Last Updated: Fri Oct 21, 2011 18:52 pm (KSA) 15:52 pm (GMT)

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

The UAE central bank said it has no exposure to EU debt crisis as it invests only in countries that have AAA ratings. (File Photo)
The UAE central bank said it has no exposure to EU debt crisis as it invests only in countries that have AAA ratings. (File Photo)

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.

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