The UAE is insisting on its plan to convert up to 10% of its reserves into euros but is waiting for a trend to develop in the currency first, the central bank governor said. According to Sultan Nasser al-Suweidi, the bank could also convert up to 10% of its reserves into gold.
He said the bank was investing in short-term U.S. government debt and had raised interest rates by 25 basis points to match the U.S. Federal Reserve.
