Iraq and GCC ~ Rate $2.66 ? ~ It's Been Stated in 2009 ~ Gulf Dinar to be issued by the Gulf Central Bank and set at SR10, nearly $2.66 ..

Note ~ another article from one year ago, Iraq and GCC ... _
April 30, 2010
Deputy Prime Minister of Kuwait: Iraq will become an integrated economic market in the GCC
Deputy Prime Minister and Foreign Minister Sheikh Mohammad al-Sabah "we opened a line directly from Kuwait to Iraq on the basis of daily flights and there are other countries, the Gulf Cooperation Council to do so and this is what is looking for Iraq is looking for an opportunity to trade, exchange and promote economic vitality and to support stability."

He said in a statement the morning transfer office (Media News Agency / INA) in Kuwait that"

Compensation that we received from the United Nations we are ready to guide the compensation that we received from the United Nations to invest in the infrastructure of Iraq and Nena are currently in discussions with the Iraqi government next to the British and Turkish Governments to develop the southern part of Iraq to be an industrial area. "

Adding, "We have included Iraq in the development plans and that there is a lot of investors in the private sector of Kuwait in Iraq and when we talk about futures and opportunities I believe that Iraq is the most prominent in terms of an environment that will produce good returns for investors, noting that" Iraq has included a plan to establish a Railway ferrous metal in the GCC countries "and that Iraq will become an integrated economic market in the GCC countries through land transport . .
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://al-iraqnews.net/new/political-news/7053.html

Economist expected the Gulf dinar to be issued by the Gulf Central Bank and set at SR10, nearly $2.66 ...
Friday, June 19, 2009
Gulf dinar 'to replace four local currencies
Four Gulf oil producers planning monetary union are expected to name a new common currency the Gulf dinar, a Saudi academic said yesterday. And the new currency will run in tandem with national coins and notes now in circulation to ease the transition, he said.
Wadei Ahmed Kably, economics professor at the King Abdul Aziz University in the Saudi Red Sea Port of Jeddah, said he expected the Gulf dinar to be issued by the Gulf Central Bank and set at SR10, nearly $2.66.
"Based on the European Union experience, I expect the new currency to be circulated along with the existing national currencies in the Gulf Cooperation Council," he told the Saudi Arabic language daily Al Watan."Both currencies will remain in circulation by banks and individuals for one or two years so the public get used to the new currency.

National currencies could then be gradually withdrawn within five years so the public will not feel any difference," he told the paper. Saudi Arabia, the world's largest oil exporter, Kuwait, Qatar and Bahrain are pushing ahead with the monetary union plans following the withdrawal of the UAE and Oman.

GCC officials have not announced the name of the new currency nor its value or peg but they have made clear their currencies would remain pegged to the dollar until a new currency and peg is decided.

Oman pulled out of the scheme in 2007 on the grounds it is not ready yet while the UAE announced last month it was quitting in an apparent protest at the GCC leaders' decision to choose Riyadh as the location of the Gulf Central Bank. (but look UAE may rejoin ~ GCC Meeting in Kuwait on Nov. 17th, Dec.14th-16th)
Saudi American Bank (Samba) last week said the UAE pulled out of the proposed union after insisting on hosting the Central Bank and keeping national currencies in circulation.

The currencies of Saudi Arabia, Bahrain and Qatar have long been pegged to the US dollar while Kuwait reverted to a basket of currencies in May 2007 in a bid to tackle soaring inflation, for which it blamed the weakening dollar.
http://www.emirates247.com/2.273/uae-economy/gulf-dinar-to-replace-four-local-currencies-2009-06-19-1.34008

Iraq's Currency ~ In Depth Explanation about Iraq's Currency Redenomination and Exchangeability ...
Links - Iraq's Currency and Monetary Policy - "Remove Zeros" ...
Use of gold dinar will stop currency war says former Prime Minister Mahathir Mohamad ...
Islamic gold dinar gains ground in Malaysia: official
The Real Price of Oil: Dollars, Gold, and the Price of Tea in China ...