Dollar peg is still best choice

Pegging the United Arab Emirates' currency to the US dollar is still the best choice for the Gulf oil producing country, Central Bank Governor Sultan Nasser al Suwaidi said on Monday.

"Sixty to 65 per cent of the UAE trade is denominated in US dollars so it is important to keep our peg to the dollar," he told a news conference ahead of a summit in Abu Dhabi, reported Reuters. 

Earlier on Sunday, WAM reported, GCC foreign ministers held their 117th meeting to hammer out agenda of the 31st GCC summit which starts in Abu Dhabi today.

The meeting, which was chaired by the UAE Foreign Minister, Sheikh Abdullah bin Zayed Al Nahyan, in the attendance of GCC Secretary General Abdul Rahman bin Hamad Al Attiya, completed discussion on remaining economic topics on the agenda of the summit.

''We are meeting here today to complete agenda of the 117th session of the ministerial council which will be submitted to the leaders of the GCC. What will present to the GCC leaders is the sincere opinion and the extract of truehearted consultations on studies and projects that have matured and completed for the sake of enhancement of our joint action,'' Sheikh Abdullah said in his welcome address.

According to him, the agenda includes a host of topics that draw attention of our leaders in political, economic, cultural, and others concerning citizens.

''The deliberations in its political dimension express our common desire to have one lucid, audible voice at international forums that delivers the message of stability, peace and development which both our countries and this gathering carry,'' the UAE minister added.

Sheikh Abdullah said he was looking forward for a constructive summit that adds value addition to our joint GCC action.
 
 

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