UAE considers reserves options

The UAE's central bank might cut its dollar holdings by anything up to 50% and is looking at the yen, euro and sterling as alternatives, the central bank governor said. It was also announced that Bahrain and the UAE would compete to host the GCC central bank.

The Gulf Arab oil exporter's central bank had earlier announced it would convert 10 percent of its largely dollar-denominated foreign exchange reserves into euros and gold.

Governor Sultan Nasser Al Suweidi said the switch had not yet been

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