Repegging the Dirham
I read a very short article in one of the business newspapers in Dubai, that the repegging of the Dirham was a done deal. It stated that effective 22July08 the value of the dirham was to rise 5% versus the USD. It clearly stated that banks and all financial institutions were to abide by this revaluation effective on that date, yet it appears this has not happened.
Since I have not seen any other articles regarding this new policy, I am starting to believe this report was not accurate.
Does anyone know if indeed this policy has taken effect? I have searched the internet for articles substantiating the one I read, but I cannot find anything. Since there is no mention of this on Pprune, I am tending to believe it was speculation and not based on truth in spite of the fact it gave the exact date and the 'new' pegged value.
I am also concerned because I happen to have a rather large (from my POV) cheque being cashed in Dirhams in 2 days, based on its value in USD. I am sitting here shaking my head just imagining that my cheque will be cashed the day before I could have saved 5%, argh.
Anyhow, I do not wish to start a rumour or get people's hopes up, but that article was quite clear. Only wish I cut it out or remembered the business newspaper it was in. Has anyone else heard about this potential bump in the value of the dirham??