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...
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