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UAE PM says panel studies dlr peg, no change for now

Tue Apr 1, 2008 3:55pm IST
 
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BEIJING, April 1 (Reuters) - The United Arab Emirates prime minister said on Tuesday a committee reporting to him was studying the UAE's dollar peg but that the oil producer remained committed to the fixed exchange rate for now.

"A committee is studying this position and they will report to me as prime minister ... up to now we are still with the dollar," Sheikh Mohammed bin Rashid al-Maktoum told reporters aboard a plane en route from Beijing to Shanghai.

"We are still with the dollar of course," said Sheikh Mohammed, who is also the ruler of Dubai.

Asked whether U.S. economic turmoil would impact the UAE, the world's fifth-largest oil exporter, Sheikh Mohammed said: "It will affect many countries but it will not affect us, we are prepared for it."

(Reporting by Andrew Marshall; Editing by Daliah Merzaban)