U.A.E. Central Bank Is Selling Dollars, Buying Euros
December 27th, 2006Via: Bloomberg:
The United Arab Emirates will convert 8 percent of its foreign-exchange reserves to euros from dollars before September after the U.S. currency slumped this year, the country’s central bank governor said.
The U.A.E. has started “in a limited way” to sell part of its dollar reserves, Sultan Bin Nasser al-Suwaidi said in an interview in Abu Dhabi on Dec. 24. “We will accumulate euros each time the market appears to dip,” as part of a plan to expand the country’s holding of euros to 10 percent of the total from 2 percent today, he said.
Related: U.S., CHINA and EUROPE: FINGERS ON TRIGGERS IN MEXICAN STANDOFF
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