"There is more reason to stay with the peg ... because the US dollar is getting stronger," he said at a public event.
Dollar pegs have forced Gulf central banks to track seven US interest rate cuts in the past year, driving real interest rates into negative territory and stoking record inflation.
Economists and business groups have lobbied to have the Gulf currencies pegged instead to a mixed basket of other currencies, as Kuwait has done.
Suweidi, a key central bank figure in the six-nation Gulf Cooperation Council, also said the GCC would pursue monetary union in stages despite delays and difficult challenges to the long-standing plan.
"Monetary union will be implemented in stages ... the last of which will be the most difficult," Suweidi said.
"The last stage of the monetary union will require enacting and implementing similar laws in all the GCC countries to enable the common market to take its shape."
Suweidi sought to downplay expectations that the self-imposed deadline for monetary union of 2010 would mean that the project would be fully completed by that date.
"If we achieve the first two of three stages to monetary union by 2010, then that will be enough," he said.
The Gulf monetary union project was derailed after Oman said it would not join in 2006, and Kuwait severed its dollar peg intended to remain intact until monetary union.