Tuesday, Feb 14, 2012
0610 GMT [Zawya Dow Jones]--Despite pressure on some Mena countries' currencies due to political and security tensions a devaluation seems unlikely, says Marios Maratheftis at Standard Chartered Bank. "Pressures on the Jordanian peg are minimal and change in the Jordanian Dinar regime looks unlikely," he says. And though a drop in Egypt's foreign reserves and political instability aren't helping "the weakness of the (Egyptian) currency has been so far orderly, given that the capital account is not fully convertible," says Maratheftis. Moreover, Maratheftis sees no "scope for devaluation" in oil-rich Arab gulf states' currencies, given the fact that their economies "have been recovering, their reserves are high... and there is no market pressure on the pegs whatsoever." (leila.hatoum@dowjones.com)
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(END) Dow Jones Newswires
14-02-12 0617GMT
