"De-pegging needs a lot of studying and consideration and the matter is more complicated than you can  imagine," said Suwaidi , without elaborating.  Earlier, he spoke on the role of monitoring agencies terming it highly important in regulating the financial markets.

"Stability of market value leads to general economic stability. Increases in share prices are a very important indicator in this process and must remain within a globally agreed range, said Sultan bin Nasser Al Suwaidi, governor Central Bank of the UAE, in a speech at a seminar organised by Emirates Centre for Strategic Studies and Research (ECSSR).

He said that the role of monitoring agencies is highly important, but the US experience has proved that the

multiplicity of monitoring agencies can have a negative impact in general and does not necessarily serve the stability of markets.

The governor said that the openness of markets to globalisation must be preceded by appropriate regulation guaranteeing equity between dealers, disclosure of data and transparency. "There should also be a variety of investment products available in order to give alternatives to investors and prevent their withdrawal from markets," he said.

Moreover, the openness of markets to globalisation exposes them to the risk of sudden withdrawals of funds by foreign speculators, as happened in the Asian financial crisis in the second half of the 1990s.

"Financial markets are an ideal medium for the investment of savings. They contribute to economic growth and prosperity by helping to establish new companies or by increasing the capital of existing companies,remarked Al Suwaidi.

He said that financial markets in all the GCC countries are new except for that of Kuwait , which is the oldest in the region. In the past, the Kuwaiti market experienced shocks, but when fluctuations took place in the financial markets of the region in 2004-2005, the Kuwaiti market was not affected due to its previous experience.

Due to the novelty of financial markets in the GCC countries they have witnessed an increase in value, currency exchange and number of listed companies. Central Bank of the UAE said that the International Monetary Fund (IMF) contributed to the development of the Gulf economies, which are heading towards greater openness.