Sonia Rafi (December 10, 2013)
The monetary unit, informally named the ‘Khaleeji’ will be pegged to the US Dollar and will unify the GCC countries on several platforms.
The GCC monetary unit is a part of a long term GCC initiative that includes free trade and visa free travel to neighboring GCC countries for GCC citizens and permanent residents.
With the visa free travel already in place, the GCC states are now ready to strengthen the GCC union further with the launch of the Khaleeji.
The Khaleeji will be the 2nd commonwealth currency to be launched in the world after the Euro. Unlike the Eurozone, the countries of the GCC Union share similar trade practices, political infrastructure, religion and language, serving as a stronger and more stable platform to launch and circulate the currency.
So what are the benefits of the Khaleeji for the ordinary GCC resident? Having one currency instead of several will cut down costs involved in money exchange services. Customers won’t have to worry about buying currency at higher and selling at lower prices or about money changer fees, providing them with more liquid cash with which to shop while travelling to other GCC states.
The ‘Khaleeji’ will also provide more price transparency for consumers and for businesses alike as with one common currency, customers will be able to compare prices of identical or similar products in other GCC States while businesses will be able to better determine and analyze pricing strategies and rates of their competitors in neighboring GCC states.
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