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Saturday, September 24, 2005

GCC Currency Reserve



Remember the article I wrote a few weeks ago about the GCC Currency? a few days ago I got this article from Zawya, and I decided to explore a little bit..

it states that the Gulf Central Banks are creating a reserve to support the unified currency... and as I mentioned in my previous article, Sultan Bin Nasser Al-Suwaidi the governor of the Central Bank of the UAE said that "The GCC Monetary Union is proceeding as per plan for a unified currency launch in 2010. We have agreed on technical issues but political issues like which country should host the GCC Monetary Authority, the name of the currency, and the design for the currency are not yet resolved"

So we should expect it no later than 2010... which is good news...

But guess what? Al-Suwaidi gave a clue that the expected currency is going to be pegged to the dollar ... “It is a very important currency for two out of three measures - it is the currency for international trade, for international investments and the yield from the dollar is good.”

OK? What do you think?

posted by @ 9/24/2005 08:07:00 AM Google It!


Comments on "GCC Currency Reserve"

 

Blogger Entrepreneur said ... (26 September, 2005 13:59) : 

Ok, so why post a pic of the KWD?

:)

Pegged to the Dollar? Well that doesnt change anything now does it...

i wonder if they will let arbitragers close any spreads? and how big the spreads will get?

Also... think its stupid that we peg to the USD. We would have been buying US products something like 15 to 10% cheaper had we pegged to a diversified basket of EUR, YEN, CHF, AUD, etc...

asses

check my blog for some financial topics

 

Blogger YAB said ... (26 September, 2005 14:21) : 

you should read my previous article.. I'm totally against pegging to the dollar entrepreneur..

http://imonaplane.blogspot.com/2005/08/gcc-currency-myth-or-reality_26.html

I checked your blog.. it's great :) keep it up...

 

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