June 14th, 2006

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Middle east should follow China in trading reforms

With real interest rates in Qatar and the UAE still remaining negative, it is imperative for the Middle East, which has significant non-oil fiscal deficits, to emulate China in gradually reforming the exchange rate regime rather than succumbing to global pressures, according to StandardChartered Bank.Our advice to the (Middle East) region, and to Saudi Arabia as its representative in the International Monetary Fund’s consultative process, is to follow China’s lead and liberalize exchange rate regimes in accordance with domestic fundamentals rather than based on international pressure, StanChart’s regional head of research Steve Brice said in a latest publication. (more…)

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