GCC agrees to create nucleus of central bank
Gulf central bankers yesterday agreed to create the nucleus of a joint central bank next year in a major step forward for a monetary union but signalled that a new common currency would not be in circulation by an agreed 2010 target.
Central bank governors from the six-member Gulf Co-operation Council (GCC) yesterday laid out a roadmap leading towards common monetary institutions before 2010.
"This is a very big step forward," said Salim Al Gudhea, head of the monetary union unit at the GCC Secretariat-General.
The timetable calls for the central bank draft proposal to be approved by finance ministers at a meeting in September and for Gulf rulers to sign a final deal in November, Gudhea said.
"This is the first time that the draft is going up in the hierarchy rather than back to the technical committee," he said. (Reuters)
Central bank governors from the six-member Gulf Co-operation Council (GCC) yesterday laid out a roadmap leading towards common monetary institutions before 2010.
"This is a very big step forward," said Salim Al Gudhea, head of the monetary union unit at the GCC Secretariat-General.
The timetable calls for the central bank draft proposal to be approved by finance ministers at a meeting in September and for Gulf rulers to sign a final deal in November, Gudhea said.
"This is the first time that the draft is going up in the hierarchy rather than back to the technical committee," he said. (Reuters)
View on Emirates24|7