UAE Exchange, the biggest foreign exchange network in the Emirates, said that trading in the Qatari riyal had not as of yet been affected by the country’s move to cut ties with the Gulf nation.
There had been reports yesterday that FX dealers in the UAE were no longer accepting the Qatari currency amid an escalation of the GCC diplomatic row.
“We are keeping a close eye on the situation,” said Promoth Manghat, the chief executive of UAE Exchange.
“Qatar is very important [market] and we are in touch with regulators. As of now, there have been no directives from regulators but we are in constant touch for updates.”
The Qatari riyal, like all GCC currencies, is pegged to the US dollar. No one at the UAE Central Bank was immediately available to comment.
The UAE, Saudi Arabia, Bahrain and Egypt yesterday broke diplomatic ties with Qatar and cut off air, sea and land access to the country over Doha’s support for “terrorist groups aiming to destabilise the region”.
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More on the Qatar row
■ Qatar stocks slump as GCC neighbours cut ties
■ Little risk to UAE-Qatar gas shipments amid diplomatic row
■ Emirates and Etihad to suspend flights to and from Qatar amid diplomatic dispute
■ Qatar rift could lead to credit rating downgrade and lower non-oil growth
■ DP World: 'Too early to comment' on Qatar row implications
■ UAE Exchange chief says it is monitoring Qatar row and trading on riyal is normal
■ Closure of ports and road links could have an impact on Qatar's contracting market
■ UAE retailers keep a close eye on Qatar developments
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mkassem@thenational.ae
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