December 18, 2009

• Unified Arab Currency
  
  This was very interesting news indeed!!!
    Bee

  “The Gulf monetary union pact has come into effect,” said Kuwait’s
  finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation
  Council (GCC) summit in Kuwait.
  
  
  
  The move will give the hyper-rich club of oil exporters a
  petro-currency of their own, greatly increasing their influence in the
  global exchange and capital markets and potentially displacing the US
  dollar as the pricing currency for oil contracts. Between them they
  amount to regional superpower with a GDP of $1.2 trillion (£739bn),
  some 40pc of the world’s proven oil reserves, and financial clout equal
  to that of China.
  
   
  
  Saudi Arabia, Kuwait, Bahrain, and Qatar are to launch the first phase
  next year, creating a Gulf Monetary Council that will evolve quickly
  into a full-fledged central bank.”

  http://www.telegraph.co.uk/finance/economics/6819136/Gulf-petro-powers-to-launch-currency-in-latest-threat-to-dollar-hegemony.html

  Also…  http://in.reuters.com/article/worldNews/idINIndia-44735520091215

  • 12:34 am
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