Next year, Saudi Arabia, Bahrain, Kuwait and Qatar plan to launch the first phase of what could become the first step towards pan-Arab monetary union. They intend to establish a Gulf Monetary Council that will evolve into a full-fledged central bank which will manage a new petro currency. This currency could become the currency in which oil is priced, replacing the dollar, and giving unprecedented financial influence in world markets to the oil rich Gulf states.
Profile of Saudi Arabia
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