US debt crisis will not affect UAE: CB

29 Jul 2011

(MENAFN) The UAE Central Bank said that since the country had no US treasury bonds due to their low return, the UAE’s economy wouldn’t be affected by the impact of the US debt crisis, reported Emirates 24/7.

The bank added that although the US dollar is a major currency, the bank wasn’t concerned about it even though it was exposed to price fluctuations.

It also said that the US government would be able to solve its debt problem and reach an agreement to raise its borrowing limit before the end of the deadline date due to the country’s major economic role worldwide.

It is worth noting that since most of the UAE Central Bank’s reserves are invested in non-US assets, they will not be obligated on the US government.

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