UAE out of monetary union

Uzbekistan News.Net
Friday 22nd May, 2009

The United Arab Emirates has decided to opt out of the Gulf monetary union.

The UAE has decided to keep its own currency, the dirham, which will remain pegged to the US dollar.

It is the second of six Gulf states to pull out of the union plan and had been expressing reservations about Riyadh, the Saudi capital, being home to the union's central bank.

While Saudi Arabia, Kuwait, Qatar and Bahrain have remained committed to the plan, Oman has also dropped out.

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