2009-11-22 19:21:44
WAM Abu Dhabi, Nov 22, 2009 (WAM) HE Sultan Nasser Al Suwaidi, the Central Bank Governor has said that United Arab Emirates has a very dynamic economy and it is progressing well. He added that time is needed to absorb liquidity since the country is very attractive in the region for tourism and investment.

He said this while answering a query during an interactive session organised by National Media Council(NMC) for foreign journalists from 46 countries at ECSSR.

These senior journalists are invited by NMC on the occasion of the 38the National Day of the UAE.

Referring to real estate sector in Dubai he said that it will be resolved in a period of time since there are local as well as external forces that have consequences on it.

" Vis- -vis global financial crisis UAE has overcame the liquidity problem whereas in the real sector it will take sometime to stabilize, as it can not be resolved immediately", he added.

While describing the role of the Central Bank of UAE he said that the bank has three major roles to play which are Monetary policy, Reserve management, Banking Supervision and examination.

He said that there are 24 National Banks, 7 Islamic banks and around 28 foreign banks in UAE including few GCC banks and there is open policy for banking licenses operation.

To question on Islamic banking he said that Islamic banking system is more conservative in nature with limited ups and downs, however every system has its pros and cons.

About a question whether UAE will delink ( de tag) its currency with US he vehemently said " No", " US dollar is the best medium of exchange in the international trade and we will continue to use it".

Regarding GCC single currency unit he said that UAE is not the part of these negotiations.

WAM/AMIR