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GCC single currency unlikely by 2010
- Thursday, May 08 - 2008 at 15:06
GCC countries are unlikely to form a single currency by 2010 as planned, making it more likely that some of these countries may end their currency pegs to the dollar, Gabriel Stein, an economist at Lombard Street Research told Bloomberg. A single currency is doubtful because Gulf rulers are unwilling to give up sovereignty over monetary and fiscal policy, Stein said, but inflation will accelerate in the meantime, increasing pressure on the states to revalue their currencies.
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Jeff Florian, Senior ReporterThursday, May 08 - 2008 at 15:06 UAE local time (GMT+4)
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