The governor of the United Arab Emirates Central Bank said Tuesday a move to convert up to 10 per cent of hard currency reserves from dollars into euros has been postponed until next month. According to AFP, just two percent of the bank’s reserves are currently in euros, with the balance in dollars.
The bank’s hard currency reserves are estimated at $40bn (33 billion euros) but that the figure would surpass $300bn (248 billion euros) if funds channeled into the Abu Dhabi Investment Authority were included.
