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

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    From Cameroon to US-Mexico border: 'We saw corpses along the way'

    'We saw corpses along the way'

    Kombo Yannick is one of the many African asylum seekers braving the longer Latin America route to the US.