Repegging the Dirham

[mensaboy]

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??

[White Knight]

Done deal by whom? The UAE government has categorically stated that the Dirham peg will remain unchanged against the greenback...

[QTRminator]

Well I guess the government must deny any plans of depegging until it actually happens, to prevent to much currency-speculation.
Since we in Qatarairways just got an exchange rate protection introduced it would be logical that we're soon facing a depegging in the gulf, then our new program would mean a lot of good recruitment PR to a soon low price.:cool:
Maybe to much of a conspiracy theory?

[Orangewing]

I read that article too, and if I remember correctly it was in the business section of "The National", the new broadsheet about 3 maybe 4 days ago.
Hope that helps..? :confused:

[helen-damnation]

Gulf News on Wed 23rd July had an article which stated 5% in June/July 2009.
You could check their website.
Regards,
H-D