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Tuesday, April 1, 2008


Dubai-United Arab Emirates
TOP Business News
ECONOMY NEWS-Currency Peg to Dollar
The United Arab Emirates is committed to keeping its currency tied to the dollar, which hit its lowest against the euro , the country's Central Bank Governor said in his remarks published here in dailies.

Sultan Nasser Al Suweidi said the dollar peg had helped serve the local economy, boost growth in the industrial and tourism sectors and attract foreign investments.

The dollar did slide to a record low above $1.50 to the euro on Wednesday on US data that signalled the world's largest economy is headed for a recession. (Reuters)

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said that a committee reporting to him was studying the dollar peg issue but that the country remains committed to the fixed exchange rate for now.
"A committee is studying this position and they will report to me as prime minister... up to now we are still with the dollar," Sheikh Mohammed told reporters aboard a plane en route from Beijing to Shanghai.
"We are still with the dollar of course," added the ruler of Dubai.
Asked whether US economic turmoil would impact the UAE, the world's fifth-largest oil exporter, Sheikh Mohammed said: "It will affect many countries but it will not affect us, we are prepared for it." (Reuters)

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