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UAE may convert holdings to euros
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| Contributor | Servo |
| Last Edited | Servo Mar 13, 2006 10:09am |
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| Category | News |
| News Date | Monday, March 13, 2006 04:00:00 PM UTC0:0 |
| Description | The central bank governor of the United Arab Emirates suggested the country may switch up to 10% of its $22.5 billion in currency reserves into euros, in a sign of fallout from Congress' hostility to the acquisition of some U.S. ports by a Dubai-based firm.
The comments from UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi didn't have a huge impact on the euro, which rose about 0.2% at $1.1925.
Though Al Suwaidi didn't link the forex move to Dubai Ports World's acquisition of Peninsular & Oriental Steam Navigation, the market interpreted the comments in that way. |
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