GCC: Currency Dilemma for Arab Gulf Consumers · Global Voices
Amira Al Hussaini

The Gulf Cooperation Council (GCC) hopes to achieve a monetary union, with a common currency, by 2010. Bloggers from the region, which groups Bahrain, Kuwait, Saudi Arabia, Oman and the United Arab Emirates, debate the merits of the union and more importantly what name they want for their new currency.
And although politicians and economists are yet ironing out the details of the union, the term Khaleeji, which is Arabic for “of the Gulf,” has been proposed for the joint currency. Another name which features high up on the list of choices, which so far includes around 14 proposed names, is Karam, which means generosity in Arabic.
Saudi Ibrahim, who is not pleased with a currency carrying the name Khaleeji, asks his readers to suggest better names for the common currency:
The blogger even jokes, suggesting a name:
He continues:
From Kuwait, Jandeef too isn't happy with both Karam and Khaleeji and notes:
At online forum Garaaam Assaf argues that the current global economic crunch offers the best opportunity to break free from having GCC currencies pegged to the US dollar:
The US’ accumulating debts leaves the American administration with two options:
1. Not repaying the debts
2. Continue with inflation, which will in turn, impact the currencies pegged to the US dollar and thereby create higher inflation.
In addition, GCC investments exceed $700 billion and it is natural that they are effected by what the dollar is experiencing. In my view, this could be a pressing excuse for a common GCC currency to be issued.
At the Ajman Tribe Forum Computer Eng is not keen on having Kuwait as part of the project, saying:
Al Saha reports that 14 names have so far been suggested for the common currency.
At Cyrrion, a blog of the Internet encyclopedia of world coins, Stefan Pernar admits his surprise that mainstream media did not pick up the news. He explains:
There is something that is not only new, but something that for the most part has been overlooked by the majority of the news outlets that at least I use to frequent. When GCC leaders concluded their 29th annual summit meeting in Muscat, Oman at the 31st of Dec 2008 with a final approval for the creation of a single currency for the six-nation economic bloc the I certainly did not hear about. Meet the Khaleeji. It is the upcoming common currency of the Gulf Cooperation Council scheduled to go live in 2010.