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Gulf states to launch single currency
Monday December 03, 2007

Gulf Arab foreign and finance ministers decided on Sunday to launch a single currency for their region as planned in 2010, starting with countries which are ready to take part, a delegate told AFP.

The decision on a two-speed union was taken at a closed-door meeting in the Qatari capital, the venue of a Gulf Cooperation Council (GCC) summit on Monday and Tuesday.

The ministers "decided to maintain the date of 2010 for the launch of the single currency," the delegate said, asking not to be identified. "Those who are ready in 2010 will join the project."

The source said the decision was taken at the insistence of oil powerhouse Saudi Arabia, the leading member of the GGC which also groups Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.

All the GCC countries apart from Kuwait continue to peg their currencies to the deteriorating dollar, despite high inflation rates.

Oman has pulled out of the single currency project, while the UAE has openly said that the 2010 launch was not possible due to technical, legislative and fiscal hurdles.