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Dubai: UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi will retain his role for a fifth term, ending months of speculation he could be replaced as the Gulf state defends a currency peg to the weak US dollar.
Al Suwaidi stirred market speculation about the demise of the Gulf currency pegs late last year when he called for a review of fixed exchange rates as states across the world's biggest oil-exporting region contend with soaring inflation.
When Al Suwaidi's four-year term expired in December, markets waited on word of whether he would be replaced as a spell of contradictory remarks by Gulf policymakers prompted investors to flood into regional currencies expecting revaluations.
Board
According to a decree from President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on Monday, Al Suwaidi would stay on as Governor for another four years, state news agency WAM reported.
The decree also named members to the board of the central bank, including Omar Bin Sulaiman, governor of the Dubai International Financial Centre Authority, as deputy to board Chairman Khalil Fulathi.
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