The UAE will stay put with its currency peg to the U.S. dollar despite a downgrade of the country’s credit rating by Standard & Poor’s (S&P), Reuters reports. S&P lowered the U.S. long-term credit rating by one notch from “AAA” to “AA plus”. Mohamed al-Tamimi, deputy executive director at the UAE central bank’s treasury department, said that there is no risk in investing in U.S. Treasuries. All Gulf Arab states, except Kuwait, peg their currencies to the greenback.
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