Any chance of a Dirham revaluation anytime soon?
Discussion
Just a question for opinions, I am probably going to start a job in UAE in the next couple of months and the package in terms of my local currency has continued to slide.
I think the Dirham is probably quite a bit undervalued because of the currency peg and wonder if anyone has an opinion on whether a revaluation is ever likely. Let's say worst case the U.S. doesn't come to an agreement in the next couple of days and the US dollar continues a slide for a while.
Luckily, the money is not the only, or probably even the main reason I am taking the job, but it is still hard to stop converting back to home currency all the time.
I think the Dirham is probably quite a bit undervalued because of the currency peg and wonder if anyone has an opinion on whether a revaluation is ever likely. Let's say worst case the U.S. doesn't come to an agreement in the next couple of days and the US dollar continues a slide for a while.
Luckily, the money is not the only, or probably even the main reason I am taking the job, but it is still hard to stop converting back to home currency all the time.
An interesting question. I haven't heard of the peg being moved anytime soon and suggest this will take ages for discussion and implementation. I have no idea of the practical moves that need to be made though.
I also think the US decision and the down-grading will be a (sand) storm in a tea-cup, and that markets/currencies will fluctuate for a bit then it'll be back to normal...despite me thinking that the Euro is silly strong, and equities are over-priced.
I also think the US decision and the down-grading will be a (sand) storm in a tea-cup, and that markets/currencies will fluctuate for a bit then it'll be back to normal...despite me thinking that the Euro is silly strong, and equities are over-priced.
Aused said:
Just a question for opinions, I am probably going to start a job in UAE in the next couple of months and the package in terms of my local currency has continued to slide.
I think the Dirham is probably quite a bit undervalued because of the currency peg and wonder if anyone has an opinion on whether a revaluation is ever likely. Let's say worst case the U.S. doesn't come to an agreement in the next couple of days and the US dollar continues a slide for a while.
Luckily, the money is not the only, or probably even the main reason I am taking the job, but it is still hard to stop converting back to home currency all the time.
Aas Chilli said, can't see it happeneing for a very, very long time.I think the Dirham is probably quite a bit undervalued because of the currency peg and wonder if anyone has an opinion on whether a revaluation is ever likely. Let's say worst case the U.S. doesn't come to an agreement in the next couple of days and the US dollar continues a slide for a while.
Luckily, the money is not the only, or probably even the main reason I am taking the job, but it is still hard to stop converting back to home currency all the time.
I take it you are coming from Australia, which means you most probs will transferring money back to Aus - the exchange rate is crippling it, I am in the same boat with a mortgage in Aus!
Chilli said:
An interesting question. I haven't heard of the peg being moved anytime soon and suggest this will take ages for discussion and implementation. I have no idea of the practical moves that need to be made though.
I also think the US decision and the down-grading will be a (sand) storm in a tea-cup, and that markets/currencies will fluctuate for a bit then it'll be back to normal...despite me thinking that the Euro is silly strong, and equities are over-priced.
Yeah, but what do you know about finance...I also think the US decision and the down-grading will be a (sand) storm in a tea-cup, and that markets/currencies will fluctuate for a bit then it'll be back to normal...despite me thinking that the Euro is silly strong, and equities are over-priced.
Mattt said:
To bump this again, we've now seen '6' - is it going to hold, or keep rising back to previous historic (7) levels as the Dollar weakens?
are you looking at AED/GBP? I watch AED/AUD.incidently, i have taken the job and will be in the sunny middle east from early October. will look forward to the next go karting meet or something.
I can't see a revalue anytime soon, as long as the international price of oil/gas is the US$ I think the local currencies will remain pegged to that at the current rates.
On the flip side of this is that I am paid in GBP so when the rate was around 8 I was a happy camper, less so now it is around 6.
On the flip side of this is that I am paid in GBP so when the rate was around 8 I was a happy camper, less so now it is around 6.
dxbtiger said:
Where you based, Doobs or AD?
i'll be working in abu dhabi but living in the dubai marina area most likely. when i say in abu dhabi, not all the way in, near yas marina.on the revaluation issue, i personally don't think the UAE will let its currency go entirely down the toilet IF the USD continues down, I think they would look at something like what Kuwait did (partially pegged) or work will start again on a ME common currency.
who knows?? I took the job for the experience as much as the money.
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