Gulf States Discuss Central Bank and Single Currency

Inquiring minds are watching the Gulf Monetary Council talking of a common currency and central bank:

The Gulf Monetary Council has discussed the necessary measures for the formation of a central bank and a single currency for its member States (Saudi Arabia, Kuwait, Bahrain and Qatar), in yesterday’s meeting in the Saudi capital Riyadh. So reports daily Al Quds Al Arabi, which specifies that the other two members of the Council, the United Arab Emirates and the Sultanate of Oman, will stay out of these procedures, at least for the moment. A source close to the Council underlined that the importance of strengthening institutional ties and the independence of the central bank was underlined in the meeting. The daily points out that the central banks of the Gulf countries that want to introduce a unified currency have not set a final date to do so. The unified central bank, whose balance sheet was approved earlier, will determine the value of the currency – in relation to other currencies – immediately after its introduction.


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