Financial and Banking News


UAE Devaluation Plans Denied 

The Minister of Finance and Industry of the UAE, Shaikh Hamdan ibn Rashid al-Maktum, on 1 February discounted the possiblity of any devaluation of the UAE dirham. The local currency is pegged to the US$ at the rate of Dh3.65=$1, and Shaikh Hamdan said that "a study of foreign exchange trends and other economic indicators has shown that no adjustment in the dirham's exchange rate is needed, because...