On 12/04/06 19:12, in article
g5dq321s2a055jgjkboeu8ntv7g988dude@,
"kellallah@cameil.org" <kellallah@cameil.org> wrote:
> On Wed, 12 Apr 2006 09:26:57 -0700, Hatunen <hatuunen@cox.net> wrote:
>
>
>> The Estonians were threatening to switch to the euro even before
>> they joined the EU. I believe Slovenia was, as well.
>
> as Montenegro and Malta have already done...
and last week
Dollar falls as Mideast banks mull switch to euro reserves
By The Associated Press
[oas:casperstartribune.net/news/business:Middle1]
NEW YORK (AP) -- The dollar fell against most major currencies Tuesday as
some Middle Eastern central banks indicated that they could switch more of
their currency reserves to euros.
The euro bought $1.2258 in late New York trading, up from $1.2141 in New
York late Monday. The British pound rose to $1.7551 from $1.7384.
The dollar also fell against the Japanese currency, sinking to 117.42 yen
from 117.65 yen.
At a meeting of central bank governors and monetary agencies of the Gulf
Cooperation Countries in Abu Dhabi, some officials said they were
considering switching more of their reserves to the 12-nation euro from the
dollar.
The governor of Qatar's central bank, Abdulla Bin Khaled al-Attiyah, said up
to 40 percent of its foreign exchange reserves could be held in euros.
"The percentage we are at right now is confidential, but we are looking at
the movement of currencies and we are considering the overall return to our
portfolio," he told reporters.
At the same conference, the head of the United Arab Emirates' central bank
said a decision on whether to shift 10 percent of its foreign reserves into
euros from dollars was postponed until next month.
"We will discuss the issue again in a month's time when the board meets,"
said Sultan al-Suwaidi.
Last month, he said the UAE could shift 10 percent of its estimated $23
billion worth of dollar reserves into better-performing euros. The bank
currently holds about 2 percent of its reserves in euros, with the rest in
dollars.
The euro may get support from the European Central Bank, which analysts
expect to indicate Thursday that it will raise interest rates from the
current 2.5 percent next month.
The dollar has benefited over the past year from a string of rate increases
by the U.S. Federal Reserve, but that may be nearing an end while the ECB
and the Bank of Japan move to tighten their own monetary policy.
In a Dow Jones Newswires survey of 20 leading foreign exchange dealers, the
dollar was seen ending the year considerably lower versus the euro and the
yen.
The median estimate saw the euro at $1.21 by the end of April, $1.22 by the
end of June, and $1.27 by the end of the year.
It also saw the dollar at 115.50 yen by April 30, 115 yen by the end of May,
and 108 yen by the end of the year.
In other trading, the dollar bought 1.2896 Swiss francs, down from 1.3041
late Monday, and 1.1621 Canadian dollars, down from 1.1726.
Currencies and Euros 
