Manama: United Arab Emirates Central Bank Governor Sultan Bin Nasser Al Suwaidi said an economic support plan is "still on the drawing board" and he is not looking to cut interest rates immediately.

Al Suwaidi also said the government has yet to decide on buying up bank portfolios, although there will be "some arrangement" to help lenders. He spoke to reporters at the 9th Gulf Cooperation Council banking conference in Bahrain yesterday.

"We will take administrative decisions that would help, but would not necessarily cut rates and definitely it will not cut rates immediately," he said.

Economic growth in the Arab world's second-largest economy has slowed after oil prices tumbled about $100 a barrel from a July high of $147.27. Abu Dhabi, which holds 8 per cent of the world's crude oil reserves, has cut production as demand falls.

"The UAE is in a period of adaptation, instead of growing at a fast pace now it just needs to grow at a lower pace and this has an effect on projects, on expansion, perhaps some expansion is not viable," Al Suwaidi said on a panel with the five other GCC bank governors.