Gulf states agree on monetary union

Gulf Arab states will maintain their 2010 deadline for a single currency.

    The single currency plan has been derailed for years but the GCC agreed to keep the 2010 deadline [EPA] 

    "Let's wait until, God willing, we agree on the location [of the common central bank] and the other details," he said.

    The five GCC states "adopted the monetary union accord, which includes the legal and organisational framework," a statement issued at the end of the Muscat summit said.

    "It [the council] also adopted a system governing the monetary council," the statement said.

    Inability to decide on the location of the regional central bank, which will be independent from the governments of member countries, has been an obstacle to the plan for years.

    The United Arab Emirates, Qatar, Bahrain and Saudi Arabia have all expressed interest to host the bank.

    The GCC nations are seeking better coordination on economic policies as the oil price has dropped and the global financial crisis has hit the region's economic boom.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    'Money can't buy us': Mapping Canada's oil pipeline battle

    'Money can't buy us': Mapping Canada's oil pipeline battle

    We travel more than 2,000km and visit communities along the route of the oil pipeline that cuts across Indigenous land.

    Women under ISIL: The wives

    Women under ISIL: The wives

    Women married to ISIL fighters share accounts of being made to watch executions and strap explosives to other women.

    Diplomats for sale: How an ambassadorship was bought and lost

    Diplomats for sale: How an ambassadorship was bought and lost

    The story of Ali Reza Monfared, the Iranian who tried to buy diplomatic immunity after embezzling millions of dollars.