EFTA Document EFTA01458290

1 September 2015 Special Report: The treat Accumulation' Is Over: FX Reserves Have Peaked. Beware OT with a stronger broad dollar. 12m forwards give some indication of this pressure on the the dirham and particularly rival pegs over the past fortnight (Figure 21l We expect Middle Eastern governments to continue to lose significant reserves in the coming months. Low oil prices are only one ingredient in the mix. The exacerbating factor is our economists' prediction that the main dollar pegs