A member of the United Arab Emirates Federal National Council (FNC), which advises the government, said the country is unlikely to make any "major" change to its policy of pegging the dirham to the dollar.

"It is unlikely there will be any major change in the government's policy on the peg," Aamer al-Fahim, a member from Abu Dhabi told reporters on Tuesday.

UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said last week a committee was studying the country's peg to the dollar, though it would be retained for now.

"We do agree with the government's strategy to study the issue carefully," Fahim said. -Reuters