Arab Gulf economists: Gulf united currency needs disengagement from dollar
Gulf, Economics, 7/28/2001

Economists from the Arab Gulf region said that the six Arab Gulf states ( Saudi Arabia, Kuwait, Qatar, Bahrain, the United Arab Emirates, and Oman) who relentlessly proceed to achieve inter- economic integration have several options to reaching the adoption a united Arab Gulf currency. These include taking steps to protect its march towards this end.

As certain economists have talked about the possibility of attaining currency union at the meantime, on the ground of the stable exchange price of the six Arab Gulf currencies since 30 years, others noted the need of taking financial measures including disengagement with the US Dollar in order to reach this objective.

The Saudi economist Abdullah al-Mu'jil who runs an establishment for economic consultation in Bahrain said that the united Gulf currency can be issued at the present time and becomes an exchange reference.

He explained the currencies of the 6 GCC states are used in the 6 states and the exchange price of which five states are linked to the USD is fixed since more than 30 years.

Previous Stories:
  Coordinating Arab Gulf financial policies   (7/7/2001)
  The Gulf states study means of uniting their currency   (6/27/2001)
  An electronic government in the Gulf states   (6/12/2001)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search