (or maybe 2.8 or 2.2 .....sigh.........I am in Ferrari-Land now)

"The power of accurate observation is commonly called cynicism by those who have not got it"

By stealth• 13 years 2 weeks ago.
stealth

well at least they are beginning to open their eyes isnt it

By Oskiecum• 13 years 1 week ago.
Oskiecum

As far as i am concern this topic should be the priority. With the price of oil in the market and the high inflation rate (whatever it is) I think this got to be the cause of it. The topic of Mr dweller takes presidence of all specially living here in Qatar. Have you felt the changes? Come to think of it Qatar being one of the oil producing country being hard to live in?. This should be discussed frequently.

Log in or register to post comments

More from Qatar Living

Qatar to inaugurate fourth FIFA World Cup 2022 venue on National Day

Qatar to inaugurate fourth FIFA World Cup 2022 venue on National Day

The Al Rayyan Stadium will host the Amir Cup 2020 final between Al Sadd and Al Arabi on December 18.
Qatar Airways unveils first bespoke FIFA World Cup Qatar 2022 aircraft

Qatar Airways unveils first bespoke FIFA World Cup Qatar 2022 aircraft

The Boeing 777-300ER will enter service on November 21, 2020, operating flights QR095 and QR096 between Doha and Zurich.
QL Exclusive: An interview with Qatar-based empowerment and mindset coach, Anahi Brown

QL Exclusive: An interview with Qatar-based empowerment and mindset coach, Anahi Brown

Qatar Living speaks to trained chef, motivational speaker and writer, Anahi Brown, to learn more about her story dealing with depression and how she started to help other women by coaching them.
Five free apps you must have in Qatar

Five free apps you must have in Qatar

These apps are certain to make your life easier when living in Qatar.
WATCH: Why is Toyota Land Cruiser so popular in Qatar?

WATCH: Why is Toyota Land Cruiser so popular in Qatar?

While there may be several other luxury and sports cars that catch your eye, you may wonder what it is about the Land Cruiser that makes it a popular pick by many in Qatar?
WATCH:Lasmanis hits amazing buzzer-beater as Riga claims FIBA 3x3 World Tour Doha Masters 2020 crown

WATCH:Lasmanis hits amazing buzzer-beater as Riga claims FIBA 3x3 World Tour Doha Masters 2020 crown

The FIBA 3x3 World Tour Doha Masters 2020 ended on a high-octane note on Saturday night at the Al Gharafa Sports Complex with Riga’s Karlis Lasmanis hitting an impossible buzzer-beater to earn his Latvian team the tournament's title on what was a fantastic night.
WATCH:QU’s Biomedical Sciences Department showcases latest COVID-19 research

WATCH:QU’s Biomedical Sciences Department showcases latest COVID-19 research

The findings of the coronavirus research in relation to prevalence show fascinating results.
WATCH: Family Food Centre launches online shopping platform that delivers groceries to your doorstep

WATCH: Family Food Centre launches online shopping platform that delivers groceries to your doorstep

Known for delivering a unique combination of value, freshness, and quality to customers, FFC launched its online delivery platform in June 2020 and has since garnered a steady stream of regular and loyal customers.