A looming US debt default may not have any immediate repercussion on the UAE economy, but the crisis might further dent the value of dirham that is pegged to a sinking dollar, further fuelling domestic inflation.
The UAE Central Bank, in a bid to soothe public fears about the negative implications of a possible US default on the UAE economy, said on Thursday it was not presently holding any US treasury bonds or any other financial instruments issued by the US government “due to the very low return on holding such instruments.” The Central Bank added that it was confident that the US officials would meet the August 2 deadline on raising the country’s $14.3 trillion debt ceiling.
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