|
US dollar
is still the best choice: UAE Central Bank governor
Monday December 06, 2010 05:03:16 PM,
Rahul Dass,
IANS
|
|
Related Article |
|
UAE seeks
unified currency for GCC
The UAE is still looking forward to a unified currency for the
six-nation Gulf Cooperation Council, Economy Minister Sultan al-Mansouri
said.
The UAE, the second-largest Arab economy and the world's third
largest oil exporter, opted out l
» |
Abu Dhabi:
The US dollar is still the best choice for the global economy,
United Arab Emirates (UAE) Central Bank Governor Sultan Bin Nasser
Al Suwaidi said here Monday.
Talking to mediapersons before the
opening of the Gulf Cooperation Council (GCC) summit, Al Suwaidi
said: "What are the choices. There is yen and euro. The choice is
limited. The US dollar is still the best choice."
He said that more than 60 percent of the UAE economy dealings,
directly or indirectly, was in US dollars. He was responding to a
query on countries looking for an alternative to the US currency
as a benchmark for the world economy.
The central bank's top official said that there are 24 national
banks, 23 foreign banks and six GCC banks operating in the UAE.
Besides that there are 96 representative offices and 45 investment
companies. "UAE's banking sector is continuing to grow."
UAE's total banking assets are 1.6 trillion Dhms and is one of the
biggest banking systems in the Arab world. The capital and
revenues is 250 billion Dhms.
To a query, Al Suwaidi said: "The situation is much more positive
this year. Things were not clear last year...There is confidence
in the UAE banking system."
On Qatar getting to host the FIFA World Cup 2022 and its impact on
the regional economy, he said that they don't make projections
over more than three years. "Twelve years is too long a period".
Speaking on Iran, the top banking official said: "We abide by the
UN Security Council resolution. UAE has a good track record of
abiding by the resolution."
Referring to the 2008 world economic crisis, Al Suwaidi said:
"When you get into a crisis, you are into it - like it or not...
Suffering takes place."
"We provided sufficient support and we are now far away from that
point of time. October 2010 figures show an increased customer
deposit."
He explained that real estate sector is a very important sector in
every economy and UAE banking sector's exposure since 1980 is 20
percent of the deposits, which was less than that of other
countries like Singapore. He stressed that they oversee the
banking sector's systemic risk and "we will protect our banks from
over exposure".
He sounded a word of caution regarding monetary union, saying:
"...Unified currency should be the last step. Everybody should
take their time."
(Rahul Dass can be contacted at rahul.d@ians.in)
|
|
Home |
Top of the Page |
|
 |
|
Comment on this article |
|
|
|
|
|
 |
|
|
|
 News Pick |
|
Indian
police system needs reforming: Toronto Police chief Alok Mukherjee
Toronto Police Board chairman Alok Mukherjee,
the highest-ranking public servant of Indian origin in Canada, wants
India to quickly roll back its colonial-style policing system for
its own
» |
UAE
garden that set Guinness World Record shut down
A garden in the United Arab Emirates (UAE)
that made it to the Guinness World Record for having the maximum
number of hanging baskets has been shut down as its creators were
upset with visitors who plucked flowers
»
|
|
90,000
Bihar kids die in first month of birth
About 90,000
children die in Bihar every year within the first month of their
birth, state principal health secretary C.K. Mishra said here
Sunday. "Every year in Bihar, about 90,000 children die within the
first month of life, that is
» |
Sheikh
Abdullah still relevant in Kashmir's political discourse
Twenty-eight years after his death,
National Conference founder and legendary Kashmiri leader Sheikh
Mohammad Abdullah remains relevant to both the mainstream and
separatist discourse in Jammu and Kashmir as the state
» |
|
Carol
practice, goodies, prayers - Kerala's in Xmas mood
The Christmas trees are up, choir
practice sessions are on in right earnest, bakers are planning their
culinary best and the truly devout are immersed in prayers - the
yuletide spirit has already set in and Christians in Kerala
» |
Bangladesh's first foreign secretary dead
A.F.M. Abul Fateh, Bangladesh's first foreign secretary who was
appointed after the country's liberation in 1971, has died in
London. He was 86.
Born in 1924 in Kishoreganj, Fateh joined the first batch of
Pakistan
» |
|
|
|
|
|
|
|
Quick links