Default Gulf countries to start currency revaluation talks soonnews

[coffeedave]

Default Gulf countries to start currency revaluation talks soonnews
08 December 2007

Mumbai: Member countries of the Gulf Cooperation Council (GCC) are planning a joint revaluation of their dollar-pegged currencies and hold talks on a revision of the exchange rates "in the next few days", Bahrain''''s foreign minister said.

The GCC, that groups Bahrain, Kuwait, Quatar, Oman, Saudi Arabia, and the United Arab Emirates, is preparing for a monetary union as early as 2010, but ruled out dropping the dollar peg and planned to keep any talks on revaluation secret.

Central banks of the GCC states are currently reviewing currency linkages and there will be a meeting between the central bank governors and finance ministers soon, reports said.

Meanwhile, United Arab Emirates, which has been pushing for currency reform, said it would not change exchange rate policy for "the foreseeable future."

Bahraini foreign minister Sheikh Khaled bin Ahmed al-Khalifa said the six states were working together to shift exchange rates, although they would keep their dollar pegs.

The move started after Kuwait moved to track a currency basket, saying the dollar''''s slide was fuelling inflation by making imports more expensive, in May. However, the Gulf states have agreed at their last summit to stick to a 2010 deadline for monetary union.

Qatari prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani told a conference in Bahrain that the GCC is unlikely to meet a 2010 deadline for monetary union.

While five of the six GCC members have agreed to stick to the timetable for monetary union after a summit last week, Oman, one of six states that had agreed to the target date, said last year it had decided not to join by 2010.???

http://www.domain-b.com/economy/gen..._countries.html

[adsfbike]

Thats sweet perhaps Iraq will do so as well!

[carlos]

Thanks for keeping us informed CoffeeDave! We have been expecting this meeting! Let's see if they do revalue their currencies, and if they touch on the subject of dropping the peg to the dollar.
I suspect many in this forum will be awaiting the results of this meeting !
Carlos

[yunowu]

Thanks for sharing !! Like we didn't see this coming....:lmao: :lmao: :lmao: :lmao:

[BILLYG]

Come on Iraq, be the leader of the pack and R/V 1st!!!

[cowpoke]

What western European country benefited the most when the Euro came on stage after they all joined curremcies?

[treestump]

Nice article, seems as if I read this a couple days ago, but maybe just my imagination....
As the Baghdaddy suggested, watch for iraq to happen after this happens.

Thanks

[dinar 4 2]

Default Gulf countries to start currency revaluation talks soonnews
08 December 2007

Mumbai: Member countries of the Gulf Cooperation Council (GCC) are planning a joint revaluation of their dollar-pegged currencies and hold talks on a revision of the exchange rates "in the next few days", Bahrain''''s foreign minister said.

The GCC, that groups Bahrain, Kuwait, Quatar, Oman, Saudi Arabia, and the United Arab Emirates, is preparing for a monetary union as early as 2010, but ruled out dropping the dollar peg and planned to keep any talks on revaluation secret.

Central banks of the GCC states are currently reviewing currency linkages and there will be a meeting between the central bank governors and finance ministers soon, reports said.

Meanwhile, United Arab Emirates, which has been pushing for currency reform, said it would not change exchange rate policy for "the foreseeable future."

Bahraini foreign minister Sheikh Khaled bin Ahmed al-Khalifa said the six states were working together to shift exchange rates, although they would keep their dollar pegs.

The move started after Kuwait moved to track a currency basket, saying the dollar''''s slide was fuelling inflation by making imports more expensive, in May. However, the Gulf states have agreed at their last summit to stick to a 2010 deadline for monetary union.

Qatari prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani told a conference in Bahrain that the GCC is unlikely to meet a 2010 deadline for monetary union.

While five of the six GCC members have agreed to stick to the timetable for monetary union after a summit last week, Oman, one of six states that had agreed to the target date, said last year it had decided not to join by 2010.???

http://www.domain-b.com/economy/gen..._countries.html

Thanks CD,

The link did not work, try...
"http://www.domain-b.com/economy/general/20071208_gulf_countries.html", or,
http://www.domain-b.com/economy/general/20071208_gulf_countries.html

[REITman]

Default Gulf countries to start currency revaluation talks soonnews
08 December 2007

Mumbai: Member countries of the Gulf Cooperation Council (GCC) are planning a joint revaluation of their dollar-pegged currencies and hold talks on a revision of the exchange rates "in the next few days", Bahrain''''s foreign minister said.

The GCC, that groups Bahrain, Kuwait, Quatar, Oman, Saudi Arabia, and the United Arab Emirates, is preparing for a monetary union as early as 2010, but ruled out dropping the dollar peg and planned to keep any talks on revaluation secret.

Great article but I had to laugh at these two statements.

One says they'll have "talks in the next few days" and the next paragraph says they "planned to keep RV talks secret".

In the words of Treater: DEEEEERRRRRFFFFFF!!!!! :lmao: :lmao:

[diamondback]

I thought I heard some Iraqi Parliment Guy saying there where there????

Qatar defends leaving Iraq out of GCC talks
By Habib Toumi, Bureau Chief
Published: December 09, 2007, 00:23
Manama: Qatar's Prime Minister Hamad Bin Jasem Bin Jabr Al Thani on Saturday rejected a rebuke by Iraq's National Security Adviser Mowaffak Al Rubaie for not inviting his country to the GCC Summit early this month.

"You have invited Iran and Turkey to the GCC Summit. Iraq is an Arab country and I think it was unfair of GCC states, to say the least, to discuss issues related to Iraq without inviting it to the talks," Al Rubaie reproached during an open question and answer session following Shaikh Hamad's speech.

But Al Thani, although surprised by the public criticism, remained composed.
"First of all the Iranians have requested to come and Qatar as the host accepted the request. The same thing happened with the Turks as well. We agree that Iraq is important, but at the same time, we need a strong Iraq, politically and militarily, but also in terms of unity," he said. "There is no unity in Iraq yet."

Right of a host

Qatar surprised its GCC allies when it invited Iran's President Mahmoud Ahmadinejad to the annual summit. It was the first time that an Iranian president attended the meeting of the organisation set up in 1981 to counter Iran's revolutionary expansionism.

Qatar said as a host it had the right to invite guests and insisted that it had informed other GCC members about the invitation.

http://www.gulfnews.com/news/gulf/gcc/10173409.html