Four GCC countries to announce common currency by end-December

`` Four Gulf Cooperation Council (GCC) countries will announce the introduction of a common currency by the end of December, a Bahraini daily reported on Sunday. The common currency to be announced by Bahrain, Kuwait, Qatar and Saudi Arabia will be pegged to the dollar, a source told Akhbar Al Khaleej. "The decision to peg the Gulf currency to the dollar is political and is not related to the economy," the source said.'' -- Of course once the currency is formed, the backing can later be switched easily, as needed.