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GCC likely to miss currency deadline

The governor of the Saudi Arabian Monetary Agency (SAMA) said Saturday GCC countries were unlikely to launch a single currency by 2010.

Hamad Al-Syari said “new exceptional developments” in the region would make it difficult to meet the 2010 deadline Kuwaiti news agency KUNA reported.
Al-Syari spoke to reporters in Riyadh following the 44th meeting of governors of central banks and financial institutions of GCC member countries.

“Despite growing difficulties, the GCC member countries agreed on the necessity of pressing ahead for the single currency” he said, adding that technical committees were working hard to meet the deadline and that it was premature to talk about postponement.

The issue had been prominent at the meeting, he said, and will be further discussed at a coming meeting of GCC ministers of finance and central bank governors in October.

Growing inflation in GCC economies was a matter of concern, Al-Syari said, attributing the problem to local factors such as increasing expenditures and growing investments.
The meeting also addressed the importance of tightening measures to combat money laundering and the funding of terrorism, he added.

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