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Qatar bank denies plan to revalue

by John Irish and Lin Noueihed on Thursday, 13 March 2008
REVALUATION DENIED: Qatar's central bank said it would not revalue its dollar-pegged currency. (Getty Images)
REVALUATION DENIED: Qatar's central bank said it would not revalue its dollar-pegged currency. (Getty Images)

Qatar's central bank on Thursday denied a media report that it might revalue its dollar-pegged currency or drop the link altogether next month.

"Qatar Central Bank denies what was published in some media reports attributed to one of its officials about revaluation of the Qatari riyal or dropping the peg to the dollar," it said in a statement.

"Deputy Central Bank Governor Sheikh Fahad bin Faisal al-Thani affirms the denial of this report in its entirety and adds that the QCB is still committed to the Decree No. 34 of 2001 which valued the riyal exchange rate with the dollar at 3.64," it said.

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The central bank is considering options regarding its foreign exchange policy as the dollar weakens, it said. (Reuters)

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