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Gulf states to launch single currency

Posted on 17 December 2009

From Wallstreetpit.com: The hyper-rich club of oil exporters: Saudi Arabia, Kuwait, Bahrain and Qatar, all Arab states of the Gulf region that own almost 40% of the world’s total oil reserves and possess a combined GDP of $1.2 trillion, have agreed to launch a single currency modeled on the euro, hoping to displace the greenback as the pricing currency for oil.
The four nations said they will launch a Gulf Monetary Council in 2010 that will pave the way for a full-fledged regional central bank………………………………..Full Article: Source

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