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Tue 3 Dec 2013 05:20 PM

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Single Gulf currency launch date 'false', says Council

Gulf Monetary Council rejects media reports claiming single currency could launch by end-2013

Single Gulf currency launch date 'false', says Council

The Gulf Monetary Council has dismissed media reports claiming a date has been set to launch the single currency for Gulf countries.

Press reports earlier this week suggested that four countries of the Gulf Cooperation Council (GCC) will announce the single currency by end of this year.

It was claimed that Kuwait, Saudi Arabia, Bahrain and Qatar were planning to press ahead with plans without the UAE and Oman.

But in a statement, the Gulf Monetary Council said: "The Monetary Council affirms that the reports by some newspapers and websites over the date of the issuing of the single Gulf currency are completely false, not based on accurate information nor reliable sources."

The Monetary Council is mandated with placing regulations for the establishment of the Gulf Central Bank and completing the establishment of the Monetary Union.

Leaders of the six GCC countries are set to hold summit talks in Kuwait on December 10-11.

The GCC countries have been discussing a currency union similar to the Eurozone for more than 15 years.

Munim Bokhari 5 years ago

May Allah swt give light and guidance to GCC countries. This is a high time to take a firm decision. This will give ennumerable advantages to all GCC countries and lead to the aspirations of Ummah Muslima. Munim Bokhari