New Euro to facilitate trade with GCC
The launch of the European Union’s (EU) new currency notes on January 1 is expected to facilitate trade between the six-member Gulf Cooperation Council and state members of the EU. According to a study carried out by the Cairo-based Gulf Center for Strategic Studies, the new European currency notes will minimize the cost of transactions and stabilize exchange rates.
European investments into the GCC region, including Saudi Arabia, Kuwait, Oman, Bahrain, Qatar and the United Arab Emirates(UAE), are expected increase along with the value of oil exports as a result of the 25 percent-low exchange rate of the Euro against the American Dollar. — (menareport.com)
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