MEED reports that the U.S. has effectively given GCC countries the green light to drop their dollar peg, according to an analysis of U.S. Treasury statements by Merrill Lynch. The report estimates that Qatar and UAE will move to a currency basket peg within a few months.
If the GCC does not move in concert, serious currency speculation may be in store.
The news was quickly picked up in Oman. It was the subject of today's "Iba'd Iqtisadiya" on Radio Sultanate of Oman, a daily economic analysis piece.
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