Global policymakers have struck an agreement aimed at easing an escalating currency war before it threatens to derail the world economic recovery.
But economists say the pledge by the Group of 20 (G20) leading and emerging economies is unlikely to prevent further weakening of the US dollar, to which the dirham and four other Gulf currencies are pegged.
A weaker dollar could lead to a rising oil price and increased inflationary pressures in the region.
G20 finance chiefs yesterday agreed in Gyeongju, South Korea to refrain from deliberately weakening their currencies to promote exports and to allow markets to decide foreign exchange values.
"It was to everyone's interest that they found some sort of gentlemen's agreement whereby although they may not protect themselves, they would protect the world economy," said John Sfakianakis, the chief economist at Banque Saudi Fransi.
It is the first time the G20 members have agreed on a common approach to exchange rate policies and it underlines the seriousness with which leading economies view the currency tensions.
The commitment is aimed at ending disputes over exchange rate positions that have been simmering for months.
The US and China have been the chief protagonists in the disagreement, with both accused of lowering their currencies to underpin domestic economic growth through cheaper exports.
Other countries in South America and Asia have blamed such actions for their own currency rises, harming the competitiveness of their exports. Yesterday's agreement suggests a breakthrough in the turmoil, ahead of next month's Seoul summit of G20 leaders.
The G20 agreed to "move towards more market-determined exchange rates systems that reflect underlying economic fundamentals and refrain from competitive devaluations of currencies".
It said the global economic recovery was "fragile and uneven".
Speaking after the meeting, the US Treasury secretary Timothy Geithner said his country had a "special responsibility" to support a strong dollar.
Nonetheless, economists still expect further depreciation of the greenback in the coming months due to persisting weaknesses in the US economy. The dollar on Wednesday fell to a 15-year low against the Japanese yen.
"If governments are to allow market forces to determine currency values we should see emerging market currencies strengthen and the US dollar and other currencies in developed economies weaken," said Tudor Allin-Khan, the chief economist at HC Brokerage in Dubai.
A lower dollar can lead to growing inflationary pressure among GCC members pegged to the currency as they have to pay more for imported goods and services from Europe and Asia.
But the lower dollar tends to push up oil prices as the commodity becomes more attractive to investors seeking higher returns. Oil prices edged higher on Friday, with crude rising to $82 a barrel.
tarnold@thenational.ae
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Company%20profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
Company%20Profile
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COMPANY%20PROFILE
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One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
MATCH DETAILS
Liverpool 2
Wijnaldum (14), Oxlade-Chamberlain (52)
Genk 1
Samatta (40)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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UAE currency: the story behind the money in your pockets
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
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EXPATS
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Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
Specs%3A%202024%20McLaren%20Artura%20Spider
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Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
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SPECS
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