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Discuss this article (2 Comments)Gulf single currency unlikely before 2013 - paper
by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 06 June 2009
GULF UNION: The UAE became the second Gulf Arab nation after Oman to abandon the single currency project of the Gulf Cooperation Council (GCC).
Plans by Gulf Arab states to launch a single currency could be delayed by three years to 2013, a Saudi newspaper reported on Saturday, quoting an unidentified senior Gulf source.
"It is impossible for the [single] currency to be launched within six months." Al Hayat newspaper quoted the official as saying.
"I expect the new deadline to be 2013," the official said.
Last month, the UAE became the second Gulf Arab nation after Oman to abandon the single currency project of the Gulf Cooperation Council (GCC).
Earlier this year, the GCC abandoned an initial 2010 deadline for issuing the common notes and coins, saying a joint monetary council would determine a new timetable for issuance.
The UAE, the second-largest Arab economy, abandoned the project last month in protest over the decision to base the Gulf central bank in the Saudi capital, Riyadh.
Saudi Arabia has said it and other GCC members Bahrain, Kuwait and Qatar will proceed with the plan and will sign a monetary union plan on Monday.
In 2001, the six members of the GCC - a loose political and economic alliance – agreed to set up a monetary union like that of the European Union. (Reuters)
READERS' COMMENTS
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Single Current before Judgement Day
Posted by Abdul Rahaman, Chennai, India on Monday 8 June 2009 at 21:30 UAE time
GCC Single Currency wouldn't possible unless solving Bilateral issues among GCC Members.
First they should solve all their conflict being Muslim Country they should be a good example for others. Ego is main issue to make who is Bigger among GCC.
Posted by Abdul Rahaman, Chennai, India on Monday 8 June 2009 at 21:30 UAE time
GCC Single Currency wouldn't possible unless solving Bilateral issues among GCC Members.
First they should solve all their conflict being Muslim Country they should be a good example for others. Ego is main issue to make who is Bigger among GCC.
commodity-based currencIES
Posted by Ivo Cerckel, Siquijor, Philippines on Sunday 7 June 2009 at 06:31 UAE time
The Gulf Monetary Union pact is to be signed tomorrow Monday 08 June 2009, but will not include the GCC single currency.
Indeed,
there are other monetary unions than monetary unions which fit into the International Monetary Fund (IMF)-straitjacket.
Since oil is the only commodity that is large enough for gold to hide in, gold is hiding in there.
The GMU pact will link GCC currencIES to (gold hiding in) oil.
Posted by Ivo Cerckel, Siquijor, Philippines on Sunday 7 June 2009 at 06:31 UAE time
The Gulf Monetary Union pact is to be signed tomorrow Monday 08 June 2009, but will not include the GCC single currency.
Indeed,
there are other monetary unions than monetary unions which fit into the International Monetary Fund (IMF)-straitjacket.
Since oil is the only commodity that is large enough for gold to hide in, gold is hiding in there.
The GMU pact will link GCC currencIES to (gold hiding in) oil.
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