Gulf States to stick with the dollar

Gulf States to stick with the dollar

The Gulf Arab states will continue using…

October 6, 2009 11:01 by kippreport

The Gulf Arab states will continue using the dollar as the currency for trading oil, a source from the UAE central bank told Reuters on Tuesday. “They are going to stay with the dollar,” the unnamed source said. “For so long oil pricing is in dollars and it would be difficult for producing countries to change.”

UK-based The Independent newspaper had earlier reported that Gulf States were engaged in secret talks with Russia, China, Japan and France to replace the US dollar for the trading of oil with a basket of currencies.

Tags: currency, dollars, Gulf states, replace

Previous Article GCC Next Article

Suspicious minds, Part II
October 6, 2009 | GCC

Dubai Properties Group starts handover of AED3bn towers
October 6, 2009

More on GCC

All GCC

4 Comments

Constant Gina on October 6, 2009 6:06 pm

This is our future in the U.S. until our leadership puts the future of the dollar over the political careers.
Chris R on October 6, 2009 6:26 pm

So we won’t be the most powerful nation on earth forever. So what?
Irfan Chapra on October 7, 2009 10:10 am

Its inevitable, sooner or later it will happen
Daw on October 7, 2009 10:16 am

It is time the US has to know that their support to Israel is helping terrorist to grow in this part of the world. As their cause to free Palestine from Occupation is the main issue that disturbs the region development financially or politically, hence affecting the global flow of oil.
Therefore, unless the US wake up from its deep sleep and support justice to the Palestinians, their economy may be encounter further trouble in the future and specially price of oil amy change from US$ to a basket of currencies.