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GRC releases policy paper on GCC currency union

posted on 30/12/2004: 701 views

The Dubai-based Gulf Research Center (GRC) released its latest policy paper: 'Establishing a successful GCC currency union - preparations and future policy choices' today. The policy paper looks at the costs and benefits of the proposed 2010 currency union for the Gulf Cooperation Council (GCC) countries, details the necessary preparatory measures and assesses its future potential.

The policy paper suggests that a single GCC currency will result in the devolution of some economic decision-making powers, greater synchronization of data collection and a better scrutiny of individual state's fiscal policies. The academic work also emphasizes that the currency union has the potential to substantially increase intra-GCC trade, attract greater capital inflows, boosting the region's financial markets, and bring about greater economic diversification.

A strong 'Gulf dinar' should enhance the GCC's bargaining power on the global stage, it says, adding that the future choices, such as opting for a more independent exchange rate arrangement, invoicing oil in the single currency, and presenting it as an Islamic currency, could transform it into a strong anchorage and reserve currency capable of earning the GCC countries significant seigniorage revenues. (The Emirates News Agency, WAM)


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