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UAE to stick with U.S. dollar peg
UAE News.Net
Saturday 22nd November, 2008
The United Arab Emirates has no plans to abandon the U.S. dollar peg.
Central Bank Governor Sultan Bin Nasser Al Suwaidi, speaking at a conference in Frankfurt on Saturday, said the region has no intention of unpegging its currency, the dirham, from the dollar despite the latter's appreciation in value recently.
'We were criticised for staying with the dollar when it was weak, so I don't think we should be criticised for staying with the dollar when it is strong.'
He said the bank would 'stay with the peg'.
Asked whether there is a danger Dubai sovereign debts would default, he said: 'In terms of banking, I don't see any danger, we are willing to meet all the external debt of banks and we have absolutely no problem there.
'It's a matter of time. Whenever they mature, we will replace them and we intend to repay all of them.
He said when it comes to the external debt borrowings of banks, 'we will have absolutely no problem in repaying, and we intend to repay' all outstanding amounts.
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Steeve
11-24-08, 02:36 AM |
UAE to stick with U.S. dollar peg
There is always an"Up and Down” in everything, be it in Stock, Oil and Currencies. Just stay as it is and monitor the overall situation of the Global need. Say"A ship will always straighten itself when comes to moor at the quay"
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