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U.A.E. Says Dollar Peg Here to Stay as Devaluation Bets Climb

  • Central bank governor says no pressure seen on dirham fixing
  • 12-month forward contacts rise to highest level since March
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UAE Says Dollar Peg Is Here to Stay

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The United Arab Emirates’ currency peg is here to stay, the central bank governor said, after contracts used to bet on a devaluation rose to the highest since March.

Policy makers don’t see pressure on the dirham and the U.A.E. is committed to its longstanding peg to the dollar, Mubarak Rashed Al Mansoori told reporters in Abu Dhabi on Sunday. Twelve-month forward contracts on the currency climbed to the highest since March on Friday, signaling increased speculation that the exchange rate may be moved.