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Posted On: 17 June 2009 08:53 am
Updated On: 12 November 2020 02:09 pm

GCC nationals suggest names for proposed common currency

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Qatar’s riyal does not figure among the names suggested by GCC nationals for the proposed common currency of the Gulf in a survey conducted by Al Sharq. Dinar, dirham and nira were some of the most common names suggested for the proposed GCC common currency in the survey. The common currency is the talk of the town among GCC nationals. Despite the announcement by the United Arab Emirates that it was opting out of the currency plan, many GCC nationals are proposing names for the common currency. The four countries that have signed the agreement to have a currency union are Qatar, Saudi Arabia, Bahrain and Kuwait. Both Qatar and Saudi Arabia use riyal as the name for their currency, while Bahrain and Kuwait use dinar. Al Sharq surveyed a number of GCC nationals asking them what their suggestion was for the name of the proposed common regional currency. Almost all of those who were surveyed agreed that the name of the currency should reflect the history of paper currency in the Arab world. “Even though it has been suggested that the new currency will not have the name of any of the currencies currently being used, to eliminate any sensitivities between the member countries, I still recommend using the name of dinar, due to its historical relevance in our region,” said Mariam Al Mutairi from Kuwait. Ali Al Hadi from Saudi Arabia suggested using the name dana (regional name for a large pearl). “Pearl diving is synonymous with the history of the GCC. I believe that we should be proud of that history we all share here, and using the name dana would reflect the pride we share in our history”. “Due to its use as an early Islamic currency and its mention in the Holy Quran, dinar should be the new name, and then have it divided into riyals. Dinar is also commonly used in early literature and poetry, and plays a significant role in Arabic linguistics,” said Bader Al Mannai from Bahrain. Originally slated for adoption in 2010, it is said the current deadline for establishment of the monetary union would not be met due to the financial crisis and lack of cooperation between the GCC member states.