The New Gulf Common Currency (GCC)

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ACKNOWLEDGEMENT

I would like to take this chance for thanking my research facilitator, friends & family for support they provided & their belief in me as well as guidance they provided without which I would have never been able to do this research.



DECLARATION

I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, & this thesis/dissertation has not been submitted for any examination at academic as well as professional level previously. It is also representing my very own views & not essentially which are associated with university.

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ABSTRACT

These report discuses the different issues related with the issuance of the new Gulf Countries Common Currency (GCC). This report starts with the explanation of the reasons of formation of monetary union and single currency. After explaining the concept of new GCC currency, this report discus the barriers associated in the developments of new GCC. This report also discusses the impact of Euro Crises on the new GCC. Further this report explain the economical advantages and disadvantages of the new GCC common currency, and economical political advantages and disadvantages of the new GCC common currency, in the last section researcher discusses the analytical expectations of the new GCC common currency. This research involves two surveys on the internet, first on the website, and second the poll on electronic newspaper, after discussing and analyzing the results of the survey, in the last researcher has provided his conclusion on the research. We can conclude that people of the gulf are in the favors of issuing new GCC currency, and they believe that the issuance of new GCC currency will improve the financial status of the people of Gulf. As UAE and Oman are the major influencers of the Gulf economy, majority of the respondents believe that their withdrawal from the project of new GCC currency will negatively affect the project, which is quite rational.

Table of Contents

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

BARRIERS IN THE DEVELOPMENTS OF NEW GCC1

ECONOMICAL ADVANTAGES OF THE NEW GCC COMMON CURRENCY2

ECONOMICAL DISADVANTAGES OF THE NEW GCC COMMON CURRENCY4

POLITICAL ADVANTAGES OF THE NEW GCC COMMON CURRENCY4

POLITICAL DISADVANTAGES OF THE NEW GCC COMMON CURRENCY6

EXPECTATIONS OF THE NEW GCC COMMON CURRENCY6

RIYADH TO HOST THE NEW GULF CENTRAL BANK7

FINDINGS OF THE SURVEY ON WEBSITE9

CONCLUSION13

REFERENCES15

APPENDIX17

Barriers in the Developments of New GCC

Following are the factors serve as barrier in the development of GCC.

•Lack of harmonize basic conditions in the member states.

•The Member States have to give up their currencies and domestic monetary policy.

•Withdrawal of the United Arab Emirates from the project, and its refusal to become a Gulf central bank with Riyadh.

•The economic ground that will be launched in which the currency suffers from several aspects of vulnerability.

•The contribution of oil and gas sector in the GDP of these countries is all still high, so the more external dealings on the inside are required.

•The process of income generation depends mainly on economic conditions abroad. In other words, the continued exposure of the Cooperation Council for specific external ...