Gulf States May Co-ordinate Revaluation
Bloomberg is reporting that the Gulf States may move to a co-ordinated revaluation. Kuwait has already moved to valuing its dinar against a basket of currencies, including the dollar, GBP and euro. The other gulf states--Saudia Arabia, Qatar, UAE, Bahrain and Oman--would simply revalue their currencies up against the dollar. This article is based on a report issued from the Singapore branch of the UK bank, Standard Chartered Plc.