Since the Euro, give or take, has been such a runaway success, stand by for another single currency. Coming your way some time, the khaleeji.

The Khaleeji is a proposed single currency for member states of the GCC ( Cooperation Council for the Arab States of the Gulf.) The plan is that it will be legal tender in Saudi Arabia, Bahrain, Kuwait, Qatar, and the United Arab Emirates, with a proposed start date some time in 2010. Oman and Yemen are other states that may become involved.

It may not turn out to be the Khaleeji – the final name hasn’t yet been fixed. Various options are being debated at the moment, including Latin, ie. European, variants, rather than Arabic. The symbol is going to be a G with a vertical bar – I expect that earnt a branding company a fat wedge of money to come up with that one.

The advantages of a single currency in the Gulf are not quite as clear-cut as in Europe – it may well not produce an increase in internal trade within the region, as was the unique selling point of the Euro.

Although the plan is that it will be gold-backed, basically, dealing the Khaleeji will be dealing the price of oil, inescapable… so look out for it appearing, just maybe, in your forex accounts sometime next year…

2 Responses to “Currency trading options – the Khaleeji”

1. MOG Invest says:

   February 12, 2009 at 6:20 pm

   Hi

   mean that it another currency like euro perform by that country

   Reply
2. Cyrrion Blog » New Gulf currency 'Khaleeji' poised to be Gold backed to remove 'Riba' says:

   February 17, 2009 at 5:03 am

   [...] ‘khaleeji’ (خليجي) stands for ‘of the gulf’ which would explain the ‘G’ symbol with the by now customary central bar. I however favor another explanation: just as the ‘$’ symbol once so aptly stood for [...]

   Reply