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On 15 December 2009, Bahrain, Kuwait, Qatar, and Saudi Arabia announced the creation of a Monetary Council, to introduce a single currency for the union. The board of the council, which set a timetable and action plan for establishing a central bank and chose a currency regime, met for the first time on 30 March 2010.
In 2010, it was believed that a GCC common currency between the four states of Saudi Arabia, Kuwait, Bahrain, and Qatar could proceed for a number of reasons, including: The halting of the loans from the central banks of the four concerned countries to the public sector. [14] The convergence of government law and policy in the financial sector ...
Present currency ISO 4217 code Country or dependency (administrating country) Currency symbol Algerian dinar: DZD Algeria: دج (Arabic) or DA (Latin) Bahraini dinar [1] BHD Bahrain.د.ب [2] Iraqi dinar [3] IQD Iraq: ع.د [4] Jordanian dinar [5] JOD Jordan: ينار [6] Kuwaiti dinar [7] KWD Kuwait: ك [7] Tunisian dinar: TND Tunisia
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union , which would have, in addition, a customs union and a single market ).
Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica Grenada Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Bosnia and Herzegovina Bulgaria Brunei ; Conventional peg (40) Aruba The Bahamas Bahrain Barbados Belize
Amero, in a currency union for North America consisting of the United States, Canada, and Mexico; CARICOM currency, [1] for Caribbean states (except the Bahamas) Khaleeji, for the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates) SUCRE, as part of the Bolivarian Alternative for the Americas
The 100-fils note of the Bahrain Currency Board was withdrawn in November 1980 and the remainder of the notes were withdrawn on 31 March 1996, remaining exchangeable until one year afterwards. [2] The third issue of notes (the second by the Bahrain Monetary Agency) with the same denominations of 1 ⁄ 2 to 20 dinars was released in March 1993. [7]
The prominent regional political union Gulf Cooperation Council includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. [ 6 ] [ 7 ] [ 8 ] In modern history, various former British Empire protectorates , [ 9 ] [ 10 ] [ 11 ] including the Trucial States were Arab states along the Persian Gulf .