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UAE says Wants Gulf to Agree on Any Currency Basket - ASHARQ AL-AWSAT English Archive
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DUBAI (Reuters) – The United Arab Emirates wants all its oil producing Gulf neighbours to agree a currency basket that they can use to track exchange rates should they decide to drop pegs to the dollar, the finance minister said on Wednesday.

“It not a matter of de-pegging. You need first to have a currency basket at least. And I suggest that this be a basket agreed by Gulf states,” Sheikh Hamdan bin Rashid al-Maktoum said in an interview aired by Al-Arabiya television.

The UAE central bank governor said last week he was under social and economic pressure to drop the dirham’s peg to the tumbling dollar and track a currency basket including the euro to contain inflation.

The UAE would only act in concert with Saudi Arabia and three other oil producers preparing for monetary union as early as 2010, he said.

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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