The Gulf Cooperation Council shouldn’t rush into forming a single currency as member states need to work out the framework for a regional central bank.
“It took the European Union 45 years” to put together a single currency, Saudi Arabia’s central bank Governor Mohammad al-Jasser said in Manama, Bahrain, today. “We should not rush.”
Gulf Arab leaders approved an agreement in December to create a central bank and a regional single currency to help boost trade among the members. The heads-of-state agreement still needs to be endorsed by the national governments of the five member states, Saudi Arabia, Kuwait, Bahrain, Qatar, and the United Arab Emirates. Within the six-nation GCC, Oman has pulled out of the process.
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