Four GCC states sign monetary accord

Published 8 Jun 2009
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Four GCC states sign monetary accord
RIYADH - Four members of the Gulf Cooperation Council (GCC) – Saudi Arabia, Qatar, Bahrain and Kuwait – Sunday signed an agreement paving the way for a monetary union and pressing ahead with plans for a unified regional currency.
According to Saudi Press Agency, Abdurrahman Al-Attiyah, GCC Secretary General announced that the Gulf single currency – whose name is yet to be decided – would be pegged to the dollar and praised the measures taken by the member countries toward ratifying the agreement, which is expected to be completed by the end of 2009, according to the directives of the GCC Supreme Council.
Minister of Finance, Dr. Ibrahim Bin Abdul Aziz Al-Assaf , described the signing of the monetary union agreement and the regulation for the Gulf Monetary Council as an important stage in the march of GCC economic integration.

Last Modified Date: 10/02/2013 - 4:46 PM Saudi Arabia Time


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