Saturday October 17, 07:09 PM
Four Gulf states renew commitment to monetary union
MUSCAT (AFP) - Gulf finance ministers and central bank governors on Saturday reiterated their commitment to a monetary union and a single currency which four states plan to launch next year.
The top officials from Bahrain, Kuwait, Qatar and Saudi Arabia meeting in Muscat called on the United Arab Emirates and Oman, which have previously withdrawn from the plan, to rejoin.
They also discussed pending issues related to the finalisation of a trade union and the joint railway project that is due to link the six Arab countries of the Gulf.
"Once the countries that are members agree, we will work on setting up the Gulf central bank and launch the project of the common currency," the Gulf Cooperation Council (GCC) said after the meeting.
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE agreed at a summit in Bahrain in 2001 to set 2010 as the target to launch the monetary union and single currency.
But many experts believe the target is too ambitious and unrealistic.
Bahrain, Kuwait, Qatar and Saudi Arabia signed a pact in June to create a joint monetary union council and launch the monetary union and single currency.
The Emirates was irked at the choice of the Saudi capital Riyadh to host the future GCC central bank, while Oman withdrew from the monetary union saying it was not ready to meet the preconditions.
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