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FINANCIAL NEWS
UAE to keep currency pegged with US dollar: CB
07 Aug 2011
(MENAFN) Deputy executive director at the UAE Central Bank’s treasury department, Mohamed Al Tamimi, said that the country would keep its currency pegged to the US dollar as there would be no risks inn that, reported Emirates 24/7.
Al Tamimi said that even though S&P downgraded the US economy, the central bank saw no credit risk in investing in US treasuries at this moment.
He added that the dollar would not collapse as economies are suffering internationally in the US and in the European markets as well,
It is worth noting that S&P cut the US long-term credit rating by a notch to AA-plus in an unprecedented blow amid concerns about the nation’s budget deficits and climbing debt burden.
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