Public to vote on Gulf single currency name
Oct 04, 2009 at 05:59
If you have ever wanted to name the currency of a region now could be your chance, with the four Gulf countries forging ahead with currency union set to conduct a referendum to decide its name.
The founders of the new currency - Kuwait, Saudi Arabia, Qatar and Bahrain - want a name psychologically associated with a strong and high value currency, UAE daily Emirates Business reported on Sunday, citing an Arabic press reported.
In total 14 proposals on the currency's name have been rejected so far on the basis of being too unfamiliar, the newspaper said.
The four member currency block is said to favour the "rial", the name of the existing currencies of Saudi Arabia, Qatar and Oman, and the dinar, the name of the currencies of both Bahrain and Kuwait.
The dirham, the name of the currency in the United Arab Emirates, is not in the running, after the UAE pulled out of the monetary union earlier this year.
According to sources speaking to Riyadh-based Aleqtisadiah newspaper, "the planned GCC Monetary Council is expected to conduct a survey dealing with the psychology of the Gulf citizens on their favourite name of the new currency.
"Once the name of the currency is determined, the proposal will be presented to the heads of state for final endorsement."
Currency union for the four nation block has been scheduled to take place some time in 2010.
Oct 04, 2009 at 05:59
If you have ever wanted to name the currency of a region now could be your chance, with the four Gulf countries forging ahead with currency union set to conduct a referendum to decide its name.
The founders of the new currency - Kuwait, Saudi Arabia, Qatar and Bahrain - want a name psychologically associated with a strong and high value currency, UAE daily Emirates Business reported on Sunday, citing an Arabic press reported.
In total 14 proposals on the currency's name have been rejected so far on the basis of being too unfamiliar, the newspaper said.
The four member currency block is said to favour the "rial", the name of the existing currencies of Saudi Arabia, Qatar and Oman, and the dinar, the name of the currencies of both Bahrain and Kuwait.
The dirham, the name of the currency in the United Arab Emirates, is not in the running, after the UAE pulled out of the monetary union earlier this year.
According to sources speaking to Riyadh-based Aleqtisadiah newspaper, "the planned GCC Monetary Council is expected to conduct a survey dealing with the psychology of the Gulf citizens on their favourite name of the new currency.
"Once the name of the currency is determined, the proposal will be presented to the heads of state for final endorsement."
Currency union for the four nation block has been scheduled to take place some time in 2010.