RSS Feed (xml)
phases, Kuwait's central bank governor said in comments published on
Sunday, casting further doubt on a 2010 target date. "Due to the
limited progress achieved so far... I believe that the best way is to
work out an administrative plan for the monetary union and single
currency and implement it in stages," Sheikh Salem Abdulaziz al-Sabah
told Awan newspaper. The six-nation Gulf Cooperation Council (GCC)
plans to launch monetary union and a single currency in 2010 ,
although many experts believe the target date is too ambitious and
unrealistic. Kuwait was one of four GCC members which in June signed
an accord to create a joint monetary union council, a prelude to
establishing a Gulf central bank and launching monetary union and a
single currency. OPEC kingpin Saudi Arabia, Qatar and Bahrain also
signed the pact, while the remaining two members, the United Arab
Emirates and Oman, did not. The UAE was upset at the Saudi capital
Riyadh being selected to host the future GCC central bank, while
Oman withdrew from the monetary union in 2007 saying it was not
ready to meet the preconditions.
