Chaliji (currency)

The Khaliji ( Arabic خليجي, DMG ḫalīǧī ) should become the official currency on the Arabian Peninsula from 2010 onwards by a resolution of the members of the Gulf Cooperation Council . To realize this project, the Gulf Monetary Council was founded.

The introduction had to be postponed. In addition, Oman and the United Arab Emirates have withdrawn from the project of a common currency for the time being, so that currently (as of 2017) only Bahrain , Qatar , Kuwait and Saudi Arabia are driving the project.

The central bank is said to be based in Riyadh .

introduction

Bahrain, Qatar, Kuwait and Saudi Arabia signed a monetary union treaty in 2009.

The new date for the introduction was targeted in 2013. On December 1, 2013, the introduction of the common currency from the end of December was surprisingly announced. The common currency of Bahrain, Kuwait, Qatar and Saudi Arabia should be pegged to the US dollar. Oman and the UAE did not want to take this step at this point. On December 3rd, the press release was withdrawn by the Gulf Monetary Council .

But there were voices right from the start that a date in 2020 was more realistic.

Naming

Chaliji means “from the Gulf” and was rejected as too unspecific as the name for the new currency in December 2009. The name is not appropriate for a currency that can become the second most important common currency in the world after the euro . In 2011, no information was available on alternative names.

Current currencies of the member states

According to the current status, the Bahraini dinar , the Qatar riyal , the Kuwaiti dinar and the Saudi riyal will be replaced by the new common currency.

country	currency	Abbreviation	Connection
Bahrain	Bahraini dinar	BHD	US dollars at the rate of 1 USD = 0.376 BHD
Qatar	Qatari riyal	QAR	US dollars at the rate of 1 USD = 3.64 QAR
Kuwait	Kuwaiti dinar	KWD	Currency basket, composition not disclosed
Saudi Arabia	Saudi riyal	SAR	US dollars at the rate of 1 USD = 3.75 SAR
Accession postponed
Oman	Omani rial	OMR	US dollars at the rate of 1 USD = 0.3845 OMR
United Arab Emirates	UAE dirham	AED	US dollars at the rate of 1 USD = 3.6725 AED

Web links

• Gulf Monetary Council

Individual evidence

1. ↑ ^{a b} Riyadh to host GCC central bank. (No longer available online.) In: Arab News . May 6, 2009; Archived from the original on September 7, 2009 ; accessed on July 6, 2017 . 
2. ^ Objectives. (No longer available online.) Gulf Monetary Council, archived from the original on September 22, 2017 ; accessed on July 6, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
3. ↑ arabianbusiness.com; Kuwait seek UAE, Oman return to monetary union; December 11, 2009; Retrieved March 19, 2011
4. ↑ arabianbusiness.com; Gulf states sign monetary union pact; June 7, 2009; accessed March 19, 2011
5. ↑ www.dunatv.hu; Chaliji from 2013
6. ↑ Four GCC countries to announce common currency by end-December , accessed December 3, 2013
7. ↑ Revocation , accessed on December 3, 2013.
8. ↑ arabianbusiness.com; Kuwait sees GCC currency union taking up to 10 years; December 8, 2009; accessed March 19, 2011
9. ↑ tradearabia.com; Proposed GCC currency name "too general"; December 16, 2009; accessed March 19, 2011
10. ^ Federal Foreign Office, Country Information Qatar, accessed March 19, 2011
11. ↑ Central Bank of Kuwait, Kuwaiti Dinar Exchange Rate Policy, accessed March 19, 2011 (English)
12. ↑ Foreign Office, Country Information Saudi Arabia, accessed March 19, 2011
13. ↑ Foreign Office, Country Information Oman, accessed March 19, 2011