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GULF COOPERATION COUNCIL - Single currency 1 Single currency in Gulf cooperation council Name: Institution: GULF COOPERATION COUNCIL - Single currency 2 Gulf Cooperation Council (GCC) - Introduction of a single currency. Gulf Cooperation Council (GCC) is a political and economic intergovernmental bloc comprising of countries in the Gulf region i.e. Bahrain, Oman, Saudi Arabia, Kuwait and the United Arab Emirates. Iraq is the only country in the Persian Gulf region that is not a member of GCC. The member states share similar social, cultural outlooks and political systems. There are still deliberation for Morocco, Jordan, and Yemen to join the bloc. The cooperation was formed in May 1981 after the backdrop of the Iran-Iraq war and the Islamic revolution in Iran. Its member states together control almost half of world`s oil. The most influential member of the cooperation is Saudi Arabia. Bahrain, Qatar, Saudi Arabia and Kuwait deliberated and announced the creation of a monetary council that would lead to the creation of a single currency for the alliance. The United Arab Emirates and Oman pulled out of this deal till further notice. The single currency is to be known as \"Khaleeji\" which is an Arabic term meaning "of the Gulf." There has been speculation that the money could be backed by gold since member states do not allow interest or \"riba.\" However, senior colleagues of the GCC said that the currency could either be supported by US dollar or a basket of currencies. The US dollar would have the biggest share in this case. If the member states can come up with single currency they stand to benefit on: i. A single currency enables the creation of discipline policies in regards to combating inflation. This gain was recently emphasized by Alesina & Barro, 2002. ii. Elimination of forex exchange rates that come at a cost for inter-country business. Prices also stabilize since exchange rate fluctuations are eliminated. As earlier stated these countries control more than half of the world`s crude oil reserves. Their primary source of income/export is crude oil. With them coming up with a single currency GULF COOPERATION COUNCIL - Single currency 3 the world`s oil industry will naturally be affected. These countries will insist on selling their oil based on their currency to reduce exchange rate costs from foreign currency e.g. USD to their currency. This will create demand for their currency from oil importing countries. A common currency does not only affect government. It also affects everyday citizens and businesses. For citizens of GCC member states traveling to the countries will be easier since the conversion of currency will not be required. This will lead to savings on commissions and transaction charges paid to foreign exchange companies. Citizens would also be able to purchase item e.g. houses, cars across countries. This would be made easier with transparent pricing where residents can compare prices across borders. Some businesses would have to reduce costs due to the increased competition. A single currency comes with its advantages and disadvantages. Typical benefits of a single currency are: i. Elimination of exchange rates Commission ii. Increase in price transparency iii. Healthy competition leading to efficiency. iv. The increase in inward investment v. Elimination of exchange rate fluctuation. GULF COOPERATION COUNCIL - Single currency 4 The disadvantages of single currency include; i. The use of one policy across all nations may affect another negatively ii. Differences in policies. The plan may be highly accepted in one country and declined in another. iii. External factors e.g. decrease in oil prices may affect countries differently. This will depend on how much the country relies on oil. iv. To make this move comes with some costs e.g. production of new money and destruction of the old one. In my opinion, a single currency in the GCC alliance would be successful since the advantages far outweigh the disadvantages. The member states have similar external trade structures and production. They also have a common language, heritage, religion, and culture. Their currencies except Kuwait are pegged to the US dollar making the transition simpler. This alliance also has the potential for growth in the wider middle east region and North Africa, which have almost the same conditions. Other neighboring countries could also peg their currency to the GCC union once they have established the single currency. GULF COOPERATION COUNCIL - Single currency 5 References Alogoskoufis, G., & Portes, R. (1997). The euro, the dollar, and the international monetary system. EMU and the International Monetary System, 58-78. Qureshi, Y. (1982). GULF COOPERATION COUNCIL. Pakistan Horizon,35(4), 84-92. Santos Silva, J. M. C., & Tenreyro, S. (2010). Currency unions in prospect and retrospect