GCC Monetary Union Accord Goes into effect during the current Summit: Al-Shimali

KUWAIT, December 15, 2009, SPA -- Kuwaiti Finance Minister Mustafa Al-Shimali
announced here on Tuesday that the GCC Monetary Union agreement has gone into
effect during the current 30th session of the GCC summit now in progress in Kuwait
city following its ratification by the Council's Four states, KUNA reported.


Speaking to KUNA, Al-Shimali said that according to this agreement, GCC Central
Bank Governors would chalk out the time-table for the establishment of a Central
Bank for the GCC states ahead of reaching a unified GCC currency.


The Council's Four member states including Saudi Arabia, Bahrain, Qatar and Kuwait
have ratified the GCC Monetary Union agreement.


He expressed hope that the United Arab Emirates and Oman would soon join the four
member states by ratifying this agreement.


--SPA