IslamicFinance.de

The Gulf Monetary Council has dismissed media reports that it had set a date for the launch of a single currency for Arab Gulf countries. The Monetary Council is mandated with placing regulations for the establishment of the Gulf Central Bank and completing the establishment of the Monetary Union. Media reports this week said that four of the six Gulf Cooperation Council (GCC) countries would announce the introduction of a common currency by the end of December. The common currency to be announced by Bahrain, Kuwait, Qatar and Saudi Arabia will be pegged to the Dollar, the reports said. The GCC countries have been discussing a currency union similar to the Eurozone for more than 15 years.