GCC single currency 'need not be pegged to dollar'

The GCC single currency to be launched in 2010 will be pegged to only one currency - but it may not necessarily be the U.S. dollar, Sultan bin Nasser Al Suwaidi, UAE Central Bank governor said Sunday.

Equally, the GCC countries have the political will to complete monetary union by 2010, he added.

"Initially, the single GCC currency will be pegged to one currency but which one we cannot say yet as things will change until 2010. However, it will be one currency peg and not a basket of currency,"

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