Suwaidi to stay at UAE central bank

14 July 2008
Sultan bin Nasser al-Suwaidi has been reappointed governor of the Central Bank of the UAE, ending widespread speculation that he was to be replaced by Abu Dhabi Commercial Bank chairman Saeed Mubarak Rashid al-Hajeri.

Since the expiry of his fourth four-year term of office in December, markets had speculated that Suwaidi was to be replaced. However a presidential decree from Sheikh Khalifa bin Zayed al-Nahyan on 14 July confirmed that Suwaidi would serve a fifth term.

Omar bin Sulaiman, governor of the Dubai International Financial Centre, has also been named as deputy board chairman.

In December, Suwaidi told MEED that he had no intention of stepping down from the role and wanted to remain at the central bank until a GCC single currency was implemented (MEED 14:12:07).

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