Saudi chief says Gulf single currency will take time

Central bank governor says officials are still in the 'foundation stage' of monetary union project
Saudi chief says Gulf single currency will take time
By Reuters
Sat 26 Mar 2011 12:21 PM

A Gulf monetary

union is still in its early stages and the launch of a common

currency will take time, Saudi Arabia's central bank governor

said in remarks published on Saturday.

"The Gulf monetary union project is huge and we are still in

the foundation stage," Muhammad Al-Jasser told Al-Hayat

newspaper.

"There are no important economic actions or projects held up

on this common currency... that is why we will take the right

time for it, but this does not mean that we will be sluggish in

working on it," he added.

Jasser did not give a date for when he expects the currency

to be launched.

Central bankers from oil producing Gulf states met in Doha

last week and discussed some of the necessary steps needed to

achieve a common currency.

The UAE and Oman withdrew from the plans

for the common currency but Jasser said he hopes that they

re-join when the time is right for them.

"This is their choice ... each country has its own

circumstances and we respect that. We hope that they come back

to the monetary council when the situation is right for them,"

he said.

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