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Mon 6 Dec 2010 07:06 PM

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UAE to keep dirham peg to dollar, says Al Suwaidi

Al Attiyah had said that the five members are not expected to reconsider their pegs

UAE to keep dirham peg to dollar, says Al Suwaidi
DOLLAR PEG: All GCC members except Kuwait peg their currencies to the dollar

The UAE will keep its dirham currency pegged to the US dollar, Central Bank Governor Sultan Bin Nasser al Suwaidi said.

Today at a conference in Abu Dhabi, he said: “We are still adamant that the dollar peg is the best policy.”

And added: “It is very important for us to keep our peg with the US dollar.”

All of the Gulf Cooperation Council’s members except Kuwait peg their currencies to the dollar. The secretary general of the GCC, Abdul Rahman al Attiyah, said November 7 that the five members who link their currencies are not expected to reconsider their pegs.

The GCC, which is comprised of Saudi Arabia, Kuwait, the UAE, Bahrain, Qatar and Oman, supplies about a fifth of the world’s oil.

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