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Article: Will the GCC finally dump the dollar: controversy continues throughout the Gulf about the merits of the US dollar, despite the support shown for the greenback this summer by governments in the GCC and in the Organisation of Arab Petroleum Exporting Countries (OAPEC).(BUSINESS: CURRENCY)(Gulf Cooperation Council)
- Article from:
- The Middle East
- Article date:
- October 1, 2009
- Author:
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After much speculation last year about the possibility of Saudi Arabia, Bahrain, Qatar, the UAE and Oman shifting their riyals, dinars and dirhams away from their official links--or pegs--to the US currency, the arguments for such a move have been heard once again, not least because the world's new economic giants, China and India, are also looking for an alternative to the dollar. French president Nicolas Sarkozy's attack on the dollar, along with calls for a new reserve currency from Russia, Brazil and other countries at the G8 Summit in Italy in July, raised the global temperature another notch.
Part of the recent debate has been fuelled by reports that the ...