“We in the Emirates have no reservations in principle against a unified Gulf currency. We are keen to push efforts in this direction as soon as possible,” Sheikh Khalifa was quoted as saying in an interview. The interview with Alrroya newspaper in its first edition was published by several local newspapers.
The UAE, Saudi Arabia and three other states in the Gulf region would have to revisit their 2010 target for launching a single currency, Bahrain’s central bank governor said last week.
Qatar and Kuwait are also participating in monetary union while Oman said in 2006 it was opting out.
“If there was some variation in views regarding this issue in terms of timing and in terms of the conditions that should prevail before the currency is launched, this has not affected the basic commitment by council countries to create a Gulf monetary union,” Sheikh Khalifa said.
In December, Gulf Arab leaders signed a monetary union agreement and approved the charter for a monetary council that will form the first leg of a regional central bank. Gulf states have until December 12 to enact the agreement.
One hurdle before the monetary union plan is deciding on the location of a regional central bank, a decision that should be taken by the middle of this year, according to the Gulf Cooperation Council General-Secretariat.
