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UAE economy minister calls for dollar peg review
United Arab Emirates: Sunday, December 05 – 2010 at 09:26
The UAE economy minister has said Gulf countries should discuss whether to shift their currency peg to a basket of international currencies instead of the dollar, to protect their currencies and investments, Reuters has reported. Kuwait is the only country in the region tracking a basket of currencies, having broken ranks in 2007 with other Gulf states whose currencies are pegged to the dollar.