In an exclusive interview in MEED, Al-Suwaidi said he would like to stay in the job until a single GCC currency is implemented, although he admitted that this may not occur by the 2010 deadline.

Responding to stories that he would be replaced before the end of the year, Al-Suwaidi said, “The rumours are totally rejected, they are baseless and without any merit.”

Rumours had been circulating since 11 December that Al-Suwaidi, who has held the role for the last 16 years, was due to be replaced by the chairman of Abu Dhabi Commercial Bank, Saeed Mubarak Rashid al-Hajeri.

When asked if the UAE or the GCC were planning to revalue their currency pegs to the dollar he said, “There is nothing of the sort planned.”

UAE interest rates would continue to follow US policy in 2008 even if further rate cuts occur, he added.