Gulf countries to form Gulf Monetary Council

By Daily Maverick Legacy 4 November 2009

So far, four Gulf countries, Saudi Arabia, Kuwait, Qatar and Bahrain, have signed an accord to join forces in the so-called Gulf Monetary Council, which should, in time, lead to a single Gulf currency. The project could be of consequence for the rest of the world, especially if it attempts to displace the US dollar as the oil-pricing currency. But it is far from being an easy process so far. Because of the global downturn, Kuwait has already called for the council’s inception date to delayed, while Oman (because of its weak economy) and United Arab Emirates (because of disagreement over Saudi supremacy on the council) will not be joining the project at all. Read more: BBC News

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