Gulf states to commit to a monetary union

Gulf finance ministers and central bank governors stated their commitment to a monetary union and a single currency which four states plan to launch next year. Top officials from Bahrain, Kuwait, Qatar and Saudi Arabia during a meeting in Muscat called on the UAE and Oman, which have previously withdrawn from the plan, to rejoin. They also discussed issues related to the finalisation of a trade union and the joint railway project that is due to link the six Arab countries of the Gulf. Once the member-countries agree, the GCC will start setting up the Gulf central bank and launch the project of the common currency. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE agreed at a summit in Bahrain in 2001 to set 2010 as the target to launch the monetary union and single currency. But experts believe that such target is unrealistic. Last June, Bahrain, Kuwait, Qatar and Saudi Arabia signed a pact to create a joint monetary union council and launch the monetary union and single currency.Mujer