(MENAFN- Khaleej Times) Four GCC countries out of six will have a common currency by the end of December that will be pegged to the US dollar, according to local newspaper Akhbar Al Khaleej.
The newspaper quoted a Gulf source also highlighted that UAE and Oman won't be included in the plan.
"Pegging the currency to the dollar is a political and not an economic decision as the trade exchanges between the region and Europe are higher than UAS," the source explained while refused to reveal reasons that stop UAE and Oman from joining the project.
Meanwhile, the President of Bahrain Economists Society, Dr Jaffar Al Saegh, said that although the dollar pegging is a political decision but it isn't wise to peg the new currency to a basket of currencies right away before careful studies. "The studies should considered the conditions of US economy that negatively affect the dollar and reduce its value in front of other international currencies in the future," he said.
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