Governor says UAE will keep dirham tied to US dollar | GulfNews.com:
"UAE Government will keep the dirham tied to the US dollar, Mubarak Rashid Al Mansouri, the Central Bank Governor, told the Federal National Council yesterday.
“The UAE dirham is pegged to the US dollar because oil exports are traded in US dollars, which makes the dirham peg to greenback convenient for oil transactions, and helps stabilise the UAE economy,” Al Mansouri said.
Al Mansouri told the House through the peg, the UAE benefits from the US’s financial stability and staves off vulnerability to exchange rate fluctuations."
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