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PGCC delays single currency launch
Sun, 28 Oct 2007 12:02:34
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Persian Gulf Cooperation Council logo
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Persian Gulf Cooperation Council's finance ministers have met to discuss the feasibility of a planned single currency launch in 2010.
During the two-day meeting in the Saudi city of Jeddah, the Persian Gulf Arab states came to the conclusion that it would be difficult, if not impossible, to meet the 2010 deadline for the launch of the single currency plan.
"There was agreement that there is no need to change the current foreign exchange policy with consensus from all member states," Hamad Saud al-Sayyari, governor of the Saudi Arabian Monetary Agency told reporters after the talks.
United Arab Emirates Central Bank Governor Sultan Nasser al-Suweidi had said earlier that the timetable could slip beyond 2015.
The Arab states of the Persian Gulf include the kingdoms of Bahrain and Saudi Arabia, the sultanate of Oman, and the emirates of Kuwait, Qatar, and the United Arab Emirates.
ME/BGH
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