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Defences waver of currency pegs that served GCC states well

Currency pegs to the US dollar have been a central element of the Gulf Co-operation Council (GCC) states’ economic stability since the late 1970s, when Bahrain, Qatar and the UAE led the way. By 2003, the six GCC economies had all turned what started out as a de facto policy into an official one, although Kuwait subsequently diverged from the pack in 2007 by pegging to an unspecified basket of currencies (albeit dominated by the dollar).

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African Energy Gulf States Newsletter