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25 April 2024

UAE to keep dollar peg: Al Suweidi

By Agencies


The United Arab Emirates is committed to keeping its currency tied to the dollar, which hit its lowest against the euro on Wedenesday, the country's Central Bank Governor said in remarks published on Thursday.

Sultan Nasser Al Suweidi said the dollar peg had helped serve the local economy, boost growth in the industrial and tourism sectors and attract foreign investments.

The dollar slid to a record low above $1.50 to the euro on Wednesday on US data that signalled the world's largest economy is headed for a recession. (Reuters)