Kracker find.....how many times does the uae have to say this:
UAE denies plans to drop dollar peg
Frankfurt: 8 hours and 58 minutes ago
The UAE has no plans to drop its dollar peg, a top official said yesterday, while the recent rise in the price of oil has pushed it above the bank's internal forecasts.
Dropping the dollar peg 'is not for us', UAE central bank governor Nasser Al Suweidi said on the sidelines of a Euro Finance Week event.
The peg issue is gaining momentum again as the dollar retreats and oil prices recover, helping economies in the world's top oil exporting region emerge from a downturn.
On the recent rise in oil prices Al Suweidi said: 'The level is now above our expectations,' referring to the figure the central bank has for its forecasts.
At the same event in Frankfurt, Oman Central Bank executive president Hamood Sangour Al Zadjali said he expected oil to stay around $70 to $80 per barrel over the next year.
Al Suweidi also said an early tightening of monetary policy was not on the cards. 'We have no reason to do so,' he said.
He said the UAE would consider buying into the second tranche of Dubai's $20 billion bond programme after buying the first tranche earlier this year.
'It is an option. When, and if, it comes it will be presented to our board and they will decide,' he said, adding he did not know when a decision would be made.
He later said the UAE had no desire to see oil priced in an alternative currency to the dollar. 'No... We do not intend to interfere with markets,' he said.
Meanwhile, Oman said it plans to stick to its currency peg to dollar. Oman's central bank executive president Hamood Sangour Al Zadjali said: 'We stick to the dollar as a peg for our currency,' when asked if there were any plans to consider a link to a basket of currencies instead.
Al Zadjali said Oman's growth outlook was looking up, but prospects were largely tied to developments in oil prices, which have strengthened recently to trade between $75 and $80 a barrel over the last month.
'The oil price will stay around $70 to $80 over the next year, that's our expectation, but it's not a forecast,' he added.-Reuters
UAE denies plans to drop dollar peg
Frankfurt: 8 hours and 58 minutes ago
The UAE has no plans to drop its dollar peg, a top official said yesterday, while the recent rise in the price of oil has pushed it above the bank's internal forecasts.
Dropping the dollar peg 'is not for us', UAE central bank governor Nasser Al Suweidi said on the sidelines of a Euro Finance Week event.
The peg issue is gaining momentum again as the dollar retreats and oil prices recover, helping economies in the world's top oil exporting region emerge from a downturn.
On the recent rise in oil prices Al Suweidi said: 'The level is now above our expectations,' referring to the figure the central bank has for its forecasts.
At the same event in Frankfurt, Oman Central Bank executive president Hamood Sangour Al Zadjali said he expected oil to stay around $70 to $80 per barrel over the next year.
Al Suweidi also said an early tightening of monetary policy was not on the cards. 'We have no reason to do so,' he said.
He said the UAE would consider buying into the second tranche of Dubai's $20 billion bond programme after buying the first tranche earlier this year.
'It is an option. When, and if, it comes it will be presented to our board and they will decide,' he said, adding he did not know when a decision would be made.
He later said the UAE had no desire to see oil priced in an alternative currency to the dollar. 'No... We do not intend to interfere with markets,' he said.
Meanwhile, Oman said it plans to stick to its currency peg to dollar. Oman's central bank executive president Hamood Sangour Al Zadjali said: 'We stick to the dollar as a peg for our currency,' when asked if there were any plans to consider a link to a basket of currencies instead.
Al Zadjali said Oman's growth outlook was looking up, but prospects were largely tied to developments in oil prices, which have strengthened recently to trade between $75 and $80 a barrel over the last month.
'The oil price will stay around $70 to $80 over the next year, that's our expectation, but it's not a forecast,' he added.-Reuters