UAE to keep dollar peg
United Arab Emirates: Wednesday, March 19 - 2008 at 07:10
A UAE Central Bank Official has said the UAE will keep the dirham pegged to the dollar, reported Bloomberg. The official, speaking on condition of anonymity, said US embassy officials last week told UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi of their concern about reports that the country may drop the peg. Conceding to US pressure and a desire to act in concert with Gulf allies, political leaders have stopped the bank from developing any plans to move toward another currency regime.
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Jeff Florian, Senior ReporterWednesday, March 19 - 2008 at 07:10 UAE local time (GMT+4)
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