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Tue, 09 Feb 2010 | 17:26 GMT
Tue, Feb 09, 2010, 17:26 GMT
 

Kuwait reiterates support for GCC currency

KUNA (Kuwait News Agency)
 
 
11 October 2009
KUWAIT -- The Kuwaiti Ministry of Finance on Sunday reaffirmed Kuwait's full support for the single Gulf currency project, which it said would bolster and cement Gulf economies.

Once it is put in place, the project would lead to shoring up the purchasing power of the single currency and to boosting the negotiating position of the GCC member countries versus world economic organizations and blocs, the ministry said in a release.

In its 22nd session on December 22, 2001, the Supreme Council for the Gulf Cooperation Council (GCC)Gulf Cooperation Council (GCC)Loading... adopted January 1, 2010 as a timetable for adopting a single Gulf currency, it added.

The Kuwaiti cabinet has recently approved a Gulf agreement regulating the single Gulf currency project, and has referred it to the National Assembly (parliament) for further deliberations and approval, it said.

The agreement has already been approved by the foreign ministers of Saudi Arabia, Qatar, Bahrain and Kuwait, but Oman and the United Arab Emirates (UAE) said they would not join.

Specialized committees, primarily the panel of the GCC central banks' governors, have already reflected on all matters bearing on the issuance of the single Gulf currency, the ministry pointed out.

Meanwhile, Finance and Economy Undersecretaries of the GCC states are to meet in Riyadh on Monday to discuss the custom union, the Common market, the monetary union, the establishment of a development bank and negotiations with other economic blocs.

The two-day meeting is to prepare for the meeting of the ministers of finance and economy in Muscat, Oman, in mid-October.

© KUNA (Kuwait News Agency) 2009

 
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