March 1st, 2007
6 Nations, 1 Currency
talks have been going about a unified currency for the Arabian Gulf Nations since 2001 and the project is due in 3 years.
why are planning to unify our currency?
is it good for us?
what will be the benefits and the challenges?
listen to our episode this week to learn about this topic …
March 1st, 2007 at 10:02 pm
Hello
as always ….alah ewafgkom enshalah o keep it up e9ara7a nice idea ..
el advantages makes sence wayed and i kinda agre .. bs el disadvantages akthar men el advantages ..
more than the ones you dr.borashid said about el M-unit and all .. i tottally agree .. bas i’ll add .. ra7 nafqed el wa6aneya fena .. we are proud of our Kuwaity Dinar whenevr we see it .. o ham sa7 about ena every gulf country has its own way of thinking o system ..so its gona be difficult lets say fe Dubai and kuwait to cope with ksa as the product we sell .. politically , islamicly and its the way we grew up that is so different ..
o raised a good point about finding a job in the unit cuz its already one unit so we all will work for the same aim …makes sence ..
* I NEED A JOB :”””””’( *
bas still i dont really like the idea of one currency .. although it has some good advantages and bright sides .. as i said the disavdvantages are more and its gona last forever ..
ana agol “keep kuwait clean” and lets try to think how to make kuwait with the new generation as good as Dubai markets and system …(mashalah alah ehanekom ya el emarat o ewafegkom enshalah o mo 3aib ena n6ma7 no9alokom )
* when we have the easiness of uae system and the sorry bs “mokh n’6ef ” * we will sure have magic in kuwait .. o et9er 9ig 3aros el khalij beqte9adha o seyasat-ha without the need of this 1 currency thing ..
bas its a good question .. shesamonha ? (i3omla , 3omlatna LOOOL , khaleji … ) .. alaah 7ilo esem khaliji 3alaiha
.. y3ne like if you’ve got 100 kd .. you’ll say i got 100 khaliji !
nice idea as always .. and a new one also .. i didnt hear alot going about this issue ..
thanks to both of you :*
good night
March 2nd, 2007 at 2:54 am
Eww I can’t believe this is how influenza il 6oyoor started! U think this incident can wake ppl up or r people above the law are also above the influenza? hmm
Anyway about the currency I reeally like how u got started on it– but realistically tho it’s not a good idea for us at this time at least given that we’re all still economies in transition (as opposed to the mostly-mature Euro zones). For one, the GCC common currency proposal includes conditions to restrict the public debt to 60% of GDP, the decific to 3%, the inflation to 2%, and to keep at all times a reserve to cover th value of imports over 4 months. In theory those are good economic measures but will not work for a country like Bahrain or Oman for example (historically we were never able to keep those benchmarks and we usually use them to manipulate economic growth numbers). It is a big problem also that countries will lose control over their monetary/fiscal policies (esp. interest rate, public debt & deficit), since they are usually the best tools to resolve inflation and job creation rates. At this point when our economies are still building/rebuilding, we all pretty much need to keep control of our policies until we stabilize (e.g. Bahrain & unemployment, Qatar & inflation). I can’t imagine reaching collective policies when internal structural problems are just so different…
Maybe in a few decades–
TC, L.
March 2nd, 2007 at 10:13 am
bull [---] we should not unifie the currncy we have to preserve our identey… imagine a country like bahrain with economic crisis.. do we realy have to carry that burdain…..
March 2nd, 2007 at 10:54 am
Bedoor: There are other advantages and disadvantages that we didn’t cover. In general, the idea is brilliant, but needs much more build up and planning before we are able to implement it.
LuLu: I totally agree with you that timing is wrong but the idea is much needed in order to cope with globalization and its potential challenges. Let me also say I can see your intelligent by the way you covered this issue. The fact that you pointed Bahrain and Qatar out with their problems means you know very well the challenges facing us. I like to have more in depth views and comments about this episode and others so all of us can benefit. Thank you for the comments.
Mosan: I can see your point but must disagree with you. I am assuming you are from Kuwait or a Gulf country that doesn’t face the same economic problem that Bahrain does. If you are Kuwaiti then I am positive that you and every other Kuwaiti owe Bahrain and the rest of the Gulf countries for welcoming us during the Iraqi invasion. Back then, people in Bahrain and other Gulf countries didn’t think of us as burdens, they thought of us as brothers. If the planning is done properly and implementation is done according to a strategic system, all of us in the GCC will live in a much comfortable and relaxed life, so let’s pray.
March 2nd, 2007 at 2:58 pm
Mr dr bo rashid
owe you ! dont forget who pays for the budget of your schools and your ministers …. we give dont take… you honstely have to wake up and smell the corruption in this region… i appreciate your reply but dont be so idolistic
March 2nd, 2007 at 3:18 pm
Mosan: Profanity is not welcomed in our blog so please don’t use it. I have to disagree with you and I am very aware of the corruption, but all of us in GCC hoping to correct it through bright minds and smart people. I encourage you to join us. Cheers
March 3rd, 2007 at 6:47 am
great great show I enjoyed it a lot, very informative, you guys are doing an outstanding job, question for Dr Bo Rashid:
Do you think the people should vote for a decision as big as this? I mean I feel I should have my saying into this just like Europe and the UK did. I am not comfortable leaving to the politicians to speak on my behalf on this matter, I want to vote on it just like Umma elections, your thoughts please.
thanks again for the great show
March 3rd, 2007 at 7:57 am
Dr bo rashid… what profanity ?
March 3rd, 2007 at 9:16 am
Jazzplace: Thanks for the comment, I really appreciate it. Now to answer your very valid and interesting question, I must say that voting might be a bit dangerous. Imagine if we want to change our weekend from Thursday/Friday to Friday/Saturday or if we want to move the clock one hour ahead or if we want to do anything to that extreme, then people will want to vote for anything; serious or not serious. I totally understand that this is how they did it in Europe, but again education plays a major role into this voting system. I will be up for voting only if we (GCC citizens) take it for a serious matter like the one discussed in the episode, otherwise it will be just chaos to vote for anything and everything. Thanks once again.
Mosan: Please refer to your comment number 3. We would love to hear your honest opinion yet at the same time preserve the professionalism of the blog and the listeners. Thank you.
March 6th, 2007 at 6:35 pm
First of all, great topic!! I’ve been Iistening to this suggestion from a few yuears back but I haven’t heard a professional study about it.. But in my opinion I don’t think a unified currency will be a great leap in the khaleeji economy in the meantime, each country has its own strategy and their own preferences. Some are very strong like (KSA+UAE) moderate (KWT+QAT) and fairly low like Bahrain etc. so i guess this will be a huge drawback in the currency to be strong and stable. But I guess we have to look at the big picture in the end and hope it’ll work.
I have to agree with your pro’s and con’s walla ya36eekom il 3afya, lool all I was doing was agree with you
March 7th, 2007 at 2:11 pm
G: The idea behind MU is to strengthen the market and economy in the entire Gulf region. As mentioned in the episode if we can stick to the principles of OCA, then we (GCC region) should be more than fine. On a personal note, what took you so long to comment?
May 29th, 2007 at 11:41 pm
Are you talking about dinar as common currency. I am the owner of dinar.com! It is for sale! make offer at shurbaji@shurbaji.com
July 18th, 2007 at 11:51 am
The Purchasing power parity (PPP) between the GCC is variant. For GCC to unify its currency in 2010 the process of establishing an equilibrium exchange rate of the currencies should have started in 2005 to equalize the currencies’ purchasing power.
August 18th, 2007 at 1:33 pm
Thanks for sharing this information. Really is pack with new knowledge. Keep them coming.