UAE still has to decide on diversifying foreign exchange reserves
The UAE central bank has made no decision yet on diversifying its foreign exchange reserves and the current dollar ratio is appropriate, the bank's Governor Sultan Nasser Al Suweidi has said. However, he said in an interview that a shift remains the bank's long-term objective.
"The board is making the decision but it has not taken the decision yet," he said on the sidelines of a conference in London.
The central bank of the UAE has been keeping markets guessing about its plans to convert 10 per cent of its reserves from dollars to euros, announced earlier this year. UAE central bank foreign reserves, which stood at $23bn in December, are held almost entirely in dollars.