UAE governor urges fiscal frugality

Sultan Bin Nasser Al-Suwaidi, the governor of the Central Bank of the United Arab Emirates, warned that inflation could accelerate further if the government failed to curb spending.

"I would like to see less spending and that is in the hands of the fiscal policy," Al-Suwaidi told Emirates Business, a local magazine, on Wednesday.

The Institute of International Finance, a global trade body for the banking industry, expects consumer price growth to be in excess of 10% in the Emirates this year.