Wednesday, September 12, 2007

UAE Cuttting Interest Rate

UAE inflation rate is at a 19 years peak currently. Read Gulf News report:

Rate cut likely to fuel inflation
By Babu Das Augustine, Banking Editor
Published: September 12, 2007, 00:29
Dubai: The UAE is facing the prospect of higher inflation if the central bank decides to cut the interest rates in line with the expected US rate cuts on September 18.
The UAE will cut interest rates 'accordingly' should the US Federal Reserve decide to lower rates at its September 18 meeting, the UAE central bank governor Sultan Nasser Al Suwaidi told media in Damascus yesterday. The governor also insisted that the country has no plans to depeg or revalue the dirham.
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