UAE central bank chief says it will keep currency pegged to dollar


By Martin Dokoupil
Sunday, November 30, 2014

DUBAI, United Arab Emirates -- The United Arab Emirates will keep its currency peg to the U.S. dollar, and media reports that the currency regime is under study are not true, the central bank governor was quoted as saying by state news agency WAM.

The UAE dirham, which has been fixed at a rate of 3.6725 to $1 since 1997, edged down to its lowest level against the dollar in over a year in the one-year forwards market last week as the price of oil, on which the economy depends heavily, fell to new four-year lows.

An economic committee of the Federal National Council, an advisory body to the UAE government, has suggested the central bank review the peg, a committee member told Reuters on Thursday, although he stressed that the recommendation was not related to the oil price slide. ...

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