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Gulf currency pegs to remain despite oil price slump, S&P says

Jun 01, 2020 - Nasdaq

DUBAI, June 1 (Reuters) - The six nations of the Gulf Cooperation Council will maintain their pegged currencies despite a fall in oil prices, S&P Global Ratings said on Monday. The ability of Gulf countries to defend their currencies' pegs, to the dollar in most cases, has come under scrutiny as historically low oil prices and the fallout from the coronavirus pandemic have pressured their economies. Kuwait, Qatar, the United Arab Emirates and Saudi Arabia have strong levels of reserves to weat...