There’s been talk for years of the GCC getting rid of its dollar-weighted currency. Now economists are proposing an simpler method: Just get rid of the dollars.
Dubai International Financial Centre Authority economists released a report yesterday calling for local countries to build gold reserves, according to The National.
The report said the yuan and the euro were not viable alternate reserves currencies.
Despite a high interest in gold (see: gold dispensing ATM’s), GCC states maintain less than 5 per cent of their total reserves in gold. Compared to the ECB, which holds 25 per cent of reserves in gold, that leaves a lot of room for growth.
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