Revaluation can't be ruled out

DUBAI — The revaluation of the dirham's peg with the dollar "can't be ruled out" as the Gulf state's central bank prepares to publish annual inflation data next month, the state-controlled National Bank of Abu Dhabi PJSC said.

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By (Bloomberg)

Published: Mon 25 Feb 2008, 9:27 AM

Last updated: Sun 5 Apr 2015, 12:23 PM

Revaluation would be "the most palatable of a number of options" open to the UAE central bank, which may say 2007 inflation rose to 10.9 per cent from 9.3 per cent in 2006, Giyas Gokkent, NBAD's head of research, said yesterday.

While food prices rose by about 8 per cent in 2007 on the weakening dollar, rental prices probably rose by 19 per cent compared with 15.4 per cent a year earlier, the NBAD said.

(Bloomberg)

Published: Mon 25 Feb 2008, 9:27 AM

Last updated: Sun 5 Apr 2015, 12:23 PM

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