Arab States to Replace U.S. Dollar on Oil Contracts

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The Arab states in the Gulf Region are starting their own form of currency.

The London Telegraph reports the new cash of the super rich oil exporting countries may soon replace the U.S. dollar as the currency for oil contracts.

The new money would be known as the gulfo and was inspired by the euro in Europe.

One banker said the new gulf currency would be used because, "the U.S. dollar has failed. We need to delink."

Saudi Arabia, Kuwait, Bahrain and Qatar are to launch the first phase of the monetary system next year.

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