Middle East Backs Dollar Not Euro For New Currency

GCC-summit-12-2013

The Middle East is planning to form their own monetary union with a single currency pegged to the dollar – not the euro.The states of Saudi Arabia, Qatar, Bahrain and Kuwait are planning a new single currency as members of the Gulf Cooperation Council.The new currency will be pegged to the U.S. dollar rejecting the euro, which is falling to third place in world trade.