Central bank governor says officials are still in the 'foundation stage' of monetary union project
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
"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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.