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Gulf Arab states move closer to single currency - ASHARQ AL-AWSAT English Archive
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KUWAIT CITY (AP) – Kuwait’s finance minister says a monetary pact between Gulf Arab nations has gone into effect, a move that brings the nations closer to the so-far elusive goal of a unified currency.

The official KUNA news agency quoted Mustafa al-Shimali as saying Tuesday that central bank governors from the six Gulf Cooperation Council countries would set a timetable to set up a regional central bank with an ultimate aim of setting up a unified Gulf currency.

The development came as leaders of Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates were poised to wrap up a two-day summit in Kuwait.

GCC nations have been working toward greater integration, but the plan for a unified currency suffered a blow when the UAE and Oman said they would not join.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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