Economic history of Argentina assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies. That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market. After the relatively stable years of 1976 to 1978, fiscal deficits started
Khaleeji (currency) on November 23, 2009, statements by the UAE Central Bank Governor Sultan bin Nasser al-Suweidi stated that the greatest obstacle was the lack of a precursor unit of account. The currency, if adopted, would be the sole legal tender in Saudi Arabia, Kuwait, Bahrain and Qatar. Oman and the UAE have announced that they will not adopt the new currency until further notice. It would be seen as a further step in the expanding remit of what was originally intended as an organization for security cooperation between the GCC states, which then grew into an economic agreement and a customs