UAE sticking to dollar forex reserves- central bank chief

Reports about problems in the real estate sector are exaggerated - Sultan Nasser Al Suweidi.
UAE sticking to dollar forex reserves- central bank chief
By Lamine Ghanmi
Fri 29 May 2009 04:04 PM

The UAE is not diversifying its foreign currency reserves away from the dollar and its real estate problems have been exaggerated, the central bank chief said on Friday."We are not diversifying our foreign currency reserves. We are sticking to the dollar," central bank Governor Sultan Nasser Al Suweidi told Reuters on the sidelines of a finance conference in the Moroccan city of Marrakech on Friday.

Asked about problems in the real estate sector in the Emirates, he said: "There are reports exaggerating the problems of the sector but we are okay."

He added: "We are not worried about deflation. The UAE economy is very competitive."(Reuters)

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.