Khaleeji (currency)

The Khaleeji (Arabic خليجي, DMG ḫalīǧī ) should be the official currency in the Arabian Peninsula on a resolution of the members of the Gulf Cooperation Council from 2010. The launch had to be postponed, also have Oman and the United Arab Emirates withdrew from the project of a common currency for the time being.

Saudi Arabia, Qatar, Bahrain and Kuwait have signed a contract on a currency union in 2009. The target date for the launch was in 2013 sought, but there are also voices that keep an appointment in 2020 is more realistic.

The central bank will have its headquarters in Riyadh.

Introduction

On 1 December 2013, the introduction of the common currency was surprisingly announced at the end of December. The common currency of Bahrain, Kuwait, Qatar and Saudi Arabia will be pegged to the U.S. dollar. Oman and the UAE will this step at this time not to participate.

On 3 December, the press release from the Gulf Monetary Council has been revoked.

Naming

Khaleeji means " the Gulf " and was rejected in December 2009 as a name for the new currency to be too unspecific. The name is a currency not appropriate, which may be the second most important currency in the world community after the euro. About alternative names are in 2011, no information available.

Current currencies of the Member States

Under the current state of the Bahraini dinar, the Qatari riyal, the Kuwaiti dinar and the Saudi riyal be replaced by the new common currency.