Gulf states agree on time frame for single currency

Gulf Arab nations put into force a monetary pact Tuesday.

Gulf states agree on time frame for single currency

Gulf Arab nations put into force a monetary pact Tuesday, moving a step closer toward the goal of a single regional currency and greater integration between the mainly oil-rich states.

Foreign ministers of the Gulf Cooperation Council (GCC) states have reached agreement on a time frame for the planned Gulf single currency, a Kuwaiti official said on Monday.

"An agreement has been reached on a time frame for the Gulf single currency," by the ministers, said Kuwaiti foreign ministry undersecretary Khaled al-Jarallah, cited by the official KUNA news agency. He provided no details.

The foreign ministers ended a meeting early Monday to prepare the agenda for the Gulf annual summit due to start later in the day, where the Gulf monetary union pact is expected to be launched.

In June, four of the six countries -- Saudi Arabia, Kuwait, Bahrain and Qatar -- signed the Gulf monetary union pact, which stipulates the establishment of a monetary council early in 2010.

The council will eventually develop into a central bank which will take all necessary procedures to issue the single currency.


Agencies
Last Mod: 15 Aralık 2009, 17:09
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