Weakness in dollar only "temporary" - UAE governor

Sultan Nasser Al Suwadi, the governor of the Central Bank of the United Arab Emirates, said that he perceived the weakness of the dollar as a "temporary situation".

"It is the currency for investment," he told reporters on 31 May, and nothing could replace it as a reserve currency.

Some days earlier Suwadi said that the UAE was not diversifying its reserves away from the dollar after the country decided not to go ahead with plans to join a Gulf Arab currency union.

"We are withdrawn [from the cu