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  • Wednesday, March 15, 2006

    Middle Eastern banks consider switching to Euros

    According to this article, from the Independent, some central banks in the middle east are considering switching their reserves from US Dollars to Euros:

    The United Arab Emirates, which includes Dubai, said it was looking to move one-tenth of its dollar reserves into euros, while the governor of the Saudi Arabian central bank condemned the US move as "discrimination".

    Separately, Syria responded to US sanctions against two of its banks by confirming plans to use euros instead of dollars for its external transactions.

    The remarks combined to knock the dollar, which fell against the euro, pound and yen yesterday as analysts warned other central banks might follow suit.

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