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Unified Gulf currency by 2015


thatoneguy
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Unified Gulf currency by 2015 seen

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JEDDAH - GCC countries are in active discussion to decide upon the name and denominations of the proposed unified Gulf currency and its printing by mid-year in 2013, sources at the General Secretariat of the GCC said.

The year 2015 is proposed for the launch of the unified Gulf currency, they said. However, the actual date of the launch will depend on the progress achieved by the monetary council of the GCC (Gulf Co-operation Council).

The governing council of the Gulf Monetary Council includes the governors of the central banks of Saudi Arabia, Qatar, Bahrain and Kuwait. It would meet in Riyadh in the third week of March to discuss the progress made by its technical teams in charge of preparing institutional and regulatory frameworks for the council and follow up the achievements in this regard as the nucleus of the Gulf Central Bank.

With regard to the new currency's tie-up with the US dollar, the source said it may have a full tie-up with a single currency, i.e., the US dollar or would tie-up with a bundle of currencies in which the US dollar would have a lion's share.

The new currency is expected to bring smoothness in the fiscal and monetary policies, besides facilitating regional financial integration and intensifying financial discipline and transparency. It is also expected to boost internal and external investments.

http://www.zawya.com/story.cfm/sidZAWYA20120311044841/lok044800120311/Unified_Gulf_currency_by_2015_seen?&zawyaemailmarketing

Starlight posted this in another thread, I just brought it over.

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Did someone say it is time to prepare for the next ride? I am as optimistic as the next fellow. However, the rescue team has not been able to get me off of this runaway coaster. But just like the days of old...once off, many of said, "which ride is next." Blessings!

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The GCC voted a one currency Middle East back in 2009. The Gcc is made up of 6 countries and Iraq is not one of them..I guess the summit would be a good time to get them and others aboard...I just can't see a 1 currency outfit over there for quite some time. Too many differences between them.

Yes. I think it was full steam ahead. Until the Euro Zone mess.

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This is interesting news in light of China and Russia's agreement to trade with each other using their own currency, the decline of the Euro and apparent efforts by other nations to do an end run around the USD.

These are fascinating times that we live in.

Fascinating!

Perhaps there will be a global currency reset much sooner than we think.

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With regard to the new currency's tie-up with the US dollar, the source said it may have a full tie-up with a single currency, i.e., the US dollar or would tie-up with a bundle of currencies in which the US dollar would have a lion's share.

The new currency is expected to bring smoothness in the fiscal and monetary policies, besides facilitating regional financial integration and intensifying financial discipline and transparency. It is also expected to boost internal and external investments.

Keeping the USD in the bundle or as the main lions share source would help the USD out for the time being, if indeed this happens... will be interesting to watch to see what happens.

Thanks for bringing over the post thatoneguy!wink.gif

Did someone say it is time to prepare for the next ride? I am as optimistic as the next fellow. However, the rescue team has not been able to get me off of this runaway coaster. But just like the days of old...once off, many of said, "which ride is next." Blessings!

I don't mind a roller coaster ride... as long as I have some dramamine and it's not the only ride I'm on! laugh.gif This "eggs all in one basket" is what gets to me... and in that respect I am all for this ride being over, so we can move on and find more "thrill rides"! rolleyes.gif

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Yes, I have to admit that the crippled (yet stronger than our dollar) euro is carrying weight in regards to this argument.

Maybe the countries will keep their own currency and perhaps introduce a regional currency?

Wayyyyy too early to call.

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just hoping for a straight IQD RV before GCC currency takes-off :mellow:

I agree sportfisher this may be our only hope as far as this investment goes

I believe their plan (whomever they may be) is being implemented.

It makes me sick to see and watch the lies.

I guess this is how it's always been.

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Precisely why this is an investment that may not pan out.

Even Adam states, don't spend more than you can afford to lose, cos it is a possibility.

A member last night suggested the ban of KEEP and another for LOP talk or not constantly cheering RV.

I'm happy that you folks kicked some interpretations around regarding this, as anything can happen.

I'm hoping that this is old, recycled info.

They did put a moratorium on media, right.

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