The UAE will continue to peg its currency to the US dollar as it remains the world’s reserve currency as well as the currency of global trade and investment, the Governor of the UAE Central Bank HE Sultan Bin Nasser Al Suwaidi said on Sunday, according to news agency WAM.Al Suwaidi made his remarks after attending a ceremony to sign two memoranda of understanding with Canada and the Netherlands to combat money laundering.
The first MoU was signed by the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) of the Central bank and FINTRAC – Financial Transactions Reports Analysis Centre of Canada.
AMLSCU and the Financial Information Unit of the Netherlands signed the second MoU.
The news came as Saudi Arabia’s finance minister said GCC monetary union – with Kuwait, Qatar and Bahrain – will proceed and that the location of a Gulf central bank was not open for renegotiation.
“It is not derailed, it will continue. The monetary union will proceed as planned,” Ibrahim al Assaf told Reuters in an interview in Oman on Saturday, less than two weeks after the UAE abandoned the single currency project.
“As long as we are moving in the right direction, this is the most important,” he added.
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