NBAD's investment head says Dirham undervalued
A senior official at the National Bank of Abu Dhabi (NBAD), said that the UAE dirham is undervalued.
Nazim Fawaz Al Qudsi, Head of the NBAD's Investment Section, predicted in an interview with the Emirates News Agency that the UAE Central Bank will announce revaluation of the UAE dirham against the US dollar, to which it is pegged.
"The Central Bank's recent moves, including issuance of Dirham, Dollar and Euro certificates of deposit, indicate that revaluation is imminent," said Al Qudsi.
He added that appreciating Dirham against Dollar is "a sovereign decision at the end of the day." "If Dirham appreciation takes place, the flow of foreign direct investment will increase. It will also help decrease the inflation rates in the country." Source
Nazim Fawaz Al Qudsi, Head of the NBAD's Investment Section, predicted in an interview with the Emirates News Agency that the UAE Central Bank will announce revaluation of the UAE dirham against the US dollar, to which it is pegged.
"The Central Bank's recent moves, including issuance of Dirham, Dollar and Euro certificates of deposit, indicate that revaluation is imminent," said Al Qudsi.
He added that appreciating Dirham against Dollar is "a sovereign decision at the end of the day." "If Dirham appreciation takes place, the flow of foreign direct investment will increase. It will also help decrease the inflation rates in the country." Source
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