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UAE cbank says 'nearly all forex reserves in USD'

Dubai, June 2, 2010

The UAE central bank holds nearly all of its foreign exchange reserves, worth around $33 billion, in US dollars with no euros on its balance sheet, a senior central bank official told Reuters on Wednesday.

'Our foreign exchange reserves are around $33 billion,' said Mohamed al-Tamimi, deputy executive director at the central bank's treasury department.

'The central bank currently does not hold euros in its foreign exchange reserves. Our foreign exchange reserves are almost 100 per cent in the US dollars.'-Reuters




Tags: UAE | Central Bank | euro | currencies | forex reserves | US Dollar |

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