Dubai world is seen as a key element in the rapid expansion of Dubai’s economy and some analysts have speculated that this will expose the British banks to the debt problems in Dubai. Although this exposure has yet to be confirmed the potential risk involved has impacted Sterling. Dominique Strauss-Khan the managing general of the International Monetary Fund stated that ‘global banks had only worked their way through half of their toxic assets since the break of the banking crisis’ and Gavin Friend, currency strategist at nabCapital said sterling had been "disproportionately hit" by the shock debt request from Dubai.
This has hit the Pound as many U.K banks may well be involved in this potential nightmare so if you do have an upcoming request any future announcements could lead to further losses.
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