UAE has no plans to diversify into yen reserves

The governor of the United Arab Emirates central bank said Friday 17 November the UAE does not see the Japanese yen as an attractive currency to diversify into from its existing foreign exchange reserves.

Governor Sultan Nasser Al Suweidi said the process of diversifying reserves, worth more than $25 billion, was ongoing after the UAE decided to convert 10 percent of its reserves into gold and euros earlier this year.

"It has not been done yet but it's a medium to long-term objective, it cannot