UAE considers reserves switch to euros

The United Arab Emirates is considering moving 10 percent of its foreign currency reserves out of U.S. dollars and into the euro, the Khalij Times reported Monday 13 March.

The UAE, one of whose member emirates was rebuffed in the United States over a ports deal, has yet to make a final decision on the asset redeployment, the report said.

Sultan bin Nasser Al Suwaidi, the governor of the UAE's central bank, said the nation's interest rates will continue to be linked with the U.S. dollar.

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