"The United Arab Emirates said it was considering moving one-tenth of its dollar reserves to the euro, while the governor of the Saudi Arabian central bank condemned the decision by the United States to force Dubai Ports World to transfer its ownership to a `US entity,' the UK Independent reported."
Paybacks are hell. But a move to euros would tend to devalue the $ but that makes our exports cheaper so more will be sold. Not bad... David Bier http://www.middleeastforex.com/index.php?section=147 UAE, Saudi considering to move reserves out of dollar WASHINGTON A number of Middle Eastern central banks said on Tuesday they would seek to switch reserves from the US greenback to euros. The United Arab Emirates said it was considering moving one-tenth of its dollar reserves to the euro, while the governor of the Saudi Arabian central bank condemned the decision by the United States to force Dubai Ports World to transfer its ownership to a `US entity,' the UK Independent reported. "Is it protectionism or discrimination? Is it okay for US companies to buy everywhere but it is not okay for other companies to buy the US?" said Hamad Saud Al Sayyari, the governor of the Saudi Arabian monetary authority. The head of the United Arab Emirates central bank, Sultan Nasser Al Suweidi, said the bank was considering converting 10 per cent of its reserves from dollars to euros. "They are contravening their own principles," said Al Suweidi. "Investors are going to take this into consideration (and) will look at investment opportunities through new binoculars." The Commercial Bank of Syria has already switched the state's foreign currency transactions from dollars to euros, Duraid Durgham head of the state-owned bank said. The decision by the bank of Syria follows the announcement by the White House calling on all US financial institutions to end correspondent accounts with Syria due to money-laundering concerns. Syria's Finance Minister Mohammad Al Hussein said: "Syria affirms that this decision and its timing are fundamentally political."-Khaleej Times Online ---- Posted by David Bier, CADRE Intel Mgr http://groups.google.com/group/publicintel "Most men would rather believe than know" (Ben Franklin) Cargo Security: http://msnbcmedia.msn.com/j/msnbc/Sections/Newsweek/Components/Photos/Mag/060306_Issue/060225_perspcartoon_wide.hlarge.jpg -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: osint@yahoogroups.com Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
