Middle East Economic Survey

VOL. LII

No 24

15-Jun-2009

REGIONAL/GCC

GCC Currency Union Pact Signed By Remaining Participants

The remaining four Gulf countries working to create a currency union signed a pact on 7 June, indicating that the new currency would be pegged to the dollar. The four are Saudi Arabia, Kuwait, Bahrain and Qatar, after UAE pulled out recently citing the decision to base a GCC central bank in Saudi capital Riyadh (MEES, 25 May), and Oman opted out in 2006. With the exception...