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UAE may Switch Peg from Dollar to FX Basket- Report - ASHARQ AL-AWSAT English Archive
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DUBAI(Reuters) – The United Arab Emirates may drop the dirham’s peg to the tumbling dollar and switch to a basket of currencies, Bloomberg News quoted the central bank governor as saying in an interview in South Korea on Thursday.

“It’s not my prediction but everybody is expecting that the U.S. dollar will go down further,” Sultan Nasser al-Suweidi said in Gwacheon, South Korea on Thursday. “It will trigger a review.”

The country would not drop the dollar “but maybe to reduce it to a basket which will consist of more dollars, but not totally 100 percent,” he said, according to the report.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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