Middle East Economic Survey


No 24



UAE Central Bank Says Nearly All Forex Reserves Held In Dollars

The Central Bank of the UAE holds nearly all of its foreign exchange reserves which amount to some $33bn in US dollars, a senior central bank official said on 9 June. Muhammad al-Tamimi, deputy executive director of the banks treasury department, told Reuters that the bank was not concerned about the euros 20% drop in value against the dollar since December: This is for the...