Arabs create new currency

[Chapdog]

I think we should all call it the sand dollar

The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate.

The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (£739bn), some 40pc of the world’s proven oil reserves, and financial clout equal to that of China.

http://www.telegraph.co.uk/finance/...ency-in-latest-threat-to-dollar-hegemony.html

 

[Chapdog]

LOL they have no idea how easy its going to be manipulate there currency. wall street is going to have a fieldday.

 

[Topspin]

this might be a good thing, wall street could steal their oil wealth by manipulating the currency

 

[Chapdog]

this might be a good thing, wall street could steal their oil wealth by manipulating the currency

First think I thought of. Talk about a potential unstable currency.