Return to monetary union unlikely

The UAE is unlikely to return to the planned GCC monetary union, the Central Bank Governor Sultan al Suwaidi said yesterday.

He said he did not see a compromise deal that would allow the country to rejoin proposals for the formation of a single currency for the GCC.

“We have certain concerns, certain issues, with the GCC monetary union so therefore we don’t want to act as a stumbling block to this,” Mr al Suwaidi said while attending the annual meeting of the Council of Governors of Arab Central Banks and Monetary Agencies in Abu Dhabi.