Arab Gulf states to discuss creation of single currency

Arab Gulf states to discuss creation of single currency

Azerbaijan, Baku, May 14 / TrendA.Taghiyeva /

As part of the transformation of the Cooperation Council for the Arab States of the Gulf (GCC) in the Union, Riyadh will host a meeting of ministers of the economy and finance from the Arab Gulf countries, Al Arabiya TV channel reported on Monday.

Delegates will discuss the details of the transition of the GCC member states to a unified Gulf currency, which will enable the development of the economy of these countries. They will also discuss the name of the new currency.

According to the information, the UAE and Oman will not participate in the meeting as they had previously refused to take part in this project.

Previously it was assumed that the question of transition to a single currency would be resolved before the end of 2010. However, then, the project was postponed several times.

In December 2009 the GCC monetary union began to work, one of whose objectives was to introduce a single currency in the future. By some estimates, this event may even be postponed until at least 2015.

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Posted on May 14, 2012, in Business, Morocco News and tagged , , . Bookmark the permalink. 2 Comments.

  1. That is the best news coming from the GCC.
    Dr Ben Kirat

  2. Is this a good idea? It doesn’t seem to have really worked out all that well for the EU. I personally think that the areas of the Middle East and North Africa are, as yet, too much in flux to attempt this. I am also wondering who (the powerful ones) would have control over the money and its value, and therefore could manipulate for political goals that may not be in all countries’ best interests.

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