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Gulf single currency not imminent: Kuwait minister

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Wednesday, Nov 18th, 2009

The planned Gulf single currency is unlikely to be launched soon as “sufficient time” is needed for preparations, Kuwait’s Finance Minister Mustafa al-Shamali said on Tuesday.

“The Gulf single currency is not happening tomorrow or the day after. It needs sufficient time,” the minister told parliament during a debate on the ratification of the Gulf monetary council pact.

Gulf states have set the start of next year to launch the single currency, but recently there have been increasing signals that the target date is unrealistic.

Earlier this month, the governor of the Saudi Arabian Monetary Agency, or central bank, Mohammad al-Jasser said the launch of the currency was set to be delayed.

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This article was posted: Wednesday, November 18, 2009 at 4:50 am

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