The Saudi Arabian government is confident in the United States' ability to fight the financial crisis without destabilising the value of the dollar, to which many of the Gulf currencies are pegged.
"Up until now we have confidence in the way the US is addressing the issues, particularly as it affects the dollar as our currency of pegging," said Muhammad al Jasser, the governor of Saudi Arabia's central bank, at the GCC Banking Conference in Manama earlier today.
Mr al Jasser said that the Saudi Government, which holds a large portion of its reserves in dollar-denominated assets, is not taking special measures to prepare for a potential decline in the value of the dollar, which many analysts expect. A fall in the value of the dollar would also raise the price of imports for Gulf states, and in turn stoke inflation.
"We have not seen anything that would make us worry about our assets in dollars at this time, but of course this is a crisis in motion, and we always have to be prudent and watch what is happening," Mr al Jasser said.
"Our economy's exchange rate is pegged to the dollar, so we are still comfortable with that currency as the appropriate one to peg to at this time," he said.
tpantin@thenational.ae
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023