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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.