Friday 11 December 2009

Kuwait to seek UAE, Oman return to FX union

Kuwait will seek the return of the United Arab Emirates and Oman to the Gulf Arab unified currency plan, the official KUNA news agency reported on Friday citing the country's finance minister.

"This would strengthen the economies of the region and turn it into an economic bloc of (importance) that would be taken into consideration globally," said Mustapha al-Shamali.

In May, the UAE broke ranks with four other Gulf Arab states by withdrawing from the single currency plan in protest at a decision to base the joint central bank in Saudi Arabia, the largest Arab economy.

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