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UAE wants backing for peg drop

Sultan bin Nasser Al Suwaidi, the Governor of the UAE Central Bank, has said that the country's dollar peg would only be ditched with general GCC backing, reported Bloomberg. The six nation group is due to hold a summit in Doha on December 3-4. Al Suwaidi has admitted the dollar's ongoing weakness could see the UAE drop its 30 year peg for a basket of currencies.