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Arabs may align own currencies, delink from declining dollar
ABU DHABI. Aug 31: A sharp decline In US dollar over the past few months may prompt Gulf Arab states to hasten plans to align their own currencies and delink them from the American currency, experts say. reports AFT
Except for the Kuwaiti di nar. which Is pegged to a basket of currencies, all currencies In the six-nation Gulf Cooperation Council (GCC) are tied to the US dollar, which has dipped to a dangerous level against the German mark.
'A decline in the dollar means a higher GCC Import bill because a large part of the region's purchases comes from non-dollar countries." said Sami al-Yafl. general manager of the United Arab Emirates (UAE) first Gulf Bank
The latest decline under scores the Instability In the dollar This could accelerate their plans for a new currency tie "
The GCC states of Saudi Arabia. Kuwait. Bahrain. Oman. Qatar and the UAE have sought to align their currencies since they signed an economic
agreement in 1982 to merge their markets and create a single economic bloc.
They have dropped plans for a single currency as unrealistic Among the proposals for alignment is linking their cur rencies to a basket of curren cits but the plan has been de laved because of reservations by some members, according to economists in the region
There were differences on the basket and the percentage of each world currency tn it. one expert said. "Other mem bers. like Oman, believed deHnklng the national currvn cies from the dollar could be Interpreted as a political deci sion against the US It has asked for more consultation among members ’
GCC central bank governors are due to discuss the align ment plan again when they meet tn Abu Dhabi this week Bankers said the proposed basket was expected to include the currencies of the United States. France. Japan. Ger many and Britain, the Gulf groups main economic part ners.
"They have met several times without reaching any agreement." Mid Mohammed Abu Qalbain. a UAE stockbro ket and economic expert "But this time they meet against the backdrop of a steep fall In the dollar and this might spur action by the governors on such plans.
Several Gulf officials and businessmen have called for delinking regional currencies from the US dollar to avoid losses caused by Its drop
"It Is time that we consider linking our currency lo a basket of currencies. This will benefit our economy." former UAE central bank governor Abdul Malik al-Hamar said re cently
Most of the GCC's exports are oil and gas. which are priced tn dollar, while they depend heavily on Imports from the United States. Japan and the European Community
Alignment of GCC currencies Is essential for plans to create a common Gulf market, which wllk Aso see the unifies tlon of cKtoms tariffs and trade laws free movement of
goods and a joint stock mar ket
The sharp dechne In the dollar iufo some European cur rencies like the British pound and a large Increase In the German mark Is negatively al fecting us In the GCC." the UAE Dally Al-Khaleej said on Saturday
"As we see. this Is depress Ing the value of our national currencies because they are tied to the dollar It Is also creating confusion In our trade and money Iransfers and cans Ing fosses In several sectors "
It repeated calls for delinking GCC currencies from the dollar and criticised au thoritles in member countries over the alignment plans
"We In the GCC. except Kuwait are still insisting on ty ing our currencies to the dol lar and postponing any idea about changing such a link to a joint peg of currencies even If the dollar has the Hon's share tn such a basket." tt said
This adherence means we accept that the dollar continue to drag our cuiYencfos to the abyss whenever tt rolls down