Gulf single currency should be phased: Kuwait

Gulf states should implement a monetary union and single currency in phases, Kuwait's central bank governor said in comments published on Sunday, casting further doubt on a 2010 target date.

"Due to the limited progress achieved so far... I believe that the best way is to work out an administrative plan for the monetary union and single currency and implement it in stages," Sheikh Salem Abdulaziz al-Sabah told Awan newspaper.

The six-nation Gulf Cooperation Council (GCC) plans to launch monetary union and a single currency in 2010, although many experts believe the target date is too ambitious and unrealistic.