Two top-level Gulf Cooperation Council (GCC) meetings are to be held within the next few months to discuss the creation of a unified currency, reported the Gulf Daily News on Monday.
“The ministerial talks will focus on technical issues concerning the establishment of a unified GCC currency, including the setting up of a timetable for its implementation,” said Bahrain’s Finance and National Economy Minister Abdullah Saif.
“We have started the phased implementation of lower unified tariffs and the creation of a single Gulf financial market,” said Saif.
He added that governors of monetary authorities in the GCC were to meet soon to review the technical issues involved and to formulate a timetable for implementation, which will be considered at the next GCC summit at the year-end.
The governors meeting will be followed by a meeting of GCC finance ministers, to be held in September or October, he added.
“A single currency will provide significant benefits for regional trade and investment,” he said.
It will eliminate the costs and inconvenience associated with intra-Gulf foreign exchange transactions and, by making the prices of goods, services and investments easily comparable, it will enhance competition and improve overall economic performance, he claimed - Albawaba.com
