May 22 2009 |
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UAE has most suitable financial infrastructure in region: Al Mansouri
Friday, May 22, 2009
Gulf News
Abu Dhabi: A rethink by the UAE on its decision to pull out of the Gulf Cooperation Council (GCC) monetary union plans is possible, provided Abu Dhabi is chosen over Riyadh as the location for the proposed GCC Central Bank, Minister of Economy Sultan Bin Saeed Al Mansouri said here on Thursday.
"The decision has to go back to the cabinet of the UAE. We have to feel comfortable with the decision ourselves," Al Mansouri told reporters.
Earlier this month, the GCC secretariat announced that the proposed GCC Central Bank would be located in Riyadh, a decision which disappointed the UAE and prompted its decision to formally pull out of the proposed Gulf monetary union on Wednesday.
The UAE move jeopardised the future of the region's single currency aspirations, which is aimed to encourage trade and financial integration.
He said the UAE had supported bids of other countries for hosting different GCC bodies. "We do not have any of the GCC organisations on UAE soil," said Al Mansouri.
However, he added that the UAE would continue to support the GCC monetary union.
"We are still part of the GCC economic structure," said Mansouri.
A UAE Central Bank source told Gulf News previously the country had been told initially that it would host the GCC Central Bank.
"The work on the headquarters [in Abu Dhabi] was done and the place was ready to start operations," he said, adding that the UAE was "taken off guard" by the decision to base the bank in Saudi Arabia.
The GCC in 2001 agreed to form an EU-style monetary union. Oman pulled out in 2007. Saudi Arabia, the largest Arab economy, Kuwait, Qatar and Bahrain are still part of the project.
Do you hope to see the UAE rejoining the Gulf monetary union? How do you expect the situation to develop in the coming days?
© Gulf News 2009. All rights reserved.
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Comments By Our Users (1)
“The UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said there will be no change in the UAE's monetary policy and that the dirham will remain pegged to the dollar”
Does Sultan Al Suwaidi mean that if Abu Dhabi can “have” the central bank,
the dirham will be unpegged from the dollar?
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