GCC nations may quote oil price in new regional currency

GCC nations may quote oil price in new regional currency

Gulf States are considering using a new unified, regional currency to price crude oil rather than using…

November 23, 2009 12:11 by Dana El Baltaji

Gulf States are considering using a new unified, regional currency to price crude oil rather than using the US dollar, reports Maktoob Business, citing s Saudi economist.

“That could put GCC economies amongst the world’s most important,” Saeed al-Shaikh, vice president and chief economist of National Commercial Bank said at a business conference in Dubai.

Progress of the region’s planned single currency has stalled due to spats between GCC nations over technicalities, including the location of central bank.

The UAE and Oman have decided against joining the region’s efforts, although the remaining four GCC States have urged both nations to reconsider.

Saudi Arabia, Kuwait, Qatar and Bahrain have said they will introduce the currency by 2012.

Tags: gcc, Gulf states, National Commercial Bank, Saeed al-Shaikh, Single currency, US dollar

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1 Comment

DeniseTheMenace on November 24, 2009 1:21 pm

SA says 2012 … ??? Why not 2010 or did the Head of Treausry H.E. XYZ Al Saud mix up his calendar….Well mine says its 2009 drawing to a close. Never mind, as long as the max weightage in the new system is to USD (as per Royal Decree, of course) Lets keep the local population happy with the new system… KEEP SMILING EVER MORE !!!!!