Four Gulf States begin the procedure of introducing a new currency and the establishment of the Arab Central. If the Arabs will create a single currency, the dollar may lose the status of the definition of world energy prices.

wealthy Arabic world, it seems, is not going to ever bear the losses due to U.S. financial policy. Last week in Riyadh (Saudi Arabia), representatives of four member countries of the Cooperation Council for the Arab Gulf States - Saudi Arabia, Bahrain, Kuwait and Qatar - have signed an agreement to move to a single monetary unit. According to the document, before the end of 2009 in Riyadh will create a currency board, which will implement the agreement, inter alia, provisions on the establishment of the Central Bank of the Gulf. Due to the fact that in May this year, United Arab Emirates declined to participate in a unified foreign exchange market, the location of the bank was the claim of Saudi Arabia.

Talks on the introduction of the single currency in the Arabian Peninsula under way for about eight years, and originally planned to introduce it into circulation in 2010. But life has forced correct idea. Long-term drop in green deprives the mental equilibrium of the financial power of even the most dedicated partner of the U.S., whose oil economy is export-oriented raw materials overseas. There is no other way: the weak dollar boosts inflation on the peninsula. First, Kuwait otvyazal its dinar from the dollar and reoriented it to multi-cart. However, the dinar has continued to grow, and that fixes the Kuwaiti Central Bank. This was followed by the Central Bank of Saudi Arabia. In order to reduce the impact of U.S. inflation on the domestic economy, Arabian States will gradually reduce the share of dollar in the basket.

But when a few years ago, Kuwait, along with Saudi Arabia, UAE, Qatar, Bahrain and Oman agreed to establish by 2010 a single currency, the Gulf, one of the conditions of the monetary union was pegging national currencies to the dollar. Since the beginning of the financial crisis, nobody said that the filler dinar after the introduction of the new currency will be pegged to the U.S. dollar. On the contrary, it is that, after issuance, it will focus on the basket of currencies.

soon as possible after the second appearance of a unified Euro currency reflects two interesting trends. The first is to reduce the dollar zone in the world economy. Recently, this trend is much stronger. For example, Japan has recently announced diversify its currency reserves. China has repeatedly declared the beginning of the cycle to diversify its reserves. Bank of Russia has already formed bivalyutnuyu a basket, getting thus a more flexible tool for its exchange rate policy.

second trend is that the Gulf countries, on some grounds, voznamerilis maintain a policy independent of OPEC. Because it is a country of the world's largest exporter of oil, it would mean the loss of the dollar and its main trump - nomination of world energy prices.

limited to the introduction of a common currency quartet of the Persian Gulf is not going to. The plans - the creation of a single customs area and overall Monetary Fund, which is believed to be located in Riyadh. In the participating countries will be a single interest rate, the total gold reserves, they intend to pursue a coherent debt policy.

It seems that over time the new unified currency may become one of the world's reserve currencies. All the news is not a joke at the troubled investors. The challenge to find new investments for its quiet harbor becomes acute as ever. Investors are not convinced even the statements of American officials that the crisis in the United States economy virtually eliminated.