The goal behind the United Arab Emirates (UAE) not joining the unified GCC currency has nothing to do with choosing Saudi Arabia as headquarters of the Gulf central bank, local politicians and economists said here Saturday.According to those experts, the UAE is entitled to be the headquarters of the bank due to its "sturdy" economic status in the Gulf area.
Gulf Cooperation Council (GCC) countries of Saudi Arabia, Kuwait, Qatar, Bahrain, the UAE and Oman had previously approved draft project of the joint monetary agreement and its by-laws last year, so as to implement it by end of 2009. The draft project would pave the way for establishing the monetary union and the issuance of the common currency.| Lots of inside Arabian moneyball here, I hope the State Department reads KUNA. Much more at the link. |
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