Business | Banking
ADCB chief: UAE should reconsider dollar peg
The Abu Dhabi Commercial Bank (ADCB), the third-largest lender by market value in the UAE, has said on Monday that the UAE should reconsider its peg to the dollar.
- Agencies
- Published: 11:40 March 3, 2008
Abu Dhabi: The Abu Dhabi Commercial Bank (ADCB), the third-largest lender by market value in the UAE, has said on Monday that the UAE should reconsider its peg to the dollar.
Eirvin Knox, chief executive officer of ADCB said, "The dollar peg has served the economy well, historically, but it may be wise to reconsider it in light of the long-term growth prospects in the region."
The dollar fell to an all time low against a number of currencies on Monday, as fresh concern about the health of US financial firms and fears of a U.S. recession fuelled expectations of aggressive rate cuts.
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