Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept the world guessing on what type of currency they would adopt for their monetary union, which was ratified by their heads of state at their annual summit in Kuwait in mid-December.
But there have been strong official signals that the four countries would not veer away from the US dollar in the first years of the monetary union. And some of them have indicated that even if a basket of currencies is selected, the US dollar would be its dominant component, according to the UAE-based (Emirates Business).
