Gulf to make dollar peg to monetary union-report

BAHRAIN - Members of the Gulf Cooperation Council have agreed to adopt the U.S. dollar as the sole peg for a proposed single currency for the group, senior GCC official said in remarks published by Bahraini newspapers on Apr 22.

The GCC include Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Oman and Bahrain. The agreement followed a meeting of the governors of GCC central banks held in Bahrain on Apr 22, during which they discussed steps leading to a monetary union for the member states.

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