Gulf Central Bankers Pledge to Keep Their Dollar Pegs
The United Arab Emirates backed its Gulf Arab neighbors in a plan to get a single currency on track, saying it would not adjust the peg linking its dirham to the dollar as the region prepared for a monetary union, International Herald Tribune reports:
Investors scaled back bets that some countries in the area, the world's biggest oil-exporting region, would revalue their currencies unilaterally after Gulf central bankers agreed at a meeting to step up efforts to complete a monetary union by 2010.
