Pegging hopes on GCC currency reform
The currency debate among members of the Gulf Co-operation Council (GCC) is heating up. United Arab Emirates officials have openly advocated scrapping the USD peg and targeting the currency against a currency basket. Saudi Arabia seems to be resisting the introduction of such a basket, but could consider a revaluation as a compromise solution. This might be a good short-term compromise - a currency basket, even if it is dominated by the USD, could follow afterwards.
The communiqué that followed
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