Gulf council considers changing currency peg from U.S. dollar

11/18/2009 | Maktoob

Members of the Gulf Cooperation Council forming a currency for the region will reconsider their decision to peg the currency to the U.S. dollar, Kuwaiti Foreign Minister Mohammed Sabah Al-Salem Al-Sabah told the country's parliament. "It is not necessary for the GCC currency to be linked to a certain currency," he said. "It could be one currency or a basket of currencies." If the dollar stays low for a prolonged period, Kuwait's argument against the peg could find support among other Persian Gulf states, analysts said.

View Full Article in:

Maktoob

Published in Brief: