gulfnews : UAE could experience slowdown due to global economic crisis

The UAE could witness a slowdown in business due to the global financial and economic crisis, said Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor, during a financial forum in Kuwait.

Al Suwaidi stressed that the UAE banks' exposure to sovereign and private sector debt in Europe was "really small" and voiced his happiness with the UAE's current monetary policy rate of 1 per cent.

"We will see a slowdown in business due to an expected economic downturn [globally] due to effects of the European crisis and the situation in the US as well," he was quoted by Reuters as saying.

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