A recent move by the United Arab Emirates to cut interest rates will protect the currency and support the economy amid rising external risks, the country's top central banker told CNBC on Sunday
A recent move by the United Arab Emirates to cut interest rates will protect the currency and support the economy amid rising external risks, the country's top central banker told CNBC on Sunday.
The governor also addressed key uncertainties such as rising global risks, diverging global rates and the impact of both on the domestic growth outlook in the United Arab Emirates. "I think this is positive for the economy of the UAE, given that we have been coming through a low oil price period since 2014," Al Mansoori said, referring to the reduced interest rate.
"That is creating a lot of volatility, because there is no clear direction with what's going to happen," he said. "The UAE is an open economy, so we get impacted by what happens," he added."You have a trade war, you have the economy now slowing down - the U.S. probably still has some room - but there is a risk of recession," he added.
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