Falling U.S. dollar pushes Emirates to convert reserves to stronger euro
The wilting U.S. dollar is pushing the United Arab Emirates, a close U.S. ally, to convert 8 percent of its foreign exchange reserves into the healthier euros, the central bank governor said on Thursday.
The Emirates’ nearly US$25 billion (euro18.9 billion) currency reserves are currently 98 percent dollars. That percentage will drop to 90 percent in six to nine months if the bank’s directors approve the switch as is expected, Central Bank governor Sultan Bin Nasser al-Suwaidi said. Continue reading at Link