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Governor denies statement on GCC central bank HQ

posted on 24/09/2006: 784 views

Sultan bin Nasser Al Suwaidi, Governor of UAE central bank announced yesterday that he did not give any statement regarding the central bank of Gulf Cooperation Council countries during the International Monetary Fund/World Bank meetings in the beginning of this week in Singapore.

On September 17 a Bloomberg report quoting a faxed statement from the central bank said that the rulers of GCC states agreed that the GCC central bank will be based in Abu Dhabi. Although the central bank statement issued yesterday does not make any mention of the fax which Bloomberg and other Press attribute as their source, the bank clarifies that "what happened was that newspapers quoted from the article issued by Emerging Markets magazine, which is published during the IMF/World Bank meetings.”

The central bank statement explains that the reason for confusion was a mixing up between the place of meeting of the GCC governors which is scheduled to be held in Abu Dhabi to discuss the Common Monetary Authority of the GCC and the place of establishment of the GCC central bank.

Attributing the mistake entirely to the magazine, Suwaidi yesterday said in a statement that he has no connection to what the magazine issues or the mistakes it commits, even if the article talks about his achievements.

Although the governor has made his position clear, it still remains a mystery who issued the fax statement on September 17 supposedly from the UAE central bank to the Press and its authenticity. (Khaleej Times)


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