Central bank governor backs dollar peg as best option for UAE

09 December 2010

Sultan Nasser al-Suweidi has said that pegging to the US dollar remains the best choice

The United Arab Emirates (UAE) central bank governor Sultan Nasser al-Suweidi has said that pegging the country’s currency to the US dollar remains the best choice for the country, Reuters has reported. “60 to 65 per cent of the UAE trade is denominated in US dollar so it is important to keep our peg to the dollar,” al-Suweidi told a news conference ahead of a summit of Gulf Arab rulers in Abu Dhabi.

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