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UAE to Ease Monetary Policy
SINGAPORE — The central bank of the UAE is prepared to ease monetary policy further to support an economy that is suffering from falling oil prices and weak global demand, its governor said on Thursday.
“There is no pressure on inflation so it makes sense to keep expansionary monetary policy,” Sultan bin Nasser Al Suweidi told Reuters on the sidelines of an Islamic finance conference. In January, the central bank lowered its key interest rate by 50 basis points to 1 per cent, following similar moves by other central banks around the world as they attempted to limit the damage from the global financial crisis. The Gulf, the world’s biggest oil-exporting region, has suffered since oil prices have slid to around $50 a barrel from a record near $150 a barrel in July last year. Regional central banks have slashed interest rates, reduced bank reserve requirements and provided emergency cash to help banks cope with a global crisis that brought to an end an economic boom in a region. The UAE’s economy could contract this year, but Suweidi remained confident that growth would return next year as the global economy gradually recovers. “The economy will shrink this year but it will definitely grow in 2010,” he said. The liquidity problems that once haunted the economy had been resolved, Suweidi said: “It was an issue three months ago, but it has been resolved.” The central bank would continue to keep its currency pegged to the dollar, he added. Turning to the proposed common currency within the Gulf Arab region, he said the region needed to forge economic integration to pave the way for the planned single currency. “It will not work unless we have the mechanism for the common market working fairly well. It’s an issue of egg and chicken,” he said. Saudi Arabia, the UAE, Kuwait, Bahrain and Qatar are moving towards launching a monetary union, including a common currency. Gulf leaders on Tuesday chose the Saudi capital Riyadh as the base for a joint monetary council.
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