dqg's banking and finance sub-group hosts seminar aimed at helping organisations parry effects of weakening us dollar

Published November 21st, 2007 - 01:06 GMT


dqg's banking and finance sub-group hosts seminar aimed at helping organisations parry effects of weakening us dollar

Event discusses risks faced by greenback-pegged UAE Dirham and examines the prospect of moving to a basket of currencies

Dubai Quality Group (DQG), a non-profit organisation dedicated to raising the general performance level of the local business environment, has announced that its Banking and Finance Sub-Group organised an evening seminar on Tuesday, November 20th, 2007, aimed at providing an in-depth discussion on the impact of the weakening US dollar on regional currencies, particularly on the UAE Dirham. The seminar, which was held at the Commercial Bank of Dubai auditorium, is part of a series of initiatives developed by DQG's Banking and Finance Sub-Group to tackle pressing financial issues and help organisations stay highly competitive.

"The depreciation of the US dollar has become a sensational issue in the regional financial sector, as it is creating significant pressure on the UAE and other GCC countries whose currencies are pegged to the greenback. DQG's Banking and Finance Sub-Group gathered renowned financial experts and professionals for this exclusive seminar to provide organisations a clear perspective of the situation and offer debates and brain storming sessions on how to react proactively," said Osama Al Rahma, Chairman- Banking and Finance Sub-Group, Board Member - DQG and General Manager – Al Fardan Exchange.

Certain quarters have expressed concerns on the risks involved in maintaining dollar-pegged currencies in the GCC, especially after Kuwait recently decided to revalue its currency to stave off rising inflation, which the country claimed was mainly caused by the weakening greenback. To help dissect the finer points of the brewing issue, the DQG Banking and Finance Sub-Group invited four senior management officials from key financial institutions in the region and worldwide, to take part in the evening seminar.

The high-profile panel of presenters included Mary Nicola, Economist, Standard Chartered Bank; Devanand Mahadeva, HR Specialist, Continental Financial Services, Dubai, Dr. Massimiliano Castelli, Director at UBS and Senior Economist, Jason Goff, Head of Treasury Sales, FX & Structured Products at Emirates Bank and Professor Brett King, Vice President of American Academy of Financial Management, who acted as the panel moderator.

"In view of the US dollar's decline, the forum tried to provide answers to nagging questions such as the risks of inflationary pressures and their impact on currency and price stability, the need for policy reforms, and how all this will affect the overall performance of the region's economy. These are just some of the critical issues that need to be addressed and the Banking and Finance Sub-Group is pleased to once again provide a suitable platform to help organisations have a firm grasp of the current situation," said Al Rahma.

The topics that were discussed at the seminar included the future of the US dollar; its impact on the regional currencies, particularly the UAE Dirham; its effect on the inflation rate; and the feasibility of sticking to the US dollar. Also, the forum attempted to assess the future of the GCC currencies, including the economic advantages and disadvantages of revaluating or moving to a basket of currencies, and offered the latest updates and best practices that will allow more flexibility to cope with the ongoing challenges.

DQG's Banking and Finance Sub-Group is committed to bridging stakeholders of the banking and finance industry in their pursuit of quality, high standards and innovation. The Banking and Finance Sub-Group undertakes specialised activities, such as the evening seminar, to create awareness of best practices in the business community and to help boost the membership of the Sub-Group and DQG as a whole.

DQG promotes a culture of excellence among its members by organising networking events through its affiliates such as the Banking and Finance Sub-Group. DQG also offers members benchmarking initiatives, customized services and a range of industry resources. Since its inception in February 1994, DQG has grown to over 1,500 members representing over 300 prominent organisations from both the private and the public sectors.

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