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Tuesday, 4 April 2017

Foreign money coming in, impact of devaluation to subside within eight months -Dugan

“We’ve certainly seen a lot of foreign money coming in, Emirates NBD Chief Investment Officer Gary Dugan told Bloomberg TV, commenting on the expectation that central bank reserves are expected to have surpassed USD 28.5 bn in March. A lot of foreign money came in and it has been looking to pick up those relatively high yields on the expectation that currency remains stable, Dugan says. He says most of the access points now are in the money market and the “juice” in trade over the past three months has been in three-month and twelve-month deposits. Dugan suggests that economists expect the impact of devaluation to subside in about “eight months from now” and this will usher a marked improvement in the headline rate of inflation and confidence will prompt more fund inflows (runtime 04:18).

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