Single Gulf Currency: Closer to reality
Dec 28, 2012 9:47:36 GMT -5
Post by popcorn on Dec 28, 2012 9:47:36 GMT -5
Single Gulf Currency: Closer to reality
Riyadh, Asharq Al-Awsat – The draft Gulf Cooperation Council [GCC] single currency project – which represents the most controversial and contentious issue being discussed by the GCC – has now entered a historic phase in terms of implementation, according to reports. This comes after the GCC’s 33rd summit called for initiatives with announced deadlines to be put forward to transition towards a state of greater financial and economic integration between GCC states.
The lack of resolution regarding the single Gulf currency is one of the leading obstacles to GCC economic integration. As a result, GCC states are likely to step up their meetings over the forthcoming months with the objective of reaching an agreement to resolve the single currency issue.
Well-informed Gulf sources told Asharq Al-Awsat that resolving the single currency issue is a goal that many GCC states are seeking to achieve, adding “there will be no Gulf Union in the economic sense without a single currency. There are some obstacles that have prevented the resolution of this issue, and this is something that must be remedied in light of the recommendations of the GCC summit that is taking place in Manama over the current week.”
Commenting on the latest developments, renowned financial expert Faisal al-Oqab told Asharq Al-Awsat that the Gulf region moving to a state of union will accelerate the process of establishing a single currency. He said “in the event of the establishment of a comprehensive Gulf Union, it would be natural to see the disappearance of all obstacles that have prevented the issuance of a single currency.”
read more:
www.asharq-e.com/news.asp?section=6&id=32324
Riyadh, Asharq Al-Awsat – The draft Gulf Cooperation Council [GCC] single currency project – which represents the most controversial and contentious issue being discussed by the GCC – has now entered a historic phase in terms of implementation, according to reports. This comes after the GCC’s 33rd summit called for initiatives with announced deadlines to be put forward to transition towards a state of greater financial and economic integration between GCC states.
The lack of resolution regarding the single Gulf currency is one of the leading obstacles to GCC economic integration. As a result, GCC states are likely to step up their meetings over the forthcoming months with the objective of reaching an agreement to resolve the single currency issue.
Well-informed Gulf sources told Asharq Al-Awsat that resolving the single currency issue is a goal that many GCC states are seeking to achieve, adding “there will be no Gulf Union in the economic sense without a single currency. There are some obstacles that have prevented the resolution of this issue, and this is something that must be remedied in light of the recommendations of the GCC summit that is taking place in Manama over the current week.”
Commenting on the latest developments, renowned financial expert Faisal al-Oqab told Asharq Al-Awsat that the Gulf region moving to a state of union will accelerate the process of establishing a single currency. He said “in the event of the establishment of a comprehensive Gulf Union, it would be natural to see the disappearance of all obstacles that have prevented the issuance of a single currency.”
read more:
www.asharq-e.com/news.asp?section=6&id=32324
