Wednesday 25 March 2009

Deadline for Gulf currency union extended

Gulf countries are extending a deadline to introduce a single currency for the oil-rich region owing to difficulties in thrashing out a common regulatory and monetary framework, a senior official admitted on Tuesday.

The six members of the Gulf Co-operation Council, a loose free trade area of Arab states, have long planned to introduce monetary union in 2010, but bankers have often questioned the feasibility of the deadline.

The countries, collectively known as the GCC, include some of the richest countries in the world, such as Saudi Arabia and the United Arab Emirates, and share a common language and culture.

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