Dollar peg seen as key to Gulf 'euro'

Six leading Arab economies, including Saudi Arabia, may reconsider pegging their currencies to the dollar, under their plans for a "euro-style" Arab single currency in the region.

Muhammad Al-Jasser, Vice-Governor of the Saudi Arabian Monetary Agency, the country's central bank, told The Times that the six oil-exporting nations - Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates - could link the proposed single currency to the euro, or to a basket of currencies.

"We have

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