the movement was predominantly anti-phase between 2006 and 2015. The arrows are pointing left up indicating that NGN has been controlled against the fluctuation of oil price. According to Figure 8, the wavelet coherence of the QAR exchange rate with oil price is generally in the colder area, however the two variables are anti-phase between 2005 and 2009 then changed to in phase until 2011. The Qatari riyal was pegged with the USD in mid-2001 of which the graph shows in phase interrelation before the pegging at fixed rate indicating that when the oil price increased, the Qatari riyal depreciated. Similarly, in Figure 9, the SAR exchange
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