Tuesday, Nov 29, 2011
ABU DHABI (Zawya Dow Jones)--The United Arab Emirates has taken no measures yet to prepare for a possible breakup of the euro zone, and has only limited exposure to the region's debt problems, the governor of the central bank said Tuesday.
"If there is no problem why should we take any measures?," Sultan Al Suweidi told reporters in Abu Dhabi.
He added that he is confident the eurozone will overcome its sovereign debt crisis.
"I am very confident Europe will get over the difficulties," he said. The U.A.E. remains fairly safe from the financial turmoil in Europe as the "banking and business relation with the eurozone is limited," said Al Suweidi.
A number of international banks, governments and other key players in the global financial system whose officials are worried enough about the stability of the common currency are thought to be making contingency plans for a possible break-up.
Separately, Al Suweidi said the central bank is investing again In U.S. treasuries, describing rates as "reasonable".
-By Leila Hatoum and Nour Malas, Dow Jones Newswires, +97150 2890223; nour.malas@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-11-11 0807GMT
