Middle East Economic Survey


No 13


MEES Agenda

High Oil Prices Dampen Impact Of Falling Dollar On Gulf Oil Producers

The dollar pricing of oil ties a large proportion of the Gulf regions exports and revenues to the currency, and all the Gulf currencies are formally pegged to the dollar, providing an anchor of stability. This week, despite a minor rally, the dollar continued its descent against other major currencies, hitting $1 = 0.75 a fall of some 20% over the past two...