Dr.Al-Assaf: GCC Monetary Union Accord is important for economic integration

Riyadh, June 08, SPA -- The Minister of Finance Dr. Ibrahim bin
Abdulaziz Al-Assaf described the signing of monetary union agreement
and monetary system of Gulf Cooperation Council as an important stage
in the process of economic integration among GCC states to achieve
full monetary union and common currency.

In a statement to Saudi Press Agency (SPA) following the
signing of the agreement by Foreign Ministers of the Kingdom of Saudi
Arabia, Bahrain, Qatar and Kuwait, Al-Assaf said, "As for us in the
Kingdom of Saudi Arabia, procedures are continuing. The agreement
will be approved and ratified as planned. The Cabinet approved it
and it will be referred to the Shoura (Consultative) Council for
discussion. It will be referred then, to the Cabinet for final
approval and issuance of the appropriate royal decree."

The Minister of Finance stressed that the proposals of the Emir of
Qatar have been discussed, noting that there has been a great
emphasis on the urgency to overcome the existing obstacles and to
complete the necessary steps of the Common Market.

--SPA