UAE no plans to revalue 'at this time'

CURRENCY PRESSURE: UAE has no plans to revalue the dirham against the dollar at this time, Al-Suweidi said. (Getty Images)

The UAE has no plans "at this time" to revalue its currency against the weak dollar, the country's central bank governor said in remarks published on Friday.

"There is no intention at this time to revalue the dirham against the dollar," the daily Al-Ittihad quoted Sultan Nasser Al-Suweidi as saying. "And we have not made any changes in this regard."

Al-Suweidi also denied that a committee had been set up to study a possible revaluation. "Such a committee does not exist at all," he was quoted as saying.

The UAE, the second-largest Arab economy, was among three Gulf Arab oil producers that lowered some interest rates on Wednesday to defend their dollar-pegged currencies after a US rate cut, despite the risk of stoking already near-record inflation.

The dollar fell this week to a record low against the euro and a basket of major currencies. It stands at a 13-year low against the yen.

Gulf Arab economies are surging on a five-fold increase in oil prices since 2002. (Reuters)

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