Gulf States rejects a proposed 14 names for a single currency The new name is expected to be the share of one of the currencies of countries Gulf currency
Objected to the GCC countries participating in monetary union project on the 14 names proposed for a single currency, which is expected to be stable on its name and categories and processes to print the middle of next year, and is expected to deal with the year 2015, as confirmed by a source in the General Secretariat of the GCC countries.
The source explained that he conducted a prospective study on the psychology of Gulf citizens about the preferred name of the coin, pointing out that the information showed that the GCC countries participating in the project of monetary union did not accept the 14 names proposed for a single currency, while the tendency of the Council to choose the name of slang, and not new as they were carrying The first proposals, expected to be the new name of the share of one of the currencies of countries which kicks off the unit, the dinar, riyal and adopted in Saudi Arabia, Qatar, Kuwait and Bahrain, according to the newspaper "home."
Dollar peg
With regard to the currency link, the source pointed out that on the basis that most of the GCC countries are linked to the dollar, the single currency may be linked to the entire dollar or a basket of currencies in which the largest share of the dollar.
The Governing Council of the Monetary Council (GCC), which consists of the governors of central banks and monetary agencies of the Member States in the monetary union, namely, (Saudi Arabia, Qatar, Bahrain, and Kuwait), held a meeting in the third week of this month in Riyadh, will discuss the progress made by the technical teams in charge of preparing construction institutional and regulatory framework for the Council and follow up the achievements in this regard as the nucleus of the Gulf Central Bank.
The Rasheed Al Maraj, President of the Monetary Council (GCC) and the Governor of Central Bank of Bahrain, to the start of "the Gulf central bank" linked to the date of completion of the Monetary Council (GCC).
And achieve monetary union further integration of financial markets in the GCC, in addition to its positive effect on the level of fiscal and monetary policies, and strengthen financial discipline and transparency in the region, helping to attract more investment from investors at home or in the region or the world.