Draft proposal complete for GCC single currency
Representatives of the various GCC ministries of finance and the central banks have agreed on criteria for the GCC single currency, reports the Bahrain Tribune.
According to a statement issued on Thursday, June 28, by the Bahrain Monetary Agency (BMA) a multi-lateral technical committee has finalized the basic criteria and indicators on the single currency issue, according to which the idea of GCC single currency would be implemented in three stages. The draft of recommendations will be submitted on October 13 to the joint meeting of the GCC ministers of finance and the head of central banks, for consideration and approval.
The three stages include declaring the U.S. dollar as basis for the GCC currencies, building up criteria and legal framework for the currency, and establishing the necessary institutions. – (MENA Report)
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