‘Policymaking in some countries is being complicated by the depreciation of the dollar,’ Al Suwaidi said yesterday.
Delivering his speech at International Monetary Fund’s semiannual meeting in Washington, he said strong growth in the region has stoked inflationary pressures.
The UAE said on April 9 that it will keep the dirham tied to the dollar, while Kuwait dropped its link last May. Al Suwaidi spoke to the IMF on behalf of economies including Egypt, Iraq, Jordan, Qatar and Yemen. ‘Somewhat uncomfortably high inflation could be expected in the near term until macroeconomic policies that have already been implemented take hold.’
