UAE to reallocate 10% of foreign exchange reserves in euros
UAE Central bank governor, Mr. Al Suwwaidi, has confirmed that the bank had undertaken a strategic decision to reallocate 10% of its foreign exchange reserves in euros compared to US dollars. The UAE foreign exchange reserves now hits US$ 29 billion. Al Suwaidi dismissed any political motive behind the decision.
According to Suwaidi, a portion of reserves may also be converted into gold (up to 10%).