Attention Chatters!!

We are no longer chatting in this room. It has served its purpose for a few years now.....

now we are all moving to a new chatroom

Evy (not using Shilo...but using Maddy) & Mama(MamaEhrhardt) are currently chatting here.

please go to this site, register and join us in our newest journey in following the dinar investment.

This site will no longer be maintained.

Gulf single currency unlikely in next 5 yrs -GCC head

Go down

Gulf single currency unlikely in next 5 yrs -GCC head

Post  Shilo on Wed May 26, 2010 7:21 pm

May 26, 2010 · Posted in NEWS
Tue May 25, 2010 11:34pm IST

RIYADH (Reuters) - Gulf Arab countries are unlikely to launch a planned single currency in the next five years given all the preparation required, the head of the Gulf Cooperation Council said on Tuesday.

Abdulrahman al-Attiyah, Secretary-General of the Gulf Cooperation Council (GCC), also said he expected the United Arab Emirates and Oman, which quit the single currency project, would eventually join the monetary union but not until after the currency had been launched successfully.

Last year, GCC abandoned an initial 2010 deadline for issuing common notes and coins. It has not specified a new timeframe for the launch but many analysts see 2015 as a likely launch date.

“In a reflection to the sophisticated nature of the technical, legislative and institutional requirements, I don’t foresee the currency to be launched in 2015,” Attiyah said in a written response to questions emailed by Reuters.

Four Gulf countries pursuing the union — Saudi Arabia, Kuwait, Qatar and Bahrain — launched a forerunner for a Gulf central bank in March, but declined to reveal a roadmap for a single currency.

Gulf monetary union was designed to emulate the euro zone and Attiyah said the GCC should draw lessons from the euro zone debt crisis. He indicated that the return of the UAE and Oman was still on the cards, but rather at a later stage.

The UAE withdrew from the project a year ago in protest at a decision to house the Gulf monetary council in the Saudi capital Riyadh. Oman quit the project in 2006 and has repeatedly said it was unlikely to rejoin anytime soon.

“The UAE and Oman are neither objecting to the project nor eliminating the possibility to join. In fact, they are supporting the project by being active members in the technical loop with respect to the single payment system and the harmonized banking supervision legislations,” Attiyah said.

Posts : 1064
Join date : 2009-12-27
Age : 53
Location : Canada

Back to top Go down

Back to top

- Similar topics

Permissions in this forum:
You cannot reply to topics in this forum