The Fed cuts interest rates, the UAE Central Bank, pegged to the dollar, is forced to follow suit. The difference here is that the Today’s comment doesn’t need to come from Kipp. We’ll leave it to Shaikh Sultan bin Saud Al Qasimi, chairman of Barjeel Geojit Securities and managing director of the Sharjah-based Al Saud group. Cheaper money will only fuel consumption and, in particular, push up property prices, he tells Khaleej Times.
“In the UAE we have zero monetary policy,” a surprisingly forthright Al Qasimi states. “We have abdicated all responsibility for monetary policy to the
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It's a huge problem - economies going at breakneck speed in the opposite direction and they have the same policies to deal with it.
It's good to see more and more influential people talking about it - Abdul Aziz Al Ghurair's worries about inflation reported on the front page of Gulf News today for example.
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