Gulf single regional currency approved
The agreement comes at a time when Arab central banks are under pressure to revalue their currencies or end pegs to the weakening dollar as they experience record levels of inflation All the states, except for Kuwait, are pegged to the dollar. Kuwait terminated its peg to the dollar in favour of tying the dinar to an undisclosed basket of currencies last year.
"The weak dollar is driving up import costs and threatening to destabilise the economies," said David Mann, senior currency strategist at
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