Coordinating Arab Gulf financial policies

The Gulf Cooperation Council (GCC) member states have been seeking to coordinate their monetary and financial policies so as to attain a monetary union.

The united economic agreement signed between the GCC member states stresses the principle of finding out a common currency, according to article 22 of the agreement which states on maintaining coordination among the GCC member states of their financial monetary and banking policies, increasing cooperation among the monetary establishments of the national central banks including the work towards achieving economic integration.

This united currency of the GCC member states will ensure trade privileges because of adopting a single currency, especially as the interests of the GCC member states are very common to a great extent especially also in dealing with the international market.

On the internal level of the GCC member states, the benefits of introducing a single GCC currency lies in facilitating measures citizens should take inside the GCC member states and ensuring protection for this currency from instability of Gulf currencies against other currencies and ensuring protection for investors.