Skip to content
Subscriber Only

U.A.E. Central Banker Says SWF Withdrawal Reports `Overblown'

(Bloomberg) -- Khalifa Al Kindi, chairman of the United Arab Emirates central bank, said that media coverage of withdrawals by sovereign wealth funds has been exaggerated, amid investor concern that the funds are pressuring global stock markets.

“I think it’s overblown,” Al Kindi, who is also founder of the Abu Dhabi Investment Council, said Wednesday at a conference in the city. “We have been exposed to that in the 80s and early 90s and now with the oil price at these levels you will be using your SWF to withdrawn from.  We still have a long way before borrowing from outside world. ”