UAE governor rejects Greenspan advice

The United Arab Emirates will keep the dirham pegged to the dollar despite calls from former Fed chairman Alan Greenspan to float its currency.

Sultan Bin Nasser Al-Suwaidi, the governor of the Central Bank of the United Arab Emirates (UAE), told Al-Ittihad, a local newspaper, that such a decision was nonsensical. "The dollar is on its way to strengthening and it is not logical to speak now of de-pegging," he said, adding that the peg had benefited the local economy, specifically the manufact