Tuesday, 15 December 2009

Gulf States Aim To Decide On Single-Currency Peg By 2010-Kuwait Finance Minister

Gulf states will aim to decide by 2010 on whether to peg a planned unified currency to a basket, the U.S. dollar, or another single currency, Kuwait's Finance Minister told Zawya Dow Jones in an interview.

"There's work to be done to decide whether or not it [the unified currency] will be connected to a single currency or basket," Mustafa Al Shimali, the Kuwait Finance Minister told Zawya Dow Jones in an interview Monday. "We hope a decision will be taken by 2010."

Al Shimali added that the currency will be discussed Tuesday, when the leaders of six Gulf countries will discuss the union and other regional issues, including a power grid.

Saudi Arabia, Kuwait, Qatar and Bahrain are forging a monetary union among the world's biggest oil-exporting region.

The United Arab Emirates and Oman have opted out of the project. Al Shimali had said recently that Kuwait will work toward convincing the two countries to rejoin.END

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