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UAE to maintain dirham's dollar peg, says Dubai's ruler

27 June 2010

The UAE will keep the dirham's peg to the dollar and has no plans to rejoin the planned Gulf monetary union "for the time being," Dubai's ruler, Sheikh Mohammed Bin Rashid Al Maktoum, told CNN. The emirates "still believe" in the peg, Sheikh Mohammed said in the CNN interview. "The euro is in trouble and we thought of the Gulf currency and we said, well the UAE said 'not yet' and I think they are right, until we are sure."

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