The United Arab Emirates, the second-biggest Arab economy, said the dirham’s peg to the U.S. dollar is “steady and consistent” even as U.S. lawmakers remained deadlocked over the country’s debt limit.
“No fear on the U.S. dollar, although it is exposed to price fluctuations as it happens with all the major currencies,” the Abu Dhabi-based central bank said in an e- mailed statement today. “Despite the fact that the central bank foreign reserves are mostly denominated in U.S. dollars, they are invested mostly in non-U.S. assets.”………………………………………Full Article: Source