FINANCIAL NEWS

Preparations for GCC single currency need 5 more years

26 May 2010

(MENAFN) The head of the Gulf Cooperation Council (GCC), Abdulrahman Al-Attiyah, said that the member countries of the single currency project would not launch their common notes and coins until 2015, as they need more time for preparation, Reuters reported.

Al-Attiyah, the Secretary-General of the GCC, expected the UAE and Oman which quit the single currency project, to eventually join the monetary union, but not until after the currency had been launched successfully.

Last year, the GCC ditched its initial 2010 deadline for issuing the single currency and did not specified a new timeframe for the launch, but many analysts see that 2015 would be the launch date.

Al-Attiyah pointed out to the member countries need to address the sophisticated nature of the technical, legislative and institutional requirements for the project.

It is worth mentioning that only four Gulf countries are pursuing the monetary union, including Saudi Arabia, Kuwait, Qatar and Bahrain.

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