UAE central bank says has no exposure to euro debt: official

The United Arab Emirates’ central bank has no exposure to euro zone debt in its reserves and it only invests in countries and corporates rated ‘AAA’ as required by law, a senior central bank official said on Friday.

Asked whether the central bank held any euro zone debt in its reserves, Saif Hadef al-Shamsi, senior executive director at its treasury department, said: “Currently, no.”

“It is very much prescribed in a law, we only invest in ‘AAA’-strong countries,” he told reporters after a meeting of Gulf central bank governors in the UAE capital when asked if investing into troubled European assets was an option.