TopDollar Investing

[Slimer84]

UAE CBank head: No dollar de-pegging planned
AP - 29 mins ago
ABU DHABI, United Arab Emirates (AP) — The governor of the United Arab Emirates' central bank says the country has no plans to stop pegging its currency to the U.S. dollar.

Sultan Nasser Al Suwaidi also said Monday the federation of seven semiautonomous city-states is still not planning the Gulf Cooperation Council in setting up a unified currency. He spoke on the sidelines of a GCC summit meeting in the UAE's federal capital.

Al Suwaidi said the "UAE stance remains unchanged."

The UAE and Oman have both said they will not join the other four Gulf Arab nations in plans to set up a unified currency, a step seems as key to bringing the economies of the oil-rich region closer.

Most of the GCC nations peg their currencies to the dollar.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.