Officials from the Gulf Cooperation Council on Tuesday opened discussions in Manama on a unified GCC currency, reported the Gulf Daily News.
The two-day meeting, which concludes Wednesday, is chaired by Bahrain Monetary Agency (BMA) Governor Sheikh Ahmed bin Mohammed Al Khalifa, who is chairman of the technical committee on the single currency.
This is the first meeting of the committee, which was established by GCC finance ministers during their last meeting in Manama in May, said the paper.
The committee, which comprises officials from GCC ministries of finance and central banks, is aimed at accelerating the technical, legal and institutional framework for the implementation of the unified currency policy.
The meeting is set to discuss the technical requirements for a single currency, said BMA executive director for banking operations Khalid Al Bassam.
The objective is to discuss the requirements and set up a program for issues to be discussed, he said.
The GCC Supreme Council has resolved to endorse the dollar as a common benchmark for the currencies of the GCC states and to draw up a schedule for putting it into effect.
A progress report on the committee's work will be presented to a meeting of GCC finance ministers and central bank governors, slated to be held on October 13, said the paper -- Albawaba.com
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