GCC countries to look for European help on single currency
Gulf states will look for European Central Bank’s support in establishing a single currency in the GCC, the Financial Times Deutschland quoted Bahrain Monetary Agency (BMA) Governor, Rasheed Al Maraj as saying. According to the newspaper, Al Maraj added: “We are in the process of drawing up the convergency criteria. Our aim is to reach agreement on the details by 2006.”
The GCC countries aimed at reaching agreement on the structure of such an authority by 2007 but Al Maraj has conceded there could be delays in setting up a single monetary authority.