Khaleeji

Today in this TOD article I read for the first time about the planned new middle-eastern currency, the Khaleeji. I also heard the name "Petro" in similar discussions. It is a discussed as a regional currency like the Euro, but created and controlled by the oil producing Gulf states.

The www.gulfcurrency.org web site suggests a G as a sign, but I do not take them too serious. The web site owner seems to be a design company trying to sell us a symbol; like somebody registering a web domain to later cash in if the term becomes attractive. But the truth is that there are talks underway that discuss the possibility of the Khaleeji/Petro/Gulf currency creation.

Everybody is doing their bit to reduce the dependence on the dollar. The Chinese do currency swaps to bypass the dollar and as it seems the Gulf states might be quoting the oil price in Khaleeji soon.