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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.