arh777
03-29-2005, 07:17 AM
GCC currency by 2010 says Saudi minister
Posted: Tuesday, March 29, 2005
Jeddah
The Gulf Cooperation Council (GCC) members are committed to a common currency by 2010, Saudi Finance Minister Dr Ibrahim Al-Assaf said yesterday. He denied reports that the new currency has been named Gulf dinar.
"We have not yet finalised the name of the currency as to whether it will be Gulf dinar or riyal or any other," Al-Hayat Arabic daily quoted the minister as saying.
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According to a study, the new currency will be the world's most important currency union after the euro. The GCC currency will have far-reaching implications, including a big boost to inter-GCC trade, and could help the region's countries diversify their economic base away from hydrocarbons, said the study prepared by the Dubai-based Gulf Research Center (GRC).
"The relevance of the currency is not only because it will be the single currency of an economic bloc that has a GDP of $388 billion and controls 45 percent of the world's known oil reserves, but also because currency unions invariably increase the levels of intraregional trade," it said.
http://www.tradearabia.com/tanews/newsdetails.asp?Article=84610&Sn=ECO&Cnt=
Posted: Tuesday, March 29, 2005
Jeddah
The Gulf Cooperation Council (GCC) members are committed to a common currency by 2010, Saudi Finance Minister Dr Ibrahim Al-Assaf said yesterday. He denied reports that the new currency has been named Gulf dinar.
"We have not yet finalised the name of the currency as to whether it will be Gulf dinar or riyal or any other," Al-Hayat Arabic daily quoted the minister as saying.
.
According to a study, the new currency will be the world's most important currency union after the euro. The GCC currency will have far-reaching implications, including a big boost to inter-GCC trade, and could help the region's countries diversify their economic base away from hydrocarbons, said the study prepared by the Dubai-based Gulf Research Center (GRC).
"The relevance of the currency is not only because it will be the single currency of an economic bloc that has a GDP of $388 billion and controls 45 percent of the world's known oil reserves, but also because currency unions invariably increase the levels of intraregional trade," it said.
http://www.tradearabia.com/tanews/newsdetails.asp?Article=84610&Sn=ECO&Cnt=