IMF welcomes progress made by Gulf for monetary union

[JJLL]

http://www.menafn.com/qn_news_story_s.asp?StoryId=117320

IMF welcomes progress made by Gulf for monetary union
MENAFN - 07/12/2005

(MENAFN) The International Monetary Fund congratulated the six GCC nations for progress made towards a single currency, which is expected to come into force by 2010, and cautioned them on the challenges ahead, Gulf News reported.

IMF directors said that they were encouraged by the fact that structural reforms undertaken by the GCC countries have already contributed to engendering private sector investment and to a rebound in non-oil economic activity across the region over the past few years.

The Customs Union was established by the Gulf Cooperation Council (GCC) in 2003..

[trusty]

http://www.menafn.com/qn_news_story_s.asp?StoryId=117320

IMF welcomes progress made by Gulf for monetary union
MENAFN - 07/12/2005

(MENAFN) The International Monetary Fund congratulated the six GCC nations for progress made towards a single currency, which is expected to come into force by 2010, and cautioned them on the challenges ahead, Gulf News reported.

IMF directors said that they were encouraged by the fact that structural reforms undertaken by the GCC countries have already contributed to engendering private sector investment and to a rebound in non-oil economic activity across the region over the past few years.

The Customs Union was established by the Gulf Cooperation Council (GCC) in 2003..


1.That single currency will be the Dollar.
2.Means NID will probably peg to dollar.
3.That future oil the dollar will remain rather than switch to another
currency
4. Irag fill inthe blank ________________________

A positive loaded statenent from GCC.

Trusty

[JJLL]

Well, some talk has been that the new currency (gulf dinar) would be pegged to the Euro.

Also, Iraq isn't a member of the GCC yet :( Hopefully that will change soon.

I think the reason most people have a 3-5 year term for the NID is due to the GCC acceptance and Iraqs involvement.

Lets hope for the best!

[Goalie Interference]

1.That single currency will be the Dollar.
2.Means NID will probably peg to dollar.
3.That future oil the dollar will remain rather than switch to another
currency
4. Irag fill inthe blank ________________________

A positive loaded statenent from GCC.

Trusty
I don't think the GCC currency will be the USD. I'd be more inclined to believe it would be a Gold Dinar.

[millionairetobe71]

Ok folks...

To me it doesn't to what the currency will be pegged to...what I care is, what would be the value of my dinar once is pegged to whatever currency...So...
Can someone tell me what would be the difference between the gold dinar, the Euro, and whatever else might be pegged to the GCC currency...