UAE forex reserves swell to $75bn
United Arab Emirates foreign exchange reserves surged 50 per cent in November, the most in at least 18 years, to $75 billion, a central bank treasury official said on Thursday.
That was the same month UAE Central Bank Governor Sultan Nasser Al Suweidi said the world’s fifth-largest oil producer was under pressure to drop its peg to the dollar and might consider linking to a basket instead.
Reserves jumped from $50.4 billion the month before, the biggest rise since data going back to 1990. The central bank official did not want to be identified.
-Reuters
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